Cendant's vision of buying up top-performing independent brokers in key metropolitan markets via it's subsidiary NRT just took a backward step in Dallas. About 30 agents with the high-dollar volume boutique firm Abio and Associates, bought by Coldwell Banker less than two years ago, have staged a mass walk-out, claiming they don't want to work for a large corporation.

What prompted the exodus? As of January 1st, the Abio and Associates signage will come down to be switched to Coldwell Banker's, and agents who are leaving don't want to lose their boutique identity. After numerous meetings, says an insider, the agents decided to move as a group to Virginia Cook Realtors. Cook's firm has three office locations, so it is a larger independent operation than a boutique firm, but insiders say it has a strong family culture.

The agents, streaming in one by one, appeared at a Christmas party at Virginia Cook's main office this week, looking for desk space and refreshments. A spokesperson for the company said that about 30 agents have been confirmed so far, and more are expected. Cook has been swamped meeting privately with the agents who wish to join the firm.

"We're doubling up to make room for them all," said Nora Lane, a Virginia Cook top producer. "We're thrilled to have them. These are the wonderful Park Cities area producers. I feel like I've got a lot more people who will help me sell my listings."

The Park Cities boasts some of the most sought-after real estate in Dallas, and a fiercely competitive market where two towns are incorporated, University Park and Highland Park. This is an area that favors boutique brokers, and previous company buy-outs have meant that some of the Park Cities best-known Realtors have worked under at least two or three boutique brokers.

Mass exits of boutique Realtors is not unprecedented, but it's still unusual.

When Allie Beth Allman Real Estate, a Park Cities brokerage, sold to independent Henry S. Miller Realtors in the late 90s, it was allowed to remain a boutique with its own identity. Allman agents were happy until a manager named Duke Jimerson left, and an assortment of agents followed him. Most of Allman's alumni moved as a group to Adleta and Poston Realtors, another high-end independent firm.

Adleta and Poston used to be Abio, Adleta and Poston before broker Bettie Abio went her separate way to form Abio and Associates.

Confused? The point is that the big city boutique realty world is rather small. Most of these folks know each other well, and many want to continue to work in a boutique environment.

But not all boutique agents are anxious to leave. Tom Rhodes, Abio and Associates top-selling agent, is under a non-compete with Coldwell Banker until October, (that's also when Coldwell's famous six percent franchise fee starts to be levied.) Even so, says Rhodes, he would give Coldwell a chance, and so will the two-thirds of Abio's agents remaining.

"Bettie would hope that everyone would stay together to see what they thought of Coldwell," says Rhodes. "She says it is less of a change to stay where you are than to make a move. But, they see Coldwell as a major identity change, on the signs and stationery. Most who are leaving have gone with Virginia, because her company is the most similar in organization, and they could go as a group as a family."

Lane confirms that is what the agents have told the Cook agents. "They love being part of a family," says Lane. "They don't want to be part of a corporation."

Says Rhodes, "It is unfortunate that we have lost some great folks, but you just go on and serve your clients the best you can. I'm following Betty's lead. She's a smart gal, and she says that Coldwell is a good organization and to stick around. I trust her knowledge."

Says Bettie Abio, regional manager, Coldwell Banker Residential Brokerage, "I'm very saddened by the fact that people who have been with me a long time are no longer here, but there are different ways of doing business. While change is hard for many people, it doesn't mean that change is bad. This organiztion has more to offer. When I first came, it was amazing to me. I've been an entrepreneur all my life. It (Coldwell Banker) was well run, has wonderful sytems, great tehcnology - what a small company has a hard time putting together, and I wanted to share this with all the Abio agents. I wanted to give them a chance to advance their business because I believe it will."

She adds, "There are still a lot of great Abio agents still here. Jan Furr, our manager, is commited to leading those people to a successful 2003."

The point is the manager and two-thirds of the office are embracing Coldwell Banker.

Linda Berg, President and COO of Coldwell Banker Residential Brokerage adds, "We always regret the loss of a single agent, and the thirty agents we would like to remain with us, but I can't lose sight of the fact that 360 agents chose to join Coldwell Banker Residential Brokerage during the course of this year."

Says Abio, "One of the benefits is that this org has sold over 53 percent of 1 million plus homes in our country, so the whole world doesn't feel the need for a boutique brokerage."