[1]Matt Martin Real Estate Management (MMREM [2]), a diversified real estate services firm headquartered in North Texas, announced it has executed a definitive agreement to acquire online real estate auction company RealtyBid.com [3].
Founded in 2001 by a group led by real estate auction veteran Tony Isbell, RealtyBid was one of the earliest movers in the online property auction arena. It specializes in the expedited sale of many classes of residential and commercial real estate, including bank-owned assets, investment properties, condominiums, and others.
Working through RealtyBid, MMREM hopes to expand its capabilities and speed up its property disposition, the company said.
"Our company has been at the forefront of diversified property services for ten years, and has thrived by being nimble and innovative," said Matt Martin, CEO of MMREM. "Online processes are the future for real estate asset sales, and MMREM is now able to help clients make that evolutionary change with the additional synergies provided by RealtyBid.com."
Under the acquisition agreement, RealtyBid will retain its brand name and operate as a wholly owned subsidiary of MMREM, keeping its current management team. Financial details were not disclosed.
"We founded RealtyBid.com to accelerate transactions and streamline the real estate sales process for all parties," said Isbell, who will continue to serve as president of RealtyBid. "Like MMREM, RealtyBid.com is dedicated to constant improvement, innovation and delivering outstanding value to the real estate and financial industries."