June 18, 2018

Property Management No Longer a Local Business?

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Property Management No Longer a Local Business?

NRT LLC, a subsidiary of Realogy Holdings Corp., announced that it is forming a national residential property management division as well as acquiring a leading property management firm in the Dallas-Fort Worth area.

"This is the first of several adjacent growth initiatives underway to complement NRT's residential real estate brokerage model and enhance overall profitability," says Bruce Zipf, NRT's president and chief executive officer. "We are going to leverage our presence in 40 of the top 100 U.S. markets to grow our position in residential property management services in order to better serve single-family rental investors — who are buyers today and may be sellers in the future — as well as to develop relationships with today's renters who may be tomorrow's home purchasers."

How to Get In On the Property Management Boom

NRT acquired Dallas-based GTF Inc., also known as Get There First Realty Services, a property management firm serving about 1,600 rental properties in the Dallas-Forth Worth area. The company, created in 1981, manages more than $130 million worth of residential properties. NRT says that GTF will be integral in creating its new property and asset management division.

NRT formed a new national property management division in July. Its local operations comprise 20,000 short- and long-term rentals and bank-owned properties.

"By combining our local property and asset management services into one national division, we are making a strong commitment to strategically growing our leadership position in this sector, with an emphasis on delivering levels of client service and professionalism that will continue to raise the bar for the industry," says M. Ryan Gorman, senior vice president of strategic operations with NRT. 

NRT boasts about 700 offices and 43,000 independent sales associates with brokerages across the country. It operates Realogy's real estate brokerages under brand names such as Coldwell Banker, ERA, Sotheby's International Realty, and the Corcoran Group.

Source: NRT LLC