Mitchum Auctions & RPM Realty Annouce Merger

September 29, 2009

For Immediate Release:

Rector Phillips Morse, Inc. and Johnny Mitchum
Form Auction Division

Pete Hornibrook, Chairman and CEO of Rector Phillips Morse, Inc & Coldwell Banker RPM, Inc., one of Arkansas’ oldest and most venerable diversified real estate companies and Johnny B. Mitchum, owner and founder of Mitchum Auctions and Realty, LLC jointly announce the formation of RPM-Mitchum Auctions, LLC.  The new entity is located within RPM’s corporate offices at 1501 North University Ave. (Prospect Building) in Little Rock, AR

Hornibrook made the following comments, “In today’s challenging economic times, RPM is always looking for innovative solutions that will keep us on the cutting edge of the real estate industry. We are fortunate to have Johnny Mitchums’ knowledge of the real estate auction as we move into this new venture.”

Mitchum has many years of real estate and auction experience and he is a licensed real estate broker, auctioneer and CPA (inactive.). He has extensive knowledge of the auction industry and is well versed in marketing properties to ensure a successful auction.

“One of the fastest growing means of selling real estate in today’s market is the real estate auction,” said Hornibrook. “According to the National Auctioneers Association, last year roughly $58.6 billion was generated through auction sales. This included commercial, residential and agricultural properties. “Creating this new division will allow us to broaden our full-service scope by providing buyers and sellers with an alternative for doing business during these challenging times.”

Mitchum’s career includes being in the CPA business, serving as vice president of Lyon College in Batesville, heading two companies that specialized in adaptive re-use of historic buildings, and serving as vice president of development for a national auction marketing company.  He has listed and sold at auction properties throughout the Southeast United States.  Properties sold included shopping centers, farms, multiple unit condo buildings, office buildings, timber tracts, commercial land, sub-divisions, industrial properties, apartments, and homes.

Mitchum said “the auction method is a great alternative to traditional selling.  It provides sellers an opportunity to sell in a fast and efficient manner.” The auction listing process includes a thorough review of a seller’s situation to determine if the property meets the auction criteria. “Quite frankly, the auction method is a great weapon to have in our arsenal but it’s not the magic solution for every situation,” said Mitchum. “The advantage of a seller working with RPM-Mitchum Auctions is if the property does not meet the auction criteria, we have many other means of selling the property.” “Our goal is to help seller’s get the property SOLD!”

If you are interested in a free “sellers” proposal, contact Johnny Mitchum at 501-664-7807 or email Johnny@RPM-MitchumAuctions.com. To learn more about buying and selling at auction, visit us on the web at RPM-MitchumAuctions.com.