On Real Estate

Tuesday, April 17, 2001

Home buyers to get one-stop shopping

RE/MAX owner Teas plans single handy location for all services

Ever since Arkansas-based Wal-Mart Stores began dazzling suburbia by carrying everything from baked beans to baby carriages under one roof, almost no industry has gone untouched by the one-stop shopping phenomenon.
   So it's no surprise that the one-stop shopping concept has seeped into the residential real estate industry.
   In October, Tim B. Teas, broker/owner of RE/MAX Metro Properties in Corpus Christi, plans to bring all the time-consuming processes of buying a home under one roof.
   Teas purchased the local RE/MAX franchise in 1995, and noticed that his clients were in a hurry, and didn't want to spend all day, driving all over town, hitting all the bureaucratic speed bumps and dealing with several different institutions, unexpected fees and a multitude of paperwork. Relocating from California, Houston and other large cities, Teas said, his clients didn't want to dawdle.
   "They had two days to find a house, and they didn't have time to get all of the stuff done they really needed to and buy a house," Teas said. "I thought it would be a good idea for everything to be done in our office so they could go out and get a house that they like and spend more time on that part.
   "Homebuyers can get everything done in half an hour to 45 minutes as opposed to going all day and all over town."
   While Teas saw this approach as the future of residential real estate seven years ago, he didn't have the financing to pursue his vision of a real estate complex where mortgage companies, title companies, insurance companies, appraisers, inspectors and a moving company co-existed in one building.
   Seven years ago, he had just purchased the franchise and was losing about $14,000 a month trying to support a large office with only six agents.
   "I had to take time to get out of the hole before I could implement this," he said.
   But today, RE/MAX Metro Properties has 57 agents. Out of debt, RE/MAX broke out the ceremonial shovel last week, and broke ground at 5242 Holly Road. Teas spent $140,000 on just less than acre to build his new 11,400-square-foot office building, which will accommodate all the businesses he wants to bring together.
   Teas won't know the tenant lineup until September or October. But he will say that the bidding among insurance, title and other industry-related business is getting a bit heated.
   "They're very eager, trying to out bid each other for office space," Teas said.
   Of course, RE/MAX clients don't have to use the services offered at the new location.
   Though Realtors for years have been looking for ways to expand into other lines of business by breaking into such areas as mortgage, RE/MAX won't be affiliated with the tenants, Teas said.
  

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Business writer Laura Elder writes a real estate column every other Tuesday. Contact her at 886-3678 or elderl@caller.com

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