Stephen H. Murray, Partner at RTC Consulting, has provided valuation, merger and acquisition advisory services to the residential brokerage industry since 1987. He has handled over 3,600 assignments related to these services, has served as an advisor on over 800 acquisition or sales of residential brokerage companies with an aggregate value exceeding $12.1 billion, and has testified on the value of residential brokerage firms in several different states including California, New York, Florida, Nevada, Illinois and Massachusetts among others. He has testified on behalf of the Federal Trade Commission as a qualified expert on the residential brokerage industry and has testified on behalf of the National Association of REALTORS® as a qualified expert in the residential brokerage industry. Mr. Murray has also produced four books on the valuation of residential brokerage companies and has provided training to the executives and affiliates of RE/MAX®, LLC, Coldwell Banker® Real Estate LLC, CENTURY 21® Real Estate LLC, Prudential Real Estate Affiliates, Inc., and Keller Williams® Realty, Inc., among others.