Old Colony going indie

By Sarah K. Winn Charleston Gazette Staff writer

A longtime Charleston-based real-estate firm is doing something many businesses aren’t — going independent after years of corporate affiliation.

“Old Colony is new again,” said Robert Thomas, chief operating officer of Old Colony Holding Co. “All of us have grown accustomed to companies downsizing. We, at Old Colony, have chosen the opposite course.”

On Thursday, Old Colony Realtors, which was founded in Charleston in 1944, announced that the company is ending its 15-year relationship with GMAC’s real-estate franchise.

This move, effective July 1, will direct between $3.5 million and $5 million back into the local economy over the next 10 years, company officials said.

Old Colony’s relationship with GMAC has been a good one, with GMAC offering training for realtors, marketing services and relocation assistance for buyers, said Joe Miller, president of Old Colony.

However, with the GMAC contract up for renewal, the company decided to take a different direction and give those franchise dollars to local vendors, Miller said. The company has hired a marketing firm to create a new logo and advertising materials.

With the disaffiliation comes no increase in customers’ fees, no layoffs or downsizing, Thomas said. "We are very confident about going into the field of independency and will continue serving our customers,” said Old Colony Holding Co. President Bill Dawson, who has worked for Old Colony for 43 years. “It just makes much more sense to steer our own ship.”

Community leaders also joined the company on Thursday for the announcement.
“We are excited about the broad economic impacts,” said Charleston Area Alliance President Matt Ballard, “and Old Colony realizes that their project can be successful here in the Valley.”

St. Albans Mayor Dick Callaway said the local focus of Old Colony will likely help St. Albans, which has become much of a “bedroom community” of Charleston. “This will get young families coming to our area,” he said. “Anytime we can help the realty industry, it is good for us.”

Charleston Mayor Danny Jones said he hopes for continued success of Old Colony for a personal reason. “I bought my house through Old Colony and, if I sell my house, I’m going to sell it through Old Colony,” he said.

While Old Colony is becoming an independent firm, Miller stressed that doesn’t mean the company is backtracking.

“Being identified specifically as a West Virginia company is important. That is who we are,” he said, “but we should not become too insulated. It is very important that we see a larger picture.”

Since its formation in 1944, Old Colony has grown to include 13 locations — 11 in West Virginia and two in Ohio — and has 225 sales associates. The company had $580 million in sales in 2006.