One of Austin’s largest residential real estate firms has named its inaugural CEO.
Gabe Richter assumed the role of CEO at Realty Austin on Dec. 8, according to an announcement. Richter had been the brokerage’s head of technology since 2018 and led a development team that implemented Realty Austin’s expansion brand, Realty San Antonio.
Richter’s elevation at the firm, as well as several vice president and senior vice president promotions, represent a move to formalize leadership at Realty Austin as it expands geographically, the new chief executive said.
“I think that paints the broader picture around where we are as a company and where we want to go from an expansion perspective,” he said. “You know, we’ve got folks who’ve been at the company for some time that are doing just excellent work, and we wanted to formalize our leadership team.”
Several other Realty Austin employees are also being promoted, according to the announcement. Jolene Weinstein will now be senior vice president of sales, Penelope Kemper will be vice president of finance and human resources, Amanda Dudley will be vice president of talent selection and Kara Jones will be vice president of marketing.
Realty Austin in July ranked No. 1 on ABJ’s 2022 list of Best Places to Work among employers with at least 250 employees, when it had 679 local staff.
According to the CEO announcement, the firm generates $5.5 billion in annual sales.
Realty Austin co-owners Jonathan Boatwright and Yvette Flores will continue to play an active role with the company.
“Gabe Richter‘s pragmatic and sensible approach, combined with his market experience and knowledge in the real estate tech space makes for a solid decision,” Flores stated. “For the past five years, Gabe has studied and embodied our core values. You cannot be a great leader unless a critical mass of people are attracted to following your lead; I believe Gabe is this person for us.”
Boatwright will keep serving as chief technology officer, equipping agents with digital tools in a fast-changing realty market. Flores will serve as chief culture officer, providing opportunities for agents and staff to connect with one another and giving back to local affordable housing organizations.
Realty Austin has already expanded into San Antonio with its Realty San Antonio brand, Richter said, but has eyes on further expansion, though he did not name a specific market.
“The hope for us, as a company, is that we expand out of Central Texas and look at the entire state as an opportunity to build and grow,” he said.
Even with an uncertain housing market, Richter said the firm’s leaders have an optimistic outlook.
“There’s no doubt about it, everybody’s feeling that the market is retracting,” he said. “But these things come and go. It’s not anything you prefer, but they come and go. No one grows on the mountaintop, right? The fruit is in the valley, and to some degree, that’s where we are. We’re in the valley and we’re excited about finding that fruit.”
One of Realty Austin’s strengths that has allowed expansion thus far is its technology systems, which agents can use to be more effective, Richter said.
“We do make good agents great,” he said. “And that’s our big value proposition, that they get to spend more of their time on more of the income earning activities, and we handle all of the details for them. And that really at its core is what that digital marketing platform is about.”
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