Integra Realty Launches New Texas Group

FORT WORTH-Integra Realty Resources Inc. is expanding its Texas operation, adding a residential appraisal component for mixed-use development, condominiums, income-producing multifamily assets, vacation properties, subdivisions and land acquisitions. The play begins Jan. 1 with dual office openings in Fort Worth and Dallas, but Austin and San Antonio aren't too far behind.

Integra Realty has opened IRR-Residential operations in 46 of its 57 US offices just in the fourth quarter. Leading the Texas rollout will be Scott Burdette, who's folding Real Estate Valuation Consultants Inc. after 17 years. The New York City-based Integra Realty holds controlling interest in the franchise offices.

Ben Loughry, managing partner for Integra's Fort Worth and Dallas offices, says planning got under way for the nationwide initiative about 18 months ago at the behest of lenders and investors who had Integra working on their commercial properties. Integra previously outsourced residential appraisals.

The upside is a single point of contact with crossover synergies. "They know they are going to get a quality report in a timely fashion and that's the niche that this fills," Loughry stresses. "The reception across the country has been exceptional, which tells me there's a need for it."

Loughry tells GlobeSt.com that the program's already landed several contracts with national lenders' residential divisions, letting Integra quickly emerge as the largest residential appraisal firm in the nation in a "very mom and pop-oriented industry." The targeted client list includes mortgage companies, banks, governmental agencies, attorneys, relocation companies, accountants and builders.

Burdette says the Fort Worth office will be made up of Real Estate Valuation's nine appraisers and two-member support team. Talks are underway to find the right team for Dallas. The Austin and San Antonio offices could be open by midyear 2007. He says there is no plan at this time to open a Houston office.

Burdette credits "the opportunity" and industry changes as the decisionmakers to close his firm and lead IRR-Residential Valuation Consultants LLP. "It's a very good program and we want to part of it," says the new managing director, who is one of only two appraisers in the US to serve on a Fannie Mae advisory panel for disposition of foreclosed properties.

The IRR-Residential teams do title searches, inspections and environmental work. "Everything needed to close a deal," Kevin Nunnink, chairman of Integra Realty Resources and IRR-Residential, says in a press release. "We expect to grow it to sales of $250 million to $300 million annually in appraisal fees." In the next five years, Integra plans to open several hundred IRR-Residential offices.