Utah’s Three Leading Real Estate Companies Unite

Utah’s Three Leading Real Estate Companies Unite

Business Editors

SALT LAKE CITY–(BUSINESS WIRE)–July 12, 2001

Coldwell Banker Premier Realty, Mansell and Associates Inc. and

Wardley GMAC Real Estate Unite to Form New Company and

Operate as Coldwell Banker Residential Brokerage

The three leading real estate companies in Utah — Coldwell Banker Premier Realty, Mansell and Associates Inc. and Wardley GMAC Real Estate — today announced the merger of their operations to form a new company that will operate as Coldwell Banker Residential Brokerage.

Dave Mansell, president of Mansell and Associates, Inc., will become president and chief operating officer of Coldwell Banker Residential Brokerage while Al Mansell will become the company’s new chief executive officer. Joining them on the senior leadership team will be Lynn Wardley, president of Wardley GMAC Real Estate; Scott Webber, president of Coldwell Banker Premier Realty; Ken Tramp, vice president of Wardley GMAC Real Estate; and Steve Webber, vice president of Coldwell Banker Premier Realty.

Members of the senior leadership team will also focus on specific areas of business within the new company. Lynn Wardley will become president of new business development and Scott Webber will serve as president of Coldwell Banker’s Olympic Residential Accommodations program. Al Mansell, who serves as president of the Utah Senate and member of the leadership team of the National Association of Realtors, will focus on strategic regional and national issues. Ken Tramp and Steve Webber will serve as vice presidents.

Coldwell Banker Residential Brokerage is owned and operated by NRT, the nation’s leading residential real estate brokerage company. With its entry into Utah, the NRT family of companies now includes coverage in 23 of the nation’s largest metropolitan markets.

“Joining NRT was an opportunity we felt we shouldn’t pass up,” said Dave Mansell. “This merger brings clear advantages for our respective sales associates as well as Utah real estate consumers. As Coldwell Banker Residential Brokerage, we will now be a larger, stronger organization. Being part of the NRT family will enable us to continue our reputation for excellence and integrity with even more resources for our sales professionals and clients.”

Coldwell Banker Residential Brokerage includes 38 offices and more than 1,900 sales associates across Utah. On a combined basis, Coldwell Banker Premier Realty, Mansell and Associates Inc. and Wardley GMAC Real Estate represent a total of more than $3 billion in closed sales volume and 18,659 transaction sides in 2000(1) and would have ranked among the nation’s top 25 companies in both closed sales volume and transaction sides last year.(2)

“This is really a unique situation,” said Bob Becker, president and chief executive officer of NRT. “These three companies came together because their leaders shared a common vision. They recognized that uniting their companies would give them the opportunity to support their sales associates with a vast array of services and resources that ultimately allows them to better serve their clients.

“We are extremely pleased to unite the local expertise and leadership of these three successful sales and management teams into one dynamic organization,” Becker added. “We’re proud to enter the Utah marketplace with such a talented local management team to lead the way. I give credit to this leadership group for their vision as well as their concern to act in the best interest of their sales associates.”

The merger also includes the commercial real estate operations of both Coldwell Banker Premier Realty and Mansell and Associates. Coldwell Banker Premier was the third-ranked commercial franchisee in Coldwell Banker Commercial’s network in 2000. The new company’s commercial operations will operate as Coldwell Banker Commercial NRT, which was the brand’s No. 1 commercial real estate franchisee in 2000.

Coldwell Banker Premier Realty has served the Utah market for more than 16 years. Its nine offices and 350 sales associates accounted for 3,567 closed transaction sides and $687 million in closed sales volume in 2000. The company has managed the Salt Lake Organizing Committee’s Olympic Residential Accommodation Program, the officially sanctioned, private rental-housing program for the Olympic Winter Games of 2002, for more than a year.

“I was affiliated with NRT a few years ago when our Denver operation, Coldwell Banker Van Schaack & Company, became a part of what is now Coldwell Banker Residential Brokerage of Colorado,” explained Scott Webber. “I’m already familiar with NRT’s resources and operating systems, its ability to stay far in advance of the competition and its sincere focus on customer service, so I look forward to the advantages I know this union will bring to Utah real estate. I’m excited for our people to be part of this new organization.”

Operating since 1975, Mansell and Associates was the largest independent, non-franchised real estate company in Utah. With 13 offices and 560 sales associates, the company surpassed the $1 billion mark in closed sales volume and had nearly 6,000 closed transaction sides in 1999 and 2000.

“For Mansell and Associates, we will have the benefit of an increased market presence, which will result in greater marketing solutions for our listings, greater referral opportunities, and greater customer satisfaction,” added Al Mansell. “We are looking toward this growth as a win-win situation for our sales associates and for our customers.”

Wardley GMAC Real Estate began in Salt Lake City in 1974 and has since grown to be the largest franchised real estate company in Utah. With its 16 offices and more than 1,200 sales professionals, Wardley GMAC Real Estate reached $1.3 billion in closed sales volume and had 9,147 closed transaction sides in the year 2000.

“Coldwell Banker Residential Brokerage will provide an incomparable opportunity for our sales executives,” said Lynn Wardley, whose vision to continually expand services and technologies at Wardley GMAC Real Estate to accommodate client needs was at the heart of his company’s success. “With the innovative tools and agent support from NRT and Coldwell Banker, our talented sales force will be able to provide the best possible service to our loyal customers.”

The new company will be a major force in corporate relocation in Utah. It has been designated as the principal broker for the Cendant Mobility Broker Network. Cendant Mobility handles over 50% of all corporate relocations within the United States.

Coldwell Banker Residential Brokerage is now the leading real estate company in Utah. The company is independently owned and operated by NRT, which is the largest affiliate of Coldwell Banker Real Estate Corporation. Coldwell Banker has more than 3,100 franchised real estate offices and 72,000 sales professionals worldwide.

NRT is the nation’s leading residential real estate brokerage company. Now with more than 700 offices and 35,000 sales associates, NRT operates companies in 23 of the nation’s largest metropolitan areas. In the year 2000, NRT posted a real-estate industry record with $105 billion in closed sales volume. The NRT family of companies do business under the COLDWELL BANKER(R), ERA(R) and CENTURY 21(R) brand names. NRT is a joint venture between Cendant (NYSE: CD) and Apollo Management L.P.

1 REAL Trends 500, May 2001

2 REALTOR, July 2001; REAL Trends 500, May 2001; National Relocation & Real Estate, April 2001

COPYRIGHT 2001 Business Wire

COPYRIGHT 2001 Gale Group