For immediate release: August 16, 2005
Westwood, Kansas (August 16, 2005) IRR-Residential, LLC has been formed to develop a national company of independently owned and operated residential appraisal franchises. Integra Realty Resources, Inc., an organization for commercial appraisers, has grown in the past five years to become the nation’s largest commercial real estate valuation and consulting firm with over 50 offices and 700 employees. Leveraging on the Integra brand, a separate management team has launched IRR-Residential to develop and operate a residential real estate appraisal franchise organization.

“Integra has been very successful at recruiting the best local commercial appraisers into a national company that offers ‘local expertise… nationally.’ We think IRR-Residential can do the same thing for residential appraisers,” said Jeffrey Rogers, President and COO of Integra and a Board member of IRR-Residential.

IRR-Residential will launch the franchise organization this fall with approximately 40 offices, including approximately 15 coming from Integra offices that also provide residential appraisal services. Franchises will operate under the IRR-Residential brand name. The company expects to expand to several hundred offices, with nationwide coverage. IRR-Residential will target appraisal companies that have demonstrated a high level of success and experience in their local markets.

“The residential appraisal industry is a very fragmented market dominated by local appraisal firms. Their clients have become larger and more distantly located from them. We see an opportunity to develop a company like Integra, where we bring together the best local residential appraisal firms into a national organization that can then re-establish a direct relationship with the clients,” said Kevin K. Nunnink, MAI, CEO of IRR-Residential, LLC and Chairman of Integra.

Brand Name, National and Regional Sales and Marketing

“The goal of IRR-Residential is to provide our franchisees a brand name and corporate identity that will differentiate them from their local competitors and more directly connect them with their clients through our regional and national marketing efforts, said John Wood, Chief Operating Officer of IRR-Residential. “Integra has proven that when successful firms are brought together, they each benefit from consistent appraisal quality, stronger group purchasing power, better employee recruiting and retention, and collective entrepreneurial acumen.”

About IRR-Residential, LLC: IRR-Residential is a Kansas City based company formed to sell franchise offices throughout the United States to develop a national organization of independently owned and operated residential appraisal companies.

About Integra Realty Resources, Inc.: Integra is the nation’s largest independent firm focusing on commercial real estate valuation and consulting. Headquartered in New York City, Integra has over 50 local offices that provide services to the nation’s largest real estate investors, developers, lenders and professionals.