"I've never been happier," exclaims the queen of Dallas' luxury real estate.

Ellen Terry, no bigger than a minute and always ready with a smile, began her real estate career in 1976, founding her own high-end brokerage firm in 1981. At the height of the '80s gold rush to material gain, Dallas was guiltier than most cities of shucking its country roots and taking on nouveau riche "Dynasty"/"Dallas" glitz and glamour, expanding north with homes rivaling the most palatial and ostentatious of those on TV. Dallas began to believe its own hyped image.

Almost overnight, the town culture seemed to value only the most expensive cars and the biggest, most opulent houses. New construction boomed, and luxury real estate came into its own, commanding prices that still have yet to be equaled. The economy soared, spurred by the development of D/FW International Airport, lots of speculation by savings and loan companies, a solid-appearing, banking-based economy, not to mention ... da' oil bidness. Ellen Terry prospered. Then, mid-decade, the bust arrived.

But Terry and her company kept on truckin'. Like a fierce mother lion, she protected her company from going under, working long, hard days to retain her number-one perch as top seller in luxury real estate. She used her straightforward, never-met-a-stranger countenance to advantage, as many entrusted their homes to her for sale, and more than a few at a loss. Terry managed to get top dollar in most cases, and was instrumental in making Dallas an attractive city in which to relocate by her exclusive affiliations with international luxury real estate firms such as Sotheby's, Estates Club International, and Who's Who in Luxury Real Estate.

When she turned 50, she resolved that she would sell her business by the age of 55. "That is the importance of goal- setting," Terry says. "That's how you make it happen." After fielding a number of offers over the years, the one she was waiting for appeared. Ebby Halliday, owner of one of the top three broad-based residential real estate companies in the Dallas/Fort Worth metroplex, approached Terry about an acquisition.

Battle-weary from her long reign at the top of high-dollar real estate, she jumped at the offer. Did she make the right choice? Find out in this exclusive AgentNews interview.

A.N.: Why did you sell?
E.T.: Because I wanted to go back to the basics of where I started: listing and selling big homes, working with buyers, and negotiating contracts. When I founded my company, l loved the thrill and the challenge of building an organization, but after 15 years, I missed the deal-making. Managing was not feeding my soul. As a manager, I heard about all the problems, and I got further and further removed from what I loved about this business in the first place -- working with people.

A.N.: When was the firm sold?
E.T. To tell you how close I came to my goal, my birthday is on June 11th. It was 1995, and I was going to turn 55. On June 1, we finalized the sale, and closed on June 19th. I believe you just plant the seed in your mind, turn loose the results, and the perfect situation will come forward. I had many opportunities to sell before that, but nothing felt right.

A.N.: How did you feel?
E.T.: I had a real love for the company. Starting your own company is like birthing a baby. And selling it is like sending your child to get married. You want to put it in the hands of someone who will love it like you do, and we found that person in Ebby Halliday. I thought I was burned out. It was the toughest economy we had been through. It was emotionally as well as financially draining, but we made it through. Now I am back with the opportunities.

A.N.: Is there any difference in how the company operates?
E.T.: Nothing is different. Ebby acquired Ellen Terry Realtors because she had great respect for us as a high-end boutique office specializing in estate properties. When she purchased the company, our agreement was that I could list and sell with no responsibilities of the day-to-day management. Ellen Terry Realtors is autonomous under the banner of Ebby Halliday. We have a separate staff and advertise separately, specializing in the higher-end properties.

A.N.: Any regrets?
E.T.: Absolutely none. Ebby has been my mentor since I entered this business, and now she is my dear friend. I feel as if I sit at the feet of the master, and I have learned from the person who has done it all. We have a mutual admiration society. I respect her for what she has built, and she respects me for what I have built. Her company is broad- based, and mine is a niche market. Ebby Halliday Realtors is a 51-year-old company.

A.N.: If you are still selling and listing, how do you handle agent jealousy in the office?
E.T.: In our two offices, we have more than 50 agents. I still do a lot of marketing for the company, and I get a lot of referral business. Clients call me directly. But I don't take anything that doesn't come to me. I wouldn't compete with them. If it comes directly to me, I take it, many times I share the listing, and so forth. It is very much a team concept. We are proud of the esprit de corps throughout the organization.

A.N.: How hard do you work?
E.T.: I work a minimum of 12 to 14 hours a day, six days a week. My son, Todd Terry, is operating as my partner/assistant. Of course, he is far more than an assistant. The irony is that for years, I tried to get him and my daughter to get their licenses and come to work for the company when they turned 18. Neither had any interest. After many attempts, I let it go. This past year, Todd came to me and said he wanted to come to work. When I asked him if he was sure he wanted to work for me, he laughed and said, 'I survived you as a mom; I can survive you as a boss.' I think part of his motivation is that he got married in April, saw the success I was having, and gave it a second thought. Nothing more motivating than a family. He and his wife are having a baby this summer.

Published: February 9, 1998

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