Realty Executives' Agents Regroup To Form New Tucson Franchise

As the Arizona division of Realty Executives continues its Chapter 11 bankruptcy reorganization, most of the firm's Tucson agents have put together a reorganization of their own. After the Tucson division was closed earlier this year, about 80 of them banded together with a group of local owners to form their own franchise.

Kynn Escalante, managing agent of the new company, said the Tucson group will be affiliated with Realty Executives International. A purchase agreement was signed June 1 splitting off the Tucson market from the financially troubled Phoenix operations. Formal authorization is pending from the Arizona Department of Real Estate.

"Although we are not yet recognized by the real estate department, we are now a locally owned franchise representing most of Southern Arizona. We can't use the official name yet pending regulatory approval. We intend to use a variation of Realty Executives in the company name," said Escalante.

On April 30, Realty Executives Phoenix, the firm that had owned the Tucson affiliate, filed for bankruptcy reorganization. The filing showed the company owed some $2 million to creditors.

Under the direction of Tucson managing broker Carol Devitto, the company had offices at 7000 E. Tanque Verde Road and 6640 N. Oracle Road. Devitto has left the company and the Tanque Verde office has closed. The north side office remains open and a new location was opened in late June at 6601 E. Grant Road, Suite 119. The new location is managed by Nina Willis.

In 1972, the Tucson division was established by Realty Executives founder Dale Rector. Dina Westermeyer is the new Tucson group's designated broker.

In addition to Escalante, Westermeyer and Willis, the Tucson-based owner investors include Curt Stinson, Denise Newton, Steve Randles, Bruce Perish, husband and wife John Thibault and Sandy Heath, David Painter, and Karl Krentzel.

"Now that we are separate from Phoenix, we have a lot of long-term agents with a vested interest in keeping the name going in Tucson. Some have been with the company for over 20 years, I started in 1986," said Escalante.

Escalante said that although the brand has been through some turmoil, "there is a lot more comfort with our people now, knowing that we are locally owned."

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