Changes in the New Jeresy marketplace

GLORIA NILSON GMAC REAL ESTATE SOLD TO INVESTMENT GROUP LED BY REAL ESTATE VETERAN DICK SCHLOTT

The Former 16 Company-Owned Offices Will Now Become Franchised Offices of GMAC Real Estate

Gloria Nilson GMAC Real Estate, one of New Jersey’s largest and best-known real estate firms with 16 offices and more than 700 sales associates, has been purchased by SCS Realty Investment Group LLC, a firm led by 40-year real estate veteran Dick Schlott.

As part of the agreement, Gloria Nilson GMAC Real Estate will continue to operate under that name and will become a franchisee of GMAC Real Estate, owned by Brookfield Residential Property Services. The Schlott-led Gloria Nilson GMAC Real Estate firm will now be the largest GMAC Real Estate franchise in the Northeast.

“The Schlott name is synonymous with New Jersey real estate and we are absolutely thrilled Dick has chosen to purchase these offices and in turn, become a franchisee of our company,” said John Bearden, president and CEO of GMAC Real Estate. “We look forward to seeing this tremendous company grow under his leadership, backed by the resources of our new parent company, Brookfield Residential Property Services,” Bearden said.

Schlott founded Schlott Realtors in 1971 and grew the firm to one of the nation’s preeminent real estate brokerages with 140 offices in five states, thousands of sales associates and annual sales of more than $7 billion, before selling the company in 1991. He has also led a major global real estate franchise system, and served as president and CEO of GMAC Home Services. During his career, Schlott has held key positions within industry associations including Director of the National Association of Realtors, Vice President of the New Jersey Association of Realtors and President of the Northwest Bergen Board of Realtors.

“This is truly a once-in-a-lifetime opportunity for me to re-enter the real estate industry in a huge way and become part of an organization whose philosophy and vision for the business are so closely aligned with my own,” said Dick Schlott.

Brookfield Residential Property Services, which less than 60 days ago purchased GMAC Real Estate, is already making significant headlines. The company was recently named in the 2009 Swanepoel TRENDS Report as the number one trendsetter in 2008.

“With the backing of Brookfield Residential Property Services and as a franchisee of GMAC Real Estate, I’m very confident we’re positioned with the right team to deliver tremendous success,” said Schlott.

Terms of the purchase were not announced.

From Business Wire January 14, 2009