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RE/MAX Global Expansion Includes Turkey, Cyprus and United Kingdom - South

Written by on Sunday, 09 November 1997 6:00 pm
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Company Press Release
] (Englewood, Colo, Nov. 10, 1997) -- Master franchisor, RE/MAX International, Inc. this week welcomed two new regional franchise owners to the world-wide franchise network. Murat Goldstayn, regional owner of RE/MAX Turkey, which includes the Turkish Republic of Northern Cyprus and Gregory Carros, regional owner of RE/MAX United Kingdom-South both attended management training here last week. Addition of the two new regions brings to 23 the number of countries in which RE/.MAX offices operate. "We selected the RE/MAX concept after a one-year search for the best franchise," said Goldstayn, who studied finance and entrepreneurship at the University of Southern California and worked several years with Alarko Development Group, the largest residential development company in Turkey. "The brains behind the idea to select RE/MAX came from Izzet Garth, president of Alarko." RE/MAX agents exclusively will handle resale properties for Alarko. "We signed our regional agreement on October 15, becoming the first major international real estate franchise company in Turkey, and have already selected our first franchised office, RE/MAX Delta in Istanbul. Owners of the office, Hayrulla and Elif Ucgun converted their existing eight-person operation, which specializes in high-end residential properties and acreage for factories. We plan to limit our first year to 12 to 15 offices as we are looking only for the best real estate people to operate these franchises." Goldstayn explains that of 77 cities in Turkey, five are key to his initial plans, Ankara, Izmir, Istanbul, Antalya and Adana, and is enthusiastic about what he describes as "an open market with foreign investors, an active stock market and rising real estate values." The 60 million secular population of Turkey's 780,000 square kilometers is ninety percent Muslim, with 12 million living in Istanbul. The Turkish Republic of Northern Cyprus, comprising the northeastern part of the island of Cyprus, is a resort area with extensive international tourist interests. "There are an estimated 50,000 people selling real estate in this region, with about 4,000 being members of the General Real Estate Broker Association. Licensing and professional education in real estate is just beginning here. Currently, real estate agents receive 20 to 40 percent of the commissions they generate, with the balance retained by the office owner. Experienced agents are familiar with the RE/MAX Concept of high commission compensation and many are eager for the international education and marketing exposure." Goldstayn's father, Benjamin, owner of Ciba Chemical Distribution in Turkey and Nabi Up, former Vice Governor of Istanbul, are investor-partners in the new RE/MAX Turkey region. A native of Vancouver, British Columbia, Gregory Carros has spent 25 years in the real estate industry, selling his 100-agent local independent firm, MacDonald Realtors in 1990. In 1991, he began looking for the right business investment in the United Kingdom only to discover a slow economy and devoted the next six years to consulting in Vancouver. A move to Portugal left him longing to reevaluate the United Kingdom and in 1997, an advertisement caught his eye. As a Canadian, he was well aware of RE/MAX which, according to the ad, was offering regional ownership opportunities in the United Kingdom. He purchased RE/MAX United Kingdom-South on October 29, 1997. "The real estate industry in the U.K. is very much like Canada was in the 1960's and 70's," Carros says. "It is dominated primarily by financial institutions or local independents. Agents are poorly compensated and even good producers have a ceiling on income. There is little or no training, certainly no communications system such as RE/M/AX Satellite Network, and the market is very receptive to new technology, new business concepts and franchising. The time is ripe for the RE/MAX high compensation concept." Carros plans to open his regional headquarters in January, 1998 in the Staines/Flough area on the outskirts of London, convenient to Heathrow Airport. His goal is to open 30 offices the first year and grow to 100 within the first three years. His 29 million population southern U.K. region ranks among the highest of incomes and property values in cities like London, Oxford, Guildford, Norwich, Southampton, Cambridge and Bristol. "We enthusiastically welcome these new regional owners," said George Graff, RE/MAX International vice president, "and we are especially pleased with the efforts of Frank Polzler and Walter Schneider and their RE/MAX Europe team for a unique and discriminating selection process of regional owners. Murat Goldstayn and Gregory Carros are sophisticated business people who understand the global real estate industry. Their cultures and business experiences will enrich our already diverse membership, and we envision many trend-setting and rewarding years of association." ### The RE/MAX network comprises more than 47,000 members in more than 2,800 offices in the United States, Canada, Australia, the Caribbean, Europe, Israel, Mexico, Singapore, Southern Africa, Turkey and the United Kingdom. Under the RE/MAX franchise name, these independently owned and operated offices provide real estate services in residential, commercial, referral, relocation, and asset management . Since its inception in 1973, the RE/MAX organization has experienced 24 consecutive years of growth, attracting sales associates who lead the industry in professional designations, experience and production. [

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