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GMAC Real Estate Franchise Sales Up 122 Percent in 2004 Over The Same Period Last Year

Oak Brook, Ill. (Oct.14, 2004) - GMAC Real Estate's franchise business unit has always put quality far above quantity when awarding new franchisees, but statistics from the first three quarters of this year show it's possible to achieve both: Franchise sales increased 122 percent and gross commission income was up 271 percent over the same period in 2003.

"We've never desired, nor attempted to become, the biggest - only the best," said Lane Barnett, who has presided over GMAC Real Estate's franchised offices' growth since taking the helm as its president earlier this year. "Typically, we're adding companies that are twice the size of those in years past and new franchisees are telling us that no other real estate franchisor in the nation can match the breadth of services and programs that we can offer as a result of the relationship we have with parent company General Motors." Among the real estate companies from leading markets to join GMAC Real Estate's franchise company so far this year, include: Great West/GMAC Real Estate in Sacramento, Calif.; Diamond Realty/GMAC Real Estate in Phoenix, Ariz.; Coleman & Sons/GMAC Real Estate, a 94-year old firm that had never been a franchise before and that serves the Boston suburbs; and Pacific Vantage Realty/GMAC Real Estate, based in Southern California.

In addition, Barnett said the company expects to award its first franchise outside of North America by the end of the year.

Barnett said the franchise company would continue its growth into 2005 by sticking with an effective three-point strategy that focuses on prospects that are committed to delivering the company's Premier Service® program and offering one stop shopping for buyers and sellers:

1. GMAC Real Estate works with brokers seeking to expand their business by becoming franchisees of GMAC Real Estate. Barnett said the company searches for brokers whose business philosophies mirror GMAC Real Estate's: Brokers who believe, for example, that companies should offer consumers a full array of home services such as home mortgages, warranties and closing services, in addition to traditional brokerage services.

2. GMAC Real Estate works with its existing franchisees to expand their operations through assistance with acquisitions and expansion funding.

3. GMAC Real Estate creates a franchised company from the ground up, with local real estate professionals - whether they are sales managers, title industry executives or brokers - to form the nucleus of the new company.

"Using Premier Service, our franchisees are able to offer their homebuyers and sellers what is widely considered North America's most comprehensive and innovative customer service program," Barnett said.

Launched in 2002, Premier Service promises consumers consistent and measurable levels of service that are virtually unmatched by any other major real estate firm.

For example, GMAC Real Estate agents put in writing, up front, the services they will perform on their customers' behalf. Through Premier Service, GMAC Real Estate asks customers, via an independent survey, to honestly rate the performance of their sales agents - and by reflection, the national company itself. Since Premier Service's introduction, the company has received an unprecedented customer satisfaction rating of more than 94 percent.

About GMAC Home Services
GMAC Home Services is one of North America's largest real estate organizations, delivering its unique Premier Service business program to homebuyers and sellers through its four operating companies: GMAC Real Estate Franchised Offices; GMAC Real Estate Company Owned Offices; GHS Mortgage, and GMAC Global Relocation Services. Backed by the resources of industry giant General Motors, the GMAC Home Services network has more than 1,300 franchised and owned residential real estate offices throughout the United States, Canada and Puerto Rico.