Press Room

GMAC REAL ESTATE NAMES DOUG AYERS EXECUTIVE VICE PRESIDENT OF CENTRAL REGION AND PRESIDENT OF KOENIG & STREY GMAC REAL ESTATE

Oak Brook, Ill. (Jan. 5, 2007) – GMAC Real Estate announced that Doug Ayers, a 27-year real estate industry executive, has been named to the newly created executive vice president of the Central Region position for its Company-Owned Real Estate (CORE) offices. Ayers will also serve as president of Koenig & Strey GMAC Real Estate, which has 18 offices and more than 1,100 agents throughout the Chicagoland area.

In his role he will oversee the near-term growth of Koenig & Strey GMAC and manage the overall longer-term growth for GMAC Company-Owned operations in the Central United States.

Ayers' impressive career in the real estate industry began in 1981 as a sales associate for Burnet Realty. He has been promoted to various leadership roles in management, training, and development at Burnet Realty, prior to its acquisition by Coldwell Banker.

Since 1998, Ayers was president and chief operating officer for the Chicago and Milwaukee divisions of Coldwell Banker Residential Brokerage. Under his leadership, Doug grew the organization to 67 offices and 4,700 Sales Associates and more than $17 billion in residential real estate sales. He has extensive experience with company growth through mergers & acquisitions.

"I am honored that Doug has elected to join our company," said John Bearden, president and CEO of GMAC Home Services. "He is a well respected leader in the Greater Chicago real estate community, and his talents will be appreciated as we enter a new era of opportunity for our company."

"I am extremely happy and look forward to the opportunities at GMAC Company Owned Real Estate," Ayers said. "While our industry is experiencing substantial challenges, GMAC Real Estate understands the changes that need to take place, and I am thrilled to be a part of this change."

As president of Koenig and Strey GMAC Real Estate, Ayers takes over the reigns from Chris Eigel, whose retirement last week follows more than 30 years in the real estate industry.

"The opportunity to grow the company-owned operations in the Central U.S. is incredibly appealing to me and something I'm quite familiar with," Ayers said. "I am looking forward to working with the leadership team at Koenig & Strey to grow both presence and market share. This organization has a superior reputation in the Chicagoland marketplace."

About GMAC Real Estate’s Company-Owned
Business Unit

GMAC Real Estate's Company-Owned Business Unit, a division of GMAC Home Services, LLC has nearly 100 offices and 3,500 real estate professionals nationwide. Company-Owned offices are located in major metropolitan markets including the San Francisco Bay Area, Chicago, metro New York, and throughout Central New England. GMAC Home Services is a business unit of GMAC ResCap (Residential Capital, LLC), a leading real estate finance company. Residential Capital, LLC is an indirect wholly owned subsidiary of GMAC LLC.