Despite interest rates of more than 20 percent, strong competition and the balance of work and family, Barbara Cupp-Gietzen, Emily Scott, Jean Viereck and Kitty Hughes were able to see their Madison House Real Estate business through it all. Their hard work, dedication and passion are evident in the successful company Madison House Ltd./Sotheby's International Realty has grown to be.
The four former business partners joined for lunch in early June to celebrate Madison House's 25th anniversary.
Servicing the area
Looking back, Hughes remembers her first sale: a Medina home that sold for $59,900. "That home is worth at least $2 million today," she said. "It has been amazing to see the homes when we first started selling them and seeing them now - seeing how much the market has increased in value."
Cupp-Gietzen opened Madison House on June 15, 1981. She chose the current Madison Park location, at 4227 E. Madison St., for a variety of reasons: "I absolutely loved the location and believed in it. There wasn't any other boutique office in Madison Park other than Ewing & Clark, and I thought the area and market could use another business. It was close to home, safe environment. I had contacts and could easily travel to the Eastside."
Cupp-Gietzen said, "I created a partnership [in 1984] with Emily, Jean and Kitty. At the time, they were the top sales agents at John L. Scott [Real Estate]. They joined to help expand the business and just to better help serve the area."
The new partnership proved successful. "We didn't really know how well it would go," Scott said.
"When we joined forces in 1984, it was very fun and successful; we could really service this area well. The whole was greater than the parts," Cupp-Gietzen said.
Marrying clients with their needs
A large part of success was due to the reputation the women and company had all earned. "Because of our in-house knowledge of the area's private schools and the various information people would need to fully assimilate into our community, we were able to marry clients with their needs and make the Seattle living experience a good one," Viereck said.
"A person's prime residence today is their largest, single asset. So, as a Realtor, I always felt I had to respect that. So I treated their money as if it were my own: prudently, wisely and respectfully," Viereck said. "I tried to never take a grossly overpriced listing because in the long run, you cost people time and money."
Although they sold all types of houses across the spectrum, many of the houses they sold were more than average.
"Most of our clients were high-end purchasers," Viereck said. "We sold some fabulous houses."
None of the women would offer details on any of the more upscale homes they sold. Scott said, "That was one reason people came to us. We kept their business quiet."
Moving forward
Cupp-Gietzen sold her share in the company to the other three in 1987 to pursue commercial real estate full time.
Viereck retired in 1993, and after 35 years in the business, Scott retired in 1996. Hughes assumed full ownership after Scott's retirement. Although Hughes is still very active with the company, her son, Albert Hughes Jr., took over as owner early in 2006.
In 2000, Madison House found additional success by joining as an affiliate with Sotheby's International Realty.
Hughes said she feels the affiliation has been beneficial for business. "We help them in the area because of our name, and they help us outside the area because of their name. They also provide us with wonderful marketing materials, access to many in the U.S., they're helpful when we have specific questions that use their expertise. It's a synergistic effect of two companies working together to do a lot of business."
Looking back on the last 25 years, all four speak fondly of their careers. "It was fun," Cupp-Gietzen said. "It's really marvelous Madison House has stayed open all these years."
For more information, visit www.madison houseltd.com.
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