Realty Executives of Wichita, headquartered at Central and Maize Road, has purchased two other local Realty Executives offices, creating a 77-agent brokerage with east- and west-side offices.
Owner Brodrick Jayroe said Monday that his company will fold the agents at Realty Executives Center, 22nd and Rock Road, and Realty Executives Air Capital, Ridge Road and Central, into his company while maintaining offices on each side of town, potentially focusing on the Central and Maize location and the Rock Road location. Sale prices were not disclosed.
Cleve Smith, the managing broker at Realty Executives Center, will remain in that role with the consolidated company.
Jayroe said the move targets the talent in the other companies and fits his mission of standardizing high-tech agent services across the company.
“We wanted some quality high-end brokers inside of our company,” he said. “In my opinion, it’s always better to have more talent than not. Cleve Smith impressed me in several transactions, so we’re very pleased to add him to the company.”
The deal also positions Jayroe’s company to be more competitive in the “new world of our business,” offering agents top-flight high-tech services, he said.
“Our goal is to make sure the agent experience is identical as far as their arrangement with the office,” Jayroe said, “try to streamline and maximize our exposure, cut gross operating costs and add more benefits to the agents.”
One of the big perks of the new deal, Jayroe said, is agent access to any of the company offices across Wichita.
Smith praised Jayroe’s move to consolidate the three companies.
“This forward thinking he has about grasping new real estate trends and taking initiatives to merge is great,” Smith said. “We’re keeping up with the technology and the new office models, and he’s right on top of that. Agents are using offices less and less, with their home offices on their laptops. So providing broker services and being on top of agents is what it’s all about.”
Jayroe’s move toward consolidation is one of two opposite trends growing throughout the residential real estate industry, said Tessa Hultz, CEO of the Wichita Area Association of Realtors.
“Some companies are opening offices all the time in the outlying areas, which is the opposite of what they’re doing,” she said. “And then you do have the consolidation. It’s two different views of the business models.
“In some ways, it does make sense to have as much as you can get housed in one company. But real estate is a personal decision, so sometimes you want someone with an office in your town. So it sounds like they’re building a model here similar to the other brokerages in town.”
Rich Rector, chairman of Realty Executives, headquartered in Phoenix, did not return a call seeking comment.