Jimmy Reed was one of the youngest ever life members of the Association of Realtors Million Dollar Club for year-over-year sales production. And that was after he survived the 16 percent mortgage rate environment of 1980 and 1981.
Times were certainly different back then. One way he garnered business was to visit the Chamber of Commerce office when it was on Front Street to review letters the Chamber had received, looking for people from all across the country who had inquired about a potential move to Memphis. “Thank you, our Chamber, then, and thank you now, for all you do!” he said.
Today, perhaps not surprisingly, Jimmy is president, principal broker and majority shareholder of Marx-Bensdorf, Realtors.
Jimmy is a native Memphian whose dad was from New York and whose mom was from McCrory, Ark. After World War II the couple moved to Memphis to be closer to Jimmy’s grandparents in Arkansas.
He is a graduate of East High School, class of ’74. In January 1973, the Memphis public school system implemented a court-ordered busing plan to desegregate schools. He stayed in the public school system in spite of the busing plan. “My parents did not shy away from the idea, nor did I or my four siblings,” he said.
He studied English and journalism at then-Memphis State until his interest in the securities business led to an opportunity at UMIC Inc., a leading fixed-income investment firm. He was 22 at the time. “It was a ‘baptism by fire’ selling bonds to banks and savings and loans in my difficult assigned sales territory of Iowa, so I discovered,” he said. “Coupled with the skyrocketing interest rate environment in which bonds sold would soon thereafter lose value, I was destined to fail. Although unsuccessful, I was the last man standing from a recruitment class of 10.
“The tough economic scene set in, so naturally – laughingly here – I became a Realtor, joining the Crump Companies real estate department in early 1980. I was proud to have associated with the
notable Memphis firm. After that, Marx-Bensdorf became my professional home.”
After years of top sales production, in 1999 Jimmy joined Marx-Bensdorf owners David Okeon and Mike Earp as a partner and co-owner of the company. Jimmy was intent on preserving the unique culture and the firm’s devotion to client-centric service.
Marx-Bensdorf is the oldest real estate company in Memphis and the city’s 11th oldest active corporation. “We call ourselves part of the history and fabric of our city,” said Jimmy. “We were recently recognized by the Tennessee Department of Economic and Community Development for our 100+ history.” Marx-Bensdorf has an average agent tenure of 22 years, and 18 agents have held offices in the Memphis Board of Realtors and on state and national real estate committees. The company represents many of Memphis’ leading institutions including St. Jude, AutoZone,
FedEx and Methodist Le Bonheur.
As he was gaining success early in his professional career, Jimmy partnered with two close friends to create the specialty German car service company Memphis MoterWerks. “I became president because I had the funds available to invest, although I knew nothing about car repair. The foundation of that business was our shared love of European cars and international sports car racing. The expertise of my partners and the service team gave us success and even allowed us to have some fun creating a Porsche racing division for preferred customers. A highlight was when we were able to develop a car for the famous Rolex 24 Hours of Daytona for a driving team made up of our customers. I retired from my ownership role years later, and the company prospers with friends as owners to this day.”
Jimmy has a deep interest in endurance athletics: triathlons and bicycle racing. “In 1983 a friend and I put on the first Memphis in May Triathlon, in Shelby Forest,” he said. “We handed off the duties after a few years, and it grew to become a qualifying race for the international Hawaii Ironman Triathlon. All the top pros came to race in Memphis hoping to qualify, and the field grew to 1,700 racers.”
In the early 1990s, Jimmy switched his athletic focus to biking. “In 1998 a racing friend and I started the Marx-Bensdorf/Memphis MotorWerks Cycling Team, an elite amateur squad that saw great success at races across the Southeast. Now dubbed Marx-Bensdorf/BPC Racing, the team had its 25th anniversary in 2020 and remains the banner bike racing team in Memphis and one of the oldest teams in the southeastern U.S.
“Contributing to the fellowship among so many folks with a common appreciation for difficult athletic endeavor has been especially rewarding,” he said. “Although my racing days are over, I still enjoy riding with our great athletes.”
Memphis is vital to Marx-Bensdorf. “We are unabashed advocates for Memphis and impart this daily as we engage with our clients,” Jimmy said. “We fully appreciate our unique and wonderful character and challenge others to, as Bill Dunavant says, ‘own our narrative’ of positive Memphis facts. A current mission for us is to leverage and broadcast the terrific work of our Chamber and Chairman’s Circle and all the great initiatives that help propel Memphis forward.”
The team at Marx-Bensdorf serves a variety of causes, including St. Jude and Brewster Elementary School. “Our team has raised tens of thousands of dollars for Brewster over 14 years so the school can provide students with school uniforms that enhance the all-important feeling of inclusion,” said Jimmy. “Our community support is encapsulated in a social media theme we adopted some years ago which states ‘Memphis makes us happy, Memphis is our home.’ I am proud to have participated in these varied things and remain excited about what’s to come.”