NRT, Inc's meteoric rise to success isn't just due to the deep pockets of Cendant and its investment partner Apollo Management L.P. although its steady acquisitions of key brokerages across the nation might make it appear so.

According to Bob Becker, CEO of NRT Inc., the real value is in the acquisition of the best real estate minds and talent in the nation. "Everyone is so dazzled over the numbers that they fail to see the real value," says Becker. "When we buy the best companies, we are acquiring the best people.

"It's a better plan for profitability," he says. "Our talent base has exploded. We have a plan on how we are going to put these firms together, and we have been successful because the management that made them so successful are staying and continuing to lead them."

The numbers are indeed dazzling. NRT has grown in just four years from 600 million in gross commissions to over $3.5 billion - not including figures from its latest acquisitions, Dyson & Dyson, San Diego, and The Corcoran Group in Manhattan, both market leaders.

How did the nation's most successful brokerage get its start?

NRT began in 1996 as the National Realty Trust, and quickly outgrew its business charter. Bob Becker, CEO of NRT, explains," HFS, predecessor of Cendant purchased Coldwell Banker in 1997. Then it was three companies, a franchise , relocation company and 250 company-owned stores in the midwest and west. Cendant did not want to compete with the franchises, but this was a well run company so we were confronted with what to do - so we created a trust. Our mission was to set up a test-kitchen and see if there were some firms we could attract and grow, so we spun them off to some of our more successful franchises. What was underestimated is we attracted some of the best firms in America, and then it was apparent that the trust vehicle wasn't appropriate."

"So Henry Silverman (Cendant's CEO) approached Leon Black (Apollo Advisors' CEO) and suggested a joint venture. We thought there was a chance to buy quality firms, and that we could substantially consolidate the industry. Apollo thought that was a good plan, and it has been phenomenally successful."

Today, NRT, Inc. independently owns and operate s companies in 24 of the nation’s largest metropolitan markets. Before the October acquisitions, the company had more than 750 offices, 5,000 employees, and 38,000 sales associates.

NRT companies are found under both the Coldwell Banker and ERA brand names.

There may be a lesson to be learned by brokers who are struggling for profitability - having more agents isn't worth much without strong leadership. That's what has put NRT brokers at the top of their markets, says Becker. "By any measure of real estate success, we are the industry leader," he says. "Nearly all of our local companies are ranked No. 1 in their respective markets.

"We have more than doubled our return on revenues," he adds.

Any jealousy from other Cendant franchise brokers without the deep pockets of the parent company? "As far as jealousy goes, I don't perceive that," replies Becker. "but Cendant is looking to help its franchisees grow, and they will help fund a franchisee to acquire a competitor and help them grow.

What is the strategy behind key acquisitions in key markets? "Economy of scale and synergies," says Becker. "The strategy is to acquire these companies and build the system, and spread more referrals to our brokers system-wide. We have added 650 offices to that referral base - and we contribute to the ad fund that benefits everybody."

NRT corporate relocations provide other dividends for Cendant. Cendant also operates Cendant Mobility, which it says handles 50 percent of all corporate relocations in the U.S. As an example, when NRT purchased three leading brokerages in Utah, collectively producing $1 billion in closed sales annually, the brokerages were renamed Coldwell Banker Residential Brokerage, and has been appointed the principal broker in the Cendant Mobility Broker Network.