New Re/Max Office Opens in Springdale
by January 16, 2006 12:00 am 47 views
Four agents and one principal broker have left Fayetteville’s Re/Max Associates to form a new firm, Re/Max Partners Real Estate Inc. in Springdale.
The franchise officially opened Jan. 4.
The office is located in temporary space off Interstate 540 and U.S. Highway 412 in Springdale.
Mike Philip, Mike Price, Austin Bivens, Kim Stewart and Betsy Tuggle are partners in the new venture. Stewart will work as principal broker. Philip is president, and Price is the vice president.
Philip said in 2005 he rang up more than $37 million in residential real estate sales. Combined, the five partners totaled more than $60 million in residential sales for the year. Philip was with Re/Max Associates for seven years.
“We think we can influence and continue to grow the Re/Max brand in the Northwest Arkansas region,” Philip said. “It’s the right move for our business and our families.”
Combined, the firm offers more than 30 years of experience, he said.
Philip said the new Re/Max will offer residential, commercial and auction real estate services. It will be the third Re/Max franchise in the area, along with Re/Max Associates and Re/Max Real Estate Results in Bentonville.
Bivens said Re/Max is classified as a “nontraditional” real estate firm, meaning an agent’s commission structure is more flexible. For example, he said an agent from a more traditional firm might keep 80 percent of a sales commission and give 20 percent to the respective firm, or the commission split could be as low as 50/50.
Re/Max is the largest real estate company in the world, Philip said.
Entrepreneur magazine ranked Re/Max International Inc. No. 11 in its 2006 list of fastest-growing franchises nationwide.
Entrepreneur said franchise fees for a Re/Max can range from $20,000 to $200,000. The magazine listed more than 3,000 Re/Max franchises in the United States and more than 1,800 worldwide.