Housing market crash blamed for real estate company closing its ...

Always be closing. That phrase has a new meaning for Rockford real estate agency, Whitehead Realtors, closing its doors for good.

2007's national housing market crash meant changes for Rockford real estate companies. Some merged, like Doyle Woodhouse Moore did with Gambino Realtors in 2010. But Whitehead is closing completely, so this is a matter of consolidating workers.

"What it will be is the agents transferring to new brokerages, because each agent has to have the license listed with a managing broker and a managing broker holds the listings, they own the listings." -says Rockford Area Realtors CEO Steve Bois.

According to Bois, Whitehead realtors has around 45 employees. He says those workers are already getting phone calls from other agencies.

"It's up to them to really try to find the brokerage firm they're going to fit in with the team the best." -adds Bois.

Bois doesn't believe customers will feel a major impact. He thinks there might be some issues trying to track down agents at their new firms.

?"If the agent transfers to another broker, the chances are that listing will transfer with them to the new broker and once that happens there will be a communication with the seller. The seller will have an opportunity at that point in time to decide what they would like to do, whether they'd like to keep that listing or go another direction." -says Bois.

Whitehead Realtors has closings this week. Those and all other near-term pending transactions will proceed as normal. Bois can't say exactly when Whitehead will shut its doors, our source told us Saturday that November 11th is the date. We've tried contacting Whitehead Realtors representatives for a comment, but they have refused.

Source: http://www.wrex.com/story/19948828/housing-market-crash-blamed-for-real-estate-company-closing-its

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