RE/MAX By the Bay founder downsizes to focus on clients
David Banks, who founded RE/MAX By the Bay in 1994 and grew it into one of Maine’s largest real estate franchises, has sold off the bulk of his franchises in Portland and Portsmouth, N.H., to focus on his own personal clients, the Portland Press Herald reported.
The holdings Banks sold to Rachel Reed and Derrick Buckspan for an undisclosed amount are now known as RE/MAX Shoreline, according to an email Reed sent to Mainebiz.
The sell-off comes at a time when Portland, the largest real estate market in the state, is in a period of high real estate sales volume and increasing sales prices.
It has guaranteed interest in certain niches as demand strengthens, as demonstrated by the recent sale for $1.675 million sale of 88 ½-90 Exchange St. and the $50.25 million sale of three townhouse and apartment communities in Portland and Scarborough — the largest residential property sale in the greater Portland area in recent history.
Banks will retain the RE/MAX By the Bay brand in Portland, his clients, his personal staff and an office on Veranda Street near the Falmouth town line.
According to the David M. Banks Real Estate Team website [http://thedavidbanksteam.com/team-member/david-banks/], Banks began his career at Shaw’s Supermarkets where he worked for 20 years. The recent sale was preceded, in 2015, by the sale of a portion of his company to two colleagues.
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