Foreclosures, folding mortgage companies and a tight credit market may be dragging down the real estate market, but at least one local company is thriving and expanding.
William Davis Realty recently celebrated the grand opening of a new office in Frisco Square that will house 35 real estate agents.
"We're a successful, exciting, growing company, despite what's happening in the world," said co-owner Graham Hanks.
So what gives?
William Davis' approach has been less about real estate than hiring quality, experienced real estate agents with incentives that allow them to keep more of what they earn.
"What we've enabled the agent to do is keep more of their money," said Shelly Baggett, a broker and recruiter for WDR. "A percentage of their money is mostly theirs, less a very small transaction fee and a very small office fee."
Hiring veteran agents has its share of built-in advantages. For one, there's no shortage of them in this economy. Veteran agents have built-in client lists and a knowledge of market trends. They also understand how their former employers (usually competitors) do business.
A group of veteran realty agents requested William Davis create an office in Frisco to take advantage of the area's growth.
Now, opening new satellite offices may become a trend. The company is hiring almost 10 agents a week and is looking to break ground in new markets as the economy improves.
"We've got Rockwall in mind right now, we've got McKinney probably next year, we've got some agents that have talked about doing a DeSoto branch for us, and we're going to get a Tarrant County presence," Baggett said.
