Vance Burkey revolutionized the way people sold real estate in the Knox and East Tennessee area by introducing a 100% commission-to-agent plan when he launched Realty Executives here in 1977. Previously, commissions were split four ways – listing agent, listing company, selling agent, selling agent’s company.
Most agents disliked the split and most agency owners didn’t know how to fix it. Mr. Burkey simply charged each agent a monthly flat fee and whatever commissions they earned, they kept.
As Justin Bailey, CEO of Realty Executives Associates, pointed out in a statement, “Vance built a phenomenal company with exponential growth and an unparalleled reputation. … In three short years, REA went from being one man to being the #1 firm in agent count, transaction sides and volume in East TN. It holds that same distinction today.
“Yet, what I’ll remember most is how he made me feel. Vance made me feel like I was worth spending time with. … like I was worth slowing down for. He saw something in me that I did not see in myself. He had such a big, meaningful life, but he never seemed to be in a hurry when it came to his people.”
Mr. Burkey died one day shy of his 90th birthday. He was a lifelong member of First Presbyterian Church, where he served as both a deacon and an elder and fostered many enduring friendships. Funeral services will be held at 10 a.m. Tuesday, December 17, 2024, at First Pres, followed by a reception for friends and family. A private burial will follow. His full obituary is here.
