Realty Executives International is pleased to announce it has completed the acquisition of the Realty Executives Great Lakes Region, a territory that includes Illinois, Indiana and parts of Michigan. The region has been directly transferred to Realty Executives from Bruce and Shannon Vinnick, who will continue to play an integral role in the Realty Executives business development strategy. In addition to selling franchises on the company’s behalf, the Vinnick’s will remain Realty Executives franchise owners in Florida.
“This transition fits perfectly into the personal goals Shannon and I have,” said Bruce Vinnick. “We have always known that one day we would come back to where it all started for us and this now provides that opportunity.”
“They are an amazing partner for our long-term goals and objectives, and I’m thrilled the Great Lakes Region will be more closely connected to the leadership team at Realty Executives and be a part of the company’s continued growth,” Vinnick added.
This news follows the purchase of the Southern Region in May 2018, when Realty Executives acquired its largest territory to date, covering the five-state region including Florida, Georgia, Tennessee, North Carolina and South Carolina. These acquisitions are part of an aggressive growth strategy put in place by Realty Executives International CEO David Tedesco, focused on acquisition of competitive brands, independent brokerages and Realty Executives Brokers who are looking to retire.
Through Realty Executives International’s repurchase of these territories, partners looking to move on are provided a succession plan. At the same time, it enables Realty Executives to infuse these areas with capital and new talent, with a strong focus on tech-centric tactics to better enhance the Realty Executives International offerings.
Tedesco also believes in this acquisition approach because it puts management in business alongside the franchisees, allowing them to learn lessons first-hand, feeling their success and pain. Tedesco sees the future of Realty Executives International to be a continued, prosperous path as it has been over the last four years.
“We are very proud of the growth we’ve had since we acquired Realty Executives four years ago,” Tedesco said. “As we continue to look for opportunities to buy territories, we will remain dedicated to focus on partnerships with people closely aligned with our long-term vision for success and investment in growth.”
With the addition of the latest acquisition, the Great Lakes Region, Realty Executives International now has direct control of over half the states in the country and 62% of the agent population.