Realty Executives International majority owner and CEO David Tedesco recently acquired all of the remaining shares of the company from former president and co-owner Rich Rector.
Tedesco is the founder and CEO of True North Companies, an investment firm that owns a number of businesses in the real estate, healthcare, aerospace and entertainment industries. True North Companies first acquired majority ownership of the franchisor in 2014 and has since been focused on growth, technological advancements and system improvements, the company says.
“Rich and his family began building a business with innovation and entrepreneurial spirit at its core 50 years ago,” says Tedesco. “Owning 100 per cent of the company frees us up to pursue our growth strategy even more aggressively, with our focus on expanding our network of high-performing brokers, agents and teams.”
Rector says, “I’m excited to know that the Realty Executives brand is in the best possible hands for future growth,” says Rector. “My wife and I have been working on succession planning for a number of years. This is the final step in our plan. We brought David and the team at True North on and could not be happier with the progress that’s been made.”
During the last three years, True North has been rebuilding the brand. It replaced the entire management team and replaced third-party vendors with a suite of proprietary technology tools, the company says. It also launched an aggressive growth campaign. The franchisor says it expects to grow to 25,000 to 30,000 sales reps within the next few years.
First established in 1965, Realty Executives International currently has more than 8,000 agents and 500 offices globally.
