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EXHIBIT 10.20

                              EMPLOYMENT AGREEMENT

This agreement is made between The DeWolfe Company, Inc., ("DeWolfe") and
Richard Loughlin who is associated with DeWolfe as a General Operations Manager
("Employee"). DeWolfe agrees to associate with Employee upon the terms contained
in this agreement, and Employee agrees to work in the best interests of DeWolfe
at all times, upon the terms contained in this agreement.

TERM: The employment shall begin, or did begin, on October 1, 1989 and will
continue until canceled, amended or terminated as described herein.

TITLE: The Employee will use the title of Senior Vice President, or any other
title designated by DeWolfe from time to time to describe the Employee in all
dealings with others.

ASSIGNMENT: The Employee's assignment and responsibilities will be defined by
DeWolfe, and may be changed at any time. The Employee is responsible for
developing and implementing a comprehensive operating plan, based upon the
strategic goals established by the Executive Committee of The DeWolfe Companies.
The Employee will manage the Regional Operating Managers and assist them in
executing their plans to improve operational productivity (operating costs per
closed transaction). The Employee will also support and assist the Regional
Operating Managers in the management, motivation and support of local operating
and administrative managers and staff. In general, it is the responsibility of
the Employee to improve operational productivity, while providing the
facilities, systems and service necessary for the delivery of real estate
services and the processing of real estate transactions. The Employee will keep
informed about the real estate business in general, and about the specific
programs available through DeWolfe, and shall participate in all training,
meetings and functions required by DeWolfe. The Employee will not provide real
estate brokerage services to sellers, buyers, landlords or tenants directly for
a fee.

COMPENSATION: Compensation will be established by DeWolfe from time to time, and
initially will be paid in accordance with the Compensation Schedule attached as
Exhibit A. The Employee shall be entitled to all benefits generally provided by
DeWolfe to its employees. Employee may accept referral fees from the referral of
real estate business to sales associates, up to 12 1/2 % of the company
commission available on the transaction or side referred. The office commission
available is the total commission income, after payment of co-broke fees,
external and internal referral fees, and off-the-top fees (i.e. the amount on
which the associate's commission split is calculated is the office commission
available). Employee may also accept referral fees from the referral of real
estate business to other offices within DeWolfe, up to 12 1/2% of the company
commission available on the transaction or side. The Employee may also accept
referral fees from the referral of real estate business outside DeWolfe's
effective service areas, in accordance with company policy established from time
to time. All such referrals must be referred through DeWolfe Relocation
Services. Referral fees may only be accepted on business from customers or
clients with whom the Employee has had a prior business or personal
relationship, or who were actively solicited by the Employee.

TERMINATION: This Agreement and the employment created thereby may be terminated
at any time without cause by either party i) upon thirty days' written notice or
ii) by DeWolfe at any time without notice provided that Employee shall receive
additional compensation in an amount equal to the Base Pay for a period of four
weeks. DeWolfe may terminate this agreement and the employment created herein
without notice for cause, including fraud, criminal activity, dereliction of
duties or willful failure to comply with the terms of the agreement or DeWolfe
policies and procedures. All employee benefits including but not limited to
health insurance benefits, shall cease as of the date of termination, except as
otherwise provided by law. For a period of one year after termination, the
Employee will not solicit any employee, sales associate or manager, or other
person associated with DeWolfe or its affiliated companies, for the purpose of
inducing that person(s) to terminate employment or association with DeWolfe.
Upon termination, the Employee shall immediately return all DeWolfe property to
a DeWolfe management representative, including all keys, documents, client and
customer lists, computer hardware and software, etc.

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CONFIDENTIALITY: It is understood that the Employee may from time to time have
knowledge of information which is confidential in nature, including, but not
limited to customer and client lists, agent and management information, training
and procedures, manuals, sales tactics, strategies, financial results and other
trade secrets. The Employee will not, at any time during employment or after
termination, disclose any confidential information, nor trade in the stock of
The DeWolfe Companies, Inc. based upon confidential information, nor use such
confidential information in any other manner.

MERGER, SEVERABILITY AND ENFORCEABILITY: This Agreement shall take precedence
over any prior arrangement, written or verbal, between Employee and DeWolfe, or
any of its affiliates, predecessors or subsidiaries, and any such prior
agreements shall be merged herein and have no continuing effect. This Agreement
contains all of the agreements of the parties and no subsequent agreements will
be effective and enforceable unless a written amendment or substitution to this
agreement is signed by Employee and DeWolfe. If any term(s) or provision(s) of
this Agreement are deemed to be unenforceable, the remaining terms and
provisions hereof shall remain valid and enforceable.

NOTICES: Any notice required under this agreement will be deemed sufficient if
mailed or delivered to the parties at the following addresses:

         Employee:         83 Chestnut Street
                           Concord, MA
                           01742

         The DeWolfe Company, Inc.
         80 Hayden Avenue
         Lexington, MA  02173

GOVERNING LAW: This agreement shall be governed by the laws of the Commonwealth
of Massachusetts.

Signed this    20th     day of    February     ,  1998.


EMPLOYEE:                                 THE DEWOLFE COMPANY, INC.

     /s/ Richard J. Loughlin               By:       /s/ Paul J. Harrington
--------------------------------               ---------------------------------
Richard J. Loughlin                                Paul J. Harrington, President