A Portland-based RE/MAX team brings in third owner
Photo / Courtesy RE/MAX By The Bay
Teddy Piper
RE/MAX By the Bay, home of the David Banks Team, said Teddy Piper joined David and Michael Banks as an owner in early April.
David Banks, the team’s founder, is staying on as a lead broker. With Michael Banks and Piper as owners, he said he will be able to dedicate his professional energy toward listing and selling real estate.
Michael Banks has been with the company since 2005 as its managing broker. Piper joined the company in 2012 and assisted in operations of the larger agency before becoming a licensed member of the David Banks Team in 2014.
“Michael and Teddy have really run this business for the last 10-plus years and know the market inside and out,” Banks said. “They are a natural fit to move the company forward for the next 10 years and beyond, and I am so happy to watch them take the reins.”
The team will function as it always has. The team sold over $190 million in volume in 2023, and over $85 million so far in 2024, more than double the volume of the closest team or sole agent in Cumberland County.
“There are certain businesses in Portland that have built brands which transcend generations, and clients return again and again knowing that the same high standards will be upheld,” said Piper.
RE/MAX By the Bay was founded by David Banks in 1994. By 2013, the company occupied three offices across two states with nearly 80 licensed agents. The two satellite offices were sold to a longtime colleague in 2016. Since then, the By The Bay brand has consolidated under the team model Banks began building 30 years ago. Today, the company operates from its original waterfront office at 281 Veranda St. in Portland.
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