Rapid Realty first opened, officially, in 1998. We started in an unassuming first floor location, with only one computer. It may not have looked like much, but it didn’t stop the agents and I from bringing in deal after deal.
In order to grow Rapid Realty, I often put my neck on the line. In order to keep Rapid growing strong, I had to put in over $400K of advertising. This of course being before online advertising became as widespread as it is today. I even renovated my first property to house and hold the growing number of Rapid agents.
When I was just days away from signing leases for several new company-owned offices, though, I bumped into an old friend, who raved about the virtues of franchising. I was skeptical at first, after all, I started Rapid Realty and had planned on keeping full ownership of any additional offices to ensure their success. After doing some research, we soon understood that franchising was a solution to an industry-wide problem, mainly that top agents didn’t just want to manage offices, they wanted to own them.
I next went to Chicago to meet with many of the world's experts on franchising. I was committed to learn everything I was able to by studying hundreds of other franchise companies and see how they grew, what helped them grow, things to avoid, just to ensure Rapid Realty's success.
After a year of these endeavors Rapid Realty opened their first pilot in Crown Heights. It went beyond expectations and inspired agents to open their own. In August of 2009, Gabriela Falquez opened the first official Rapid Realty franchise in Bay Ridge.
The end result of all this hard work is easy to see. Rapid Realty has quickly become New York City's largest rental company. With dedication, Rapid is poised to grow even further. Franchisees have been making back their initial investment within the first year, which is unheard of in practically any economic environment.