Richard Reno
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Posted in Featured Legend of the S.E.C. on 28 August 2008
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In the 1950’s, Richard Reno, founder of the Society of Exchange Counselors, observed that if people exchanged real estate it could solve many of the real estate circumstances existing in San Diego’s overbuilt market. He saw exchanging as an alternative to the unavailable cash buyer. He believed that people who owned real estate did not necessarily want to totally divest themselves of real estate ownership, but were uncomfortable in the circumstances surrounding their current ownership. In effect, the problem was not with the property, but with the people who owned it. In his opinion, there was no bad real estate, only inappropriate or untimely ownership. This premise led Mr. Reno to an idea that resulted in the modern real estate exchange (equity marketing) business we enjoy today.