Understanding The Real Brokerage Inc.’s Impressive 2023 Financial Milestones
Real Brokerage | Fourth Quarter & 2023 Year End Financials
A Banner Year for Growth and Innovation
Screenshots throughout courtesy of The Real Brokerage Inc. Simply Wall St Profile taken on March 13th 2024.
2023 was a standout year for The Real Brokerage Inc., marked by significant achievements and growth, even amidst the real estate industry’s ups and downs. The company’s commitment to empowering real estate agents with advanced technology and a supportive platform has clearly paid off, reflecting in their record-breaking financial figures. 
Before I dig into why this model is exploding, why it’s growing faster than any other model, etc. I’ll give you my perspective. If you come from a small brokerage, you’re only as big as the walls around you.
This brokerage, even if it wasn’t backed and ran by a true industry leader (Sharran) who I will dig deeper into later, the model itself is agent driven. The ones in the trenches, your teammates, the ones running robust marketing campaigns, generating leads, hiring staff, scaling teams, etc.
These are who we learn, grow, and build value for our teams and clients with. I have the ability in my network to connect and provide value with top teams across Canada and the US, sharing insight on our million dollars of PPC experience, new lead sources, trends, sharing platforms, etc.
All this is beyond empowering for agents and teams alike, what we offer since moving to this brokerage is exponentially greater than what we once did, and will only continue to grow as we invest back into ourselves and our partners. This model provides growth and collaboration unparalleled in the industry.
Key Financial Highlights
- Robust Revenue Growth: The company’s revenue soared to $689.2 million for the year, up by 81% compared to the previous year. This surge is a testament to the increasing value agents and clients find in Real’s innovative platform.
- Gross Profit Upsurge: Gross profit also saw a remarkable rise, reaching $62.9 million, nearly doubling from the previous year. It indicates not just higher revenue, but also efficient management and operational effectiveness.
- Net Loss Insights: While the net loss widened to $27.5 million for the year, it’s essential to view this within the context of broader strategic investments the company made in technology, market expansion, and agent support, which are expected to fuel future profitability and stability.
Operational Achievements
- Expanding Agent Network: The agent count on Real’s platform grew by 66% year-over-year, with around 16,000 agents by early 2024. This growth signifies the platform’s rising popularity and the tangible value it offers to real estate professionals.
- Transaction Volume: The total value of real estate transactions brokered through Real’s platform hit $25.9 billion in 2023, underscoring the trust and efficiency that agents and clients experience with Real.
Innovations and Future Outlook
- One Real App & Real Wallet: The launch of the One Real consumer-facing app and the Real Wallet financial ecosystem are game-changers. They’re set to revolutionize the real estate transaction process, making it smoother and more integrated for agents and their clients.
- Private Label and ProTeams Programs: These new initiatives offer unprecedented opportunities for independent brokerages and teams to leverage Real’s robust platform, enhancing their operational efficiency and market reach.
What This Means for Real Estate Agents
For agents affiliated with The Real Brokerage Inc., these results are not just numbers but a reflection of the company’s robust health and its commitment to innovation and agent success. The financial growth, coupled with strategic investments in technology and agent support, indicates a promising horizon for all associated with Real.
- Empowerment through Technology: The continuous tech advancements mean agents are equipped with the best tools to serve their clients effectively and efficiently.
- Growing Network: Being part of a rapidly expanding network offers more opportunities for collaboration, learning, and business growth.
Final Thoughts
Real Brokerage impressive performance is a clear indicator of its strong position in the real estate industry and its unwavering commitment to empowering agents and reshaping the real estate experience. As we move forward, the brokerages focus remains on leveraging this momentum to achieve even greater heights and redefine what’s possible in real estate.
| THE REAL BROKERAGE, INC. | ||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||
| (Expressed in thousands of U.S. dollars) | ||||||
| (unaudited) | ||||||
| As of | ||||||
| December 31, 2023 | December 31, 2022 | |||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents | $ | 14,707 | $ | 10,846 | ||
| Restricted cash | 12,948 | 7,481 | ||||
| Investments in financial assets | 14,222 | 7,892 | ||||
| Trade receivables | 6,441 | 1,547 | ||||
| Other receivables | 63 | 74 | ||||
| Prepaid expenses and deposits | 2,132 | 529 | ||||
| TOTAL CURRENT ASSETS | 50,513 | 28,369 | ||||
| NON-CURRENT ASSETS | ||||||
| Intangible assets | 3,442 | 3,708 | ||||
| Goodwill | 8,993 | 10,262 | ||||
| Property and equipment | 1,600 | 1,350 | ||||
| Right-of-use assets | – | 73 | ||||
| TOTAL NON-CURRENT ASSETS | 14,035 | 15,393 | ||||
| TOTAL ASSETS | 64,548 | 43,762 | ||||
| LIABILITIES AND EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts payable | 571 | 474 | ||||
| Accrued liabilities | 13,374 | 11,866 | ||||
| Customer deposits | 12,948 | 7,481 | ||||
| Other payables | 302 | 1,188 | ||||
| Lease liabilities | – | 96 | ||||
| TOTAL CURRENT LIABILITIES | 27,195 | 21,105 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Warrants outstanding | 269 | 242 | ||||
| TOTAL NON-CURRENT LIABILITIES | 269 | 242 | ||||
| TOTAL LIABILITIES | 27,464 | 21,347 | ||||
| EQUITY | ||||||
| EQUITY ATTRIBUTABLE TO OWNERS | ||||||
| Share premium | 62,567 | 63,204 | ||||
| Stock-based compensation reserve | 52,937 | 25,083 | ||||
| Deficit | (78,205 | ) | (50,704 | ) | ||
| Other reserves | (167 | ) | (469 | ) | ||
| Treasury Stock, at cost | (257 | ) | (14,962 | ) | ||
| EQUITY ATTRIBUTABLE TO OWNERS | 36,875 | 22,152 | ||||
| Non-controlling interests | 209 | 263 | ||||
| TOTAL EQUITY | 37,084 | 22,415 | ||||
| TOTAL LIABILITIES AND EQUITY | 64,548 | 43,762 | ||||
| THE REAL BROKERAGE, INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS | ||||||||||||
| (Expressed in thousands of U.S. dollars, except for per share amounts) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
| Revenues | $ | 181,341 | $ | 96,118 | $ | 689,158 | $ | 381,756 | ||||
| Commissions and other agent-related costs | 165,810 | 87,898 | 626,285 | 349,806 | ||||||||
| Gross Profit | 15,531 | 8,220 | 62,873 | 31,950 | ||||||||
| General & administrative expenses | 15,387 | 7,121 | 42,913 | 24,155 | ||||||||
| Marketing expenses | 9,084 | 7,061 | 38,611 | 22,674 | ||||||||
| Research and development expenses | 2,325 | 1,002 | 7,359 | 4,867 | ||||||||
| Operating Loss | (11,265 | ) | (6,964 | ) | (26,010 | ) | (19,746 | ) | ||||
| Other income/(expenses), net | (693 | ) | 62 | (587 | ) | 729 | ||||||
| Listing expenses | – | (16 | ) | – | (151 | ) | ||||||
| Finance expenses, net | (32 | ) | 159 | (619 | ) | (1,167 | ) | |||||
| Net Loss | (11,990 | ) | (6,759 | ) | (27,216 | ) | (20,335 | ) | ||||
| Net Income Attributable to Noncontrolling Interests | (26 | ) | 50 | 285 | 242 | |||||||
| Net Loss Attributable to Owners of the Company | (11,964 | ) | (6,809 | ) | (27,501 | ) | (20,577 | ) | ||||
| Other comprehensive income/(loss), Items that will be reclassified subsequently to profit or loss: | ||||||||||||
| Cumulative (gain)/loss on investments in debt instruments classified as at FVTOCI reclassified to profit or loss | 116 | 128 | 330 | (407 | ) | |||||||
| Foreign currency translation adjustment | (38 | ) | (58 | ) | (28 | ) | 285 | |||||
| Total Comprehensive Loss Attributable to Owners of the Company | (11,886 | ) | (6,739 | ) | (27,199 | ) | (20,699 | ) | ||||
| Total Comprehensive Income Attributable to NCI | (26 | ) | 50 | 285 | 242 | |||||||
| Total Comprehensive Loss | (11,912 | ) | (6,689 | ) | (26,914 | ) | (20,457 | ) | ||||
| Loss per share | ||||||||||||
| Weighted-average number of Common Shares | 182,450 | 179,103 | 178,127 | 178,201 | ||||||||
| Basic and diluted loss per share | $ | (0.07 | ) | $ | (0.04 | ) | $ | (0.15 | ) | $ | (0.12 | ) |
| THE REAL BROKERAGE, INC. | ||||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net Loss | $ | (11,990 | ) | $ | (6,759 | ) | $ | (27,216 | ) | $ | (20,335 | ) |
| Adjustments for: | ||||||||||||
| Depreciation and amortization | 298 | 108 | 1,128 | 333 | ||||||||
| Impairment of goodwill | – | – | 723 | – | ||||||||
| Equity-settled share-based payment | 19,423 | 13,877 | 38,403 | 16,201 | ||||||||
| Finance costs | (65 | ) | (70 | ) | 91 | 167 | ||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Trade receivables | (3,902 | ) | (764 | ) | (4,894 | ) | (1,293 | ) | ||||
| Other receivables | 12 | – | 11 | (51 | ) | |||||||
| Prepaid expenses and deposits | (807 | ) | 253 | (1,603 | ) | (81 | ) | |||||
| Accounts payable | (82 | ) | (835 | ) | 97 | 420 | ||||||
| Accrued liabilities | (4,316 | ) | (917 | ) | 7,752 | 5,316 | ||||||
| Customer deposits | (3,385 | ) | (2,599 | ) | 5,467 | 4,170 | ||||||
| Other payables | (1,770 | ) | (340 | ) | (86 | ) | 1,148 | |||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | (6,584 | ) | 1,954 | 19,873 | 5,995 | |||||||
| INVESTING ACTIVITIES | ||||||||||||
| Purchase of property and equipment | (182 | ) | (481 | ) | (629 | ) | (1,408 | ) | ||||
| Acquisition of subsidiaries | – | (707 | ) | – | (8,152 | ) | ||||||
| Investment deposits in debt instruments held at FVTOCI | (81 | ) | 1,306 | (6,847 | ) | (125 | ) | |||||
| Investment withdrawals in debt instruments held at FVTOCI | 2 | 637 | 847 | 637 | ||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (261 | ) | 755 | (6,629 | ) | (9,048 | ) | |||||
| FINANCING ACTIVITIES | ||||||||||||
| Purchases of common shares | (1,104 | ) | (1,149 | ) | (2,865 | ) | (8,060 | ) | ||||
| Shares withheld for taxes | (362 | ) | – | (362 | ) | – | ||||||
| Proceeds from exercise of stock options | (90 | ) | 192 | 502 | 265 | |||||||
| Payment of lease liabilities | – | 33 | (96 | ) | (35 | ) | ||||||
| Cash payment for contingent consideration | – | – | (800 | ) | – | |||||||
| Dividends paid to non-controlling interest | (36 | ) | 48 | (339 | ) | (19 | ) | |||||
| NET CASH USED IN FINANCING ACTIVITIES | (1,592 | ) | (876 | ) | (3,960 | ) | (7,849 | ) | ||||
| Net change in cash, cash equivalents and restricted cash | (7,714 | ) | (6,300 | ) | 9,284 | (10,902 | ) | |||||
| Cash, cash equivalents and restricted cash, beginning of year | 35,339 | 24,547 | 18,327 | 29,129 | ||||||||
| Fluctuations in foreign currency | 29 | 80 | 44 | 100 | ||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH BALANCE, ENDING BALANCE | $ | 27,655 | $ | 18,327 | $ | 27,655 | $ | 18,327 | ||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||||||||||||
| Share-based compensation as part of Expetitle consideration | – | – | – | 4,325 | ||||||||
| Share-based compensation as part of LemonBrew consideration | – | – | – | 450 | ||||||||
| THE REAL BROKERAGE, INC. | ||||||||||||
| RECONCILIATION OF TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY TO ADJUSTED EBITDA | ||||||||||||
| AND ADJUSTED EBITDA EXCLUDING NON-RECURRING STOCK BASED COMPENSATION BALANCE SHEET ADJUSTMENT | ||||||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||||||
| (unaudited) | ||||||||||||
Three Months Ended | For the Year Ended | |||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||
| Net Loss and Comprehensive Loss | $ | (11,886 | ) | $ | (6,739 | ) | $ | (27,199 | ) | $ | (20,699 | ) |
| Add/(Deduct): | ||||||||||||
| Finance Expenses, net | 32 | (170 | ) | 619 | 1,167 | |||||||
| Net Income Attributable to Noncontrolling Interest | (26 | ) | 50 | 285 | 242 | |||||||
| Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss | (116 | ) | (128 | ) | (330 | ) | 407 | |||||
| Depreciation | 298 | 108 | 1,128 | 333 | ||||||||
| Stock Based Compensation Adjustments | 19,423 | 6,132 | 38,403 | 16,700 | ||||||||
| Goodwill Impairment | 723 | – | 723 | – | ||||||||
| Listing Expenses | – | 16 | – | 151 | ||||||||
| Restructuring Expenses | 58 | 160 | 223 | 222 | ||||||||
| Other Professional Expenses | – | 456 | – | 762 | ||||||||
| Adjusted EBITDA1 | 8,506 | (115 | ) | 13,852 | (715 | ) | ||||||
| Non-Recurring Stock Based Compensation Balance Sheet Adjustment | 6,208 | 6,208 | ||||||||||
| Adjusted EBITDA1 Excluding Non-Recurring Stock Based Compensation Balance Sheet Adjustment | 2,298 | (115 | ) | 7,644 | (715 | ) | ||||||
| 1Adjusted EBITDA for December 31, 2022 has been restated to account for Stock-Based Compensation recognized in Cost of Goods Sold. | ||||||||||||
| THE REAL BROKERAGE, INC. | ||||||||
| BREAKOUT OF REVENUE BY SEGMENT | ||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||
| (unaudited) | ||||||||
Three Months Ended | For the Year Ended | |||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||
| Main revenue streams | ||||||||
| Commissions | $ | 180,417 | $ | 97,327 | $ | 684,873 | $ | 379,868 |
| Title | 480 | 477 | 2,990 | 1,869 | ||||
| Mortgage Income | 444 | 19 | 1,295 | 19 | ||||
| Total Revenue | 181,341 | 97,823 | 689,158 | 381,756 | ||||
THE REAL BROKERAGE INC. | ||||||||||
| RECONCILIATION OF OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE BY QUARTER | ||||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||||
| (unaudited) | ||||||||||
2022 | 2023 | |||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
| Operating Expense | $10,129 | $13,496 | $12,886 | $15,184 | $17,846 | $21,499 | $22,742 | $26,796 | ||
| Less: Revenue Share Expense | 2,703 | 4,376 | 3,876 | 4,020 | 5,434 | 7,684 | 7,946 | 6,840 | ||
| Revenue Share Expense (% of revenue) | 4.4% | 3.9% | 3.5% | 4.2% | 5.0% | 4.1% | 3.7% | 3.8% | ||
| Less: | ||||||||||
| Stock-Based Compensation – Employees | 1,205 | 897 | 281 | 608 | 1,019 | 1,214 | 285 | 6,543 | ||
| Stock-Based Compensation – Agents | 582 | 547 | 1,776 | 2,614 | 1,541 | 1,640 | 2,769 | 1,830 | ||
| Depreciation Expense | 3 | 135 | 87 | 108 | 269 | 284 | 277 | 298 | ||
| Restructuring Expense | – | – | 62 | 160 | 41 | 44 | 80 | 58 | ||
| Subtotal | 1,790 | 1,579 | 2,206 | 3,490 | 2,870 | 3,182 | 3,411 | 8,729 | ||
| Adjusted Operating Expense1 | 5,636 | 7,541 | 6,804 | 7,674 | 9,542 | 10,633 | 11,385 | 11,226 | ||
| Adjusted Operating Expense (% of revenue) | 9.1% | 6.7% | 6.1% | 8.0% | 8.8% | 5.7% | 5.3% | 6.2% | ||
| 1Adjusted operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses. | ||||||||||
| THE REAL BROKERAGE INC. | ||||||||||
| KEY PERFORMANCE METRICS BY QUARTER | ||||||||||
| (unaudited) | ||||||||||
2022 | 2023 | |||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
| Transaction Data | ||||||||||
| Closed Transaction Sides | 6,248 | 10,224 | 11,233 | 9,745 | 10,963 | 17,537 | 20,397 | 17,749 | ||
| Total Value of Home Side Transactions ($, billions) | 2.4 | 4.2 | 4.2 | 3.5 | 4.0 | 7.0 | 8.1 | 6.8 | ||
| Median Home Sale Price ($, thousands) | $345 | $375 | $360 | $348 | $350 | $369 | $370 | $355 | ||
| Agent Metrics | ||||||||||
| Total Agents | 4,500 | 5,600 | 6,700 | 8,200 | 10,000 | 11,500 | 12,175 | 13,650 | ||
| Agent Churn Rate (%) | 7.9 | 7.2 | 7.3 | 4.4 | 8.3 | 6.5 | 10.8 | 6.2 | ||
| Revenue Churn Rate (%) | 1.6 | 2.1 | 2.5 | 2.4 | 4.3 | 3.8 | 4.5 | 4.9 | ||
| Headcount and Efficiency Metrics | ||||||||||
| Full-Time Employees | 112 | 121 | 122 | 118 | 127 | 145 | 162 | 159 | ||
| Full-Time Employees, Excluding One Real Title and One Real Mortgage | 82 | 91 | 87 | 84 | 88 | 102 | 120 | 118 | ||
| Headcount Efficiency Ratio1 | 1:55 | 1:62 | 1:77 | 1:98 | 1:114 | 1:113 | 1:101 | 1:116 | ||
| Revenue Per Full Time Employee ($, thousands)2 | $752 | $1,235 | $1,283 | $1,144 | $1,226 | $1,817 | $1,789 | $1,537 | ||
| Operating Expense Excluding Revenue Share ($, thousands) | $7,426 | $9,120 | $9,010 | $11,164 | $12,412 | $13,815 | $14,796 | $19,956 | ||
| Operating Expense Per Transaction Excluding Revenue Share ($) | $1,189 | $892 | $802 | $1,146 | $1,132 | $788 | $725 | $1,124 | ||
| Adjusted Operating Expense ($, thousands)3 | $5,636 | $7,541 | $6,804 | $7,674 | $9,542 | $10,633 | $11,385 | $11,226 | ||
| Adjusted Operating Expense Per Transaction ($) | $902 | $738 | $606 | $787 | $870 | $606 | $558 | $632 | ||
| 1Defined as the ratio of full-time brokerage employees (excluding One Real Title and One Real Mortgage employees) to the number of agents on our platform. | ||||||||||
| 2Reflects total Revenue divided by full-time brokerage employees (excluding One Real Title and One Real Mortgage employees). | ||||||||||
| 3Adjusted operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses. | ||||||||||
Forward-Looking Information
Finding Honest Brokerage Reviews: A Guide for Real Estate Agents
Choosing the right brokerage is a critical consideration for real estate professionals at any stage in their careers. Having interviewed hundreds of agents, from industry veterans to those just about to secure their licenses, I’ve gathered a wealth of perspective both in running one of the biggest teams in Canada as well as hearing a large mix of backgrounds, aspirations, visions, and understanding (or truly misunderstanding of the industry.
Whether you’re an experienced agent considering a change (or seeking more opportunity than just transactions) or a newcomer about to step into the industry, clear and honest feedback from peers can be incredibly valuable. This article aims to direct you to the most reliable resources for genuine reviews and shared experiences from myself and real estate professionals, helping you make a decision that’s right for you.
My biggest piece of advice though is make them get specific. Whether you’re joining a team or a brokerage, don’t just take their word for it on a surface level, ask them to elaborate and give you complete transparency in what they offer.
“We provide leads” Could mean you get 5 crappy leads per year, that will do nothing for your business.
“We provide training” This could be coming from a broker that hasn’t been in the industry actively selling for decades, doesn’t understand digital marketing, and is it set that their way of doing business is the best because it worked for them in the 90s? The fact is, not all training is valuable, not all training will help your business, and not all training will be right for you. This is why it’s important you interview multiple brokerages and even teams within a brokerage to see how they operate and thrive within the vessel that is the brokerage.
“We will be there for you” What does that mean? Through your first how many deals will they review your contracts, provide advice, teach you how to form a strong offer, teach you the things that the course doesn’t even begin to scratch the surface of.
“Our office has a great culture” Might simply refer to the occasional office party and not the day-to-day support, camaraderie, and collaboration that truly define a great workplace. What is important to you? Friends within the brokerage? People who will mentally and emotionally support you, or a place of like minded hard working individuals to motivate you? What values and culture does your brokerage push and emphasize the most.
“Our brand is well-known” Might not translate to a significant advantage for you if the brokerage doesn’t invest in maintaining its reputation or providing agents with marketing support that leverages the brand’s power.
“Our technology is cutting-edge” Could simply be a fancy way of saying they have an outdated CRM that’s been given a fresh coat of paint, rather than truly innovative tools that can streamline your workflow and impress clients.
Why Honesty In Reviews Matter
The boring answer: Understanding the experiences of others can provide a clearer picture of a brokerage’s culture, support, training opportunities, and business model, helping you to align with a firm that matches your career goals and values.
Choosing the Right Real Estate Team: An Honest Guide
When it comes to finding a brokerage or team in real estate, the glossy brochures and polished websites only tell part of the story. For both new and seasoned agents, understanding what truly lies beneath the surface of attractive offers and promises is key.
The Truth Behind Choosing a Brokerage
While experienced agents might find doors opening more easily for them, especially with high-profile brokerages looking to leverage their network, the reality for new agents can be starkly different. Not all brokerages are keen on taking newbies under their wing, primarily due to the intensive training and support required. Moreover, while joining a team can be a fantastic accelerator for a fledgling career, it’s crucial to recognize that not all teams offer the same level of opportunity or support.
Questions to Ask Before Joining a Team
Before committing to a team, arm yourself with these essential questions to ensure a fit that’s beneficial for your growth and success:
- What are the commission splits for your team and the brokerage? – Don’t ask this first though 😉
- Can you describe the lead flow and how leads are distributed? Also don’t ask this first.
- What type of administrative support is available to agents? Brokerages are less likely to provide any support outside of front end staff for the brokerage and conveyancing. Teams will vary, from a whole host of support staff, writers, photographers, graphics, data / mls support and document control, inside sales agents, etc. Our team for example offers all of the above and more, all of these people support our agents in various ways. For example our writer helps facilitate and create masterful content for our blogs / guides, this allows our agents to convey their knowledge in person and leave their clients with professional marketing pieces that support their messaging (assisted by the graphics department).
- What training and development opportunities do you offer? Ongoing? Weekly? What is the focus? What has past training in the last year looked like specifically? Can I chat with someone on your team or at the brokerage about your training?
- What’s the team’s track record? Can you share success stories? Any good team should be an open book with this.
- How is performance measured and rewarded within the team? Are there performance metrics? Do you require a specific amount of deals to be on the team? Does this effect my lead flow, splits, etc? Some teams will be run like a military special forces team, while others will be more inclined to go the route of allowing their agents to ebb and flow (within their minimum requirements) and understand that agents motivations can ebb and flow throughout their careers.
- What marketing and advertising support does the brokerage provide to agents?
- How does the brokerage and team handle referrals or SOI deals? Your brokerage should send referrals your way that are looking for you, and teams will vary quite a bit in how they handle SOI deals and the splits they attach with them.
- What technology tools and platforms does the brokerage offer? This is important, but consider this, you are either running your own business or joining a team that should be a well oiled machine, so your reliance on the brokerage for this should be minimal. Perks are places that have contracts / relationships for software that will reduce fees and save you money, just remember that an IDX site is not the same across the board, nor are CRMs and other important pieces of software.
- Are there any fees or costs that agents are responsible for? I think you should pay CLOSE ATTENTION to this one, the small costs matter, from brokerage to team splits, deal fees, insurance, required travel / training costs, or any fees owed for leaving, these are just the tip of the iceberg of costs you could silently be accountable for. What does your team charge (hopefully they don’t) for printing? Your brokerage likely will charge you (I’ve yet to find one that offers free printing) and these fees can be substantial.
- How does the brokerage support agent growth and career advancement? Are there opportunities to do more? Mentorship? Partnership? The opportunity to work with referral relationships, builders, etc.
- What is the brokerage’s policy on agent branding and self-promotion? More specifically what CAN’T you do. This is important and can really vary by region.
- How does the brokerage foster a sense of community among its agents? A lot of brokerages will sell this as a value proposition and my only advice is to remember that you’re only as big as the circle you surround yourself with.
- How competitive is the brokerage within the local market? Volume (Total), average deal per agent, total agents, brokerage growth trajectory over last few years, do they have monthly recognition, quarterly, yearly, and is that important to you?
- What continuing education opportunities does the brokerage provide? I think you should be asking what the brokerage does to support your growth as an entrepreneur and business owner. Is it leads, technology, admin support, etc. What does the roadmap look like?
- What kind of office space and facilities are available to agents? While some brokerages may be cloud based (Real Broker) some larger teams will still lease private office space to facilitate their day to day business operations.
- How flexible are the working arrangements for agents? A great question for teams especially. Do they take on full time agents only or part time as well, does that matter to you? What are the requirements week to week and expectations being on the team.
- What is the brokerage’s strategy for online marketing and social media? Another one that’s important for both teams and
- How does the brokerage support work-life balance for its agents? Are there support agents to back you up, does the team create structures and systems to help out agents when they’re gone,
- What networking opportunities does the brokerage offer? A great way to mastermind and connect with other leaders in the industry.
- What role do agents play in the decision-making processes of the brokerage?
- How does the brokerage support agents with difficult transactions? This is where a team can really matter for some. Not all
- What is the average retention rate of agents at the brokerage and on your team? Our team tracks local brokerage numbers and has since we started, it’s important to know where brokerages are trending towards and if there’s stability. Public record of brokerage agents and information should be mandatory for any brokerage to operate.
- How does the brokerage approach innovation and staying ahead of industry trends? I hate hearing this answer 90% of the time and quite frankly you will get fooled “We have the latest tech, a free crm, lead gen, free leads, and we’re using AI!” What the hell does that actually mean? What specifically are you using for a crm, why are you using it, was it because the franchise / brokerage has it, because it’s the cheapest, or is it because it’s good for SEO, PPC, lead gen, the CRM is unbeatable? Those details MATTER, you may not know why, but that’s why you’re reading this. Quite frankly, it’s easy for any brokerage today to (have it all) the tech, training, leads, and it’s easy for them to
- What philanthropic or community service activities does the brokerage engage in? A great way to either jump aboard some great causes or push others as you pioneer your own.
- How transparent is the brokerage about its business operations and financial health? Is the brokerage publicly traded? Is it privately owned? We’ve had brokerages cease to exist overnight with life changing amounts of money owed / lost due to misappropriation of brokerage funds. This is a business and you should have some form of visibility and assurances that your brokerage is operating healthy. While it’s important to understand a teams health as well, the closure of a team wouldn’t have the same impact on you outside of some increased costs, time, and potential loss of pipeline but you would still be able to continue to trade in real estate within your brokerage and collect any commissions owed / outstanding without issue.
Utilizing Google
Start by searching for reviews on Google and watching videos on YouTube. Use queries like “what it’s like working at [Brokerage Name]” or “review of [Brokerage Name] by former agents” to uncover detailed accounts of agents’ experiences.
Questions to Search on Google
To get started, here are some questions you can type into Google. These queries are designed to help you find genuine feedback and reviews about brokerages:
- What is it like working at [Brokerage Name]?
- Legal issues involving [Brokerage Name]
- [Brokerage Name] financial stability report
- [Brokerage Name] agent reviews
- [Brokerage Name] commission structure
- Detailed breakdown of [Brokerage Name] commission split models
- Agent turnover rate at [Brokerage Name]
- Contributions of [Brokerage Name] to real estate innovation and technology
- [Brokerage Name] support for new agents
- [Brokerage Name] vs [Competitor Brokerage Name]
- [Brokerage Name] culture and values
Pro tip – You can run similar searches on Youtube and watch videos from agents.
Finding Specific Discussions on Forums like Reddit
Sometimes, the most honest discussions are found in community forums like Reddit. To find these, you can refine your Google search by including the site: parameter. Here’s how: 
How to research a real estate brokerage on Reddit
- Why I left [Brokerage Name] site:reddit.com
- [Brokerage Name] review site:reddit.com
- [Brokerage Name] culture site:reddit.com
How to research a real estate brokerage on Glassdoor
- [Brokerage Name] employee reviews site:glassdoor.com
- [Brokerage Name] benefits review site:glassdoor.com
- [Brokerage Name] leadership site:glassdoor.com
- [Brokerage Name] salary transparency site:glassdoor.com
- [Brokerage Name] commission feedback site:glassdoor.com
- [Brokerage Name] career progression site:glassdoor.com
How to research a real estate brokerage on LinkedIn
- [Brokerage Name] company culture site:linkedin.com
- [Brokerage Name] employee stories site:linkedin.com
- [Brokerage Name] company updates site:linkedin.com
- [Brokerage Name] networking opportunities site:linkedin.com
- [Brokerage Name] industry reputation site:linkedin.com
- [Brokerage Name] awards and recognitions site:linkedin.com
How to research a real estate brokerage on Indeed
- [Brokerage Name] work-life balance site:indeed.com
- [Brokerage Name] agent testimonials site:indeed.com
- [Brokerage Name] office locations review site:indeed.com
- [Brokerage Name] job security site:indeed.com
- [Brokerage Name] management review site:indeed.com
- [Brokerage Name] employee satisfaction site:indeed.com
How to research a real estate brokerage on Quora
- What is it like to work at [Brokerage Name]? site:quora.com
- How does [Brokerage Name] compare to other real estate brokerages? site:quora.com
- [Brokerage Name] support for new agents site:quora.com
This method filters your search results to show only pages from Reddit or other sites you know will have user generated input and content, where you’re more likely to find unfiltered opinions and detailed accounts of agents’ experiences with specific brokerages. These places also often offer anonymity and allow you to get (hopefully) true and unfiltered experiences from fellow REALTORS®
Engaging with ChatGPT
ChatGPT can offer summaries of user experiences and direct you to online discussions or articles about specific brokerages. Ask targeted questions about the brokerage’s reputation, support systems, and agent satisfaction.
BE AWARE THOUGH. AI in my opinion should be used strategically and research like this may not be best suited unless you’re skilled with prompting. A search of “best real estate team” may land you with what you’re lead to be believe is wisdom from a LLM but is actually information from a paid article that deceived the AI. Be skeptical of results here and really emphasize sourcing the information.
Exploring Forums and Social Media
Join real estate-focused forums, Facebook groups, and subreddits like r/RealEstate to ask about and read discussions on various brokerages. These platforms often feature candid conversations and can be a goldmine for honest feedback.
What brokerage should I Join?
I’m gonna get a little deep here, because this matters and if you’ve gotten this far, you truly care about making the right choice.
In your journey to finding the right brokerage, remember that conversations and relationships will a cornerstone of your success. It’s essential to engage with as many people as possible, from industry veterans to newcomers, to gain a comprehensive understanding of the culture, values, and operational ethos of potential brokerages and partnerships. Be cautious but optimistic, enthusiastic in what they offer, but press for details and thoroughness.
With that said… The most critical realization you must come to is that you, and you alone, are the ultimate driver of your business. The brokerage you choose serves as a vessel, facilitating your journey but not defining its course.
The true essence of making a sound decision lies in aligning yourself with a brokerage that not only shares your values but also supports your growth through mentorship, opportunities, and community. Seek out those who are deeply embedded in the business, who understand its intricacies, and can offer you nuanced, practical advice on navigating the complexities of the real estate industry.
The best strategy, in my opinion, is to immerse yourself in environments where mentorship thrives and where you’re surrounded by individuals who are not just successful but are also willing to share their knowledge and experiences. This network of mentors and peers will become your invaluable resource, offering insights that go beyond the surface level and helping you to craft strategies that are uniquely suited to your style and aspirations. This is what drives agents to be better and do more for their industry elevating it as a whole.
Brokerages to Start Exploring
If you’re at a complete loss, here’s my top list of brokerages to explore
- Real Broker
- Exp Realty
- Keller Williams Realty
- RE/MAX
- Compass
- Redfin
What is the best real estate company to work for in Florida?
Discovering the Best Real Estate Company to Work for in Florida
In the competitive Florida real estate market, finding the right brokerage that aligns with your professional and personal aspirations isn’t an easy feat. With a myriad of options available, the decision can seem overwhelming. This guide aims to simplify that process, offering insights into what makes a company stand out in the competitive Florida real estate scene and break it down to some more simplistic outlooks.
But what truly sets a real estate company apart in Florida?
The answer lies not just in the commission splits or the brand recognition, but also in the company’s commitment to leveraging technology, providing comprehensive support, and fostering a culture of growth and true collaboration. Let’s jump into these aspects, highlighting why some companies like Real Brokerage and EXP increasingly becoming the preferred choice for tech focused, peer to peer | forward-thinking agents.
Player vs Coach Mentality in Real Estate
When evaluating the dynamics of your next brokerage, consider it from a ‘player vs coach/owner’ mentality. Consider your brokerage the coaches/owners of their franchise and business – there to guide, support, and 
enable you – while you (the player), the one who must take action and drive the business forward. Players will grow from the support of their coaches throughout their careers, but the ones on the field with them, training, growing every day AND COMPETING are their teammates.
Understanding Your Brokerage’s Role
Brokerages should not be in competition with you. Instead, they should be champions of your growth, providing tools and strategies that keep you ahead in the game, especially in an industry that’s evolving faster than ever. If your brokerage is in the lead generation space, consider how this affects your business, their purpose, and your benefit.
The Value Proposition of Your Brokerage
The true value of a brokerage lies in its ability to support you in your career. Are they offering continuous training, cutting-edge technology, marketing resources, and administrative support? These are the services that bolster your efforts and help you focus on what you do best: selling and closing deals.
Driving Your Own Success
While a brokerage provides the vessel – the platform, the network, the reputation – it’s up to you, the agent, to steer the ship. You should be at the helm, leveraging the support and resources your brokerage offers to expand your business, build client relationships, and secure a successful career in real estate.
Partnership for Growth
Aim for a symbiotic relationship with your brokerage, one where their support systems align with your drive and ambition. The ideal brokerage doesn’t just offer support; it partners with you in your journey, ensuring that while you’re the driving force, you have a strong tailwind of support pushing you towards success.
Embracing Technology: A New Era for Real Estate
- Cloud-Based Operations: Real Brokerage stands out with its cloud-based model, ensuring agents have the flexibility to work from anywhere, access resources on-the-go, and stay connected with their clients and the community.
Understanding the Different Types of Real Estate Brokers in Florida
Choosing the right type of brokerage is essential for aligning with your career goals and work style. Here’s a brief overview of the various broker types:
- Flat Fee MLS Brokers: Charge an upfront fee for listing your property on the MLS, offering customizable services a la carte.
- Discount Brokers: Provide all traditional brokerage services at a discounted flat rate, saving costs significantly.
- Low Commission Brokers: Offer lower commission rates, beneficial for maximizing your earnings on each deal.
- Virtual Full-Service Brokers: Deliver comprehensive online services, from listing to closing, often at a reduced cost.
- Traditional In-person Brokers: Offer full-service support with a focus on personal, face-to-face interactions, typically charging standard commission rates.
The Booming Real Estate Market in Florida
The real estate landscape in Florida is experiencing a significant upturn, placing the state at the forefront of property hotspots. Its allure comes from the affordable living costs, pristine beaches, and year-round sunshine, drawing in a surge of buyers. This boom spells numerous chances for real estate agents eager to carve out their success in the field.
Real Estate Brokers by the Numbers
As we look at the figures, Florida’s real estate agent density stands out, with a concentration higher than in any other state. The state boasts a high number of real estate brokers, rivaling even the most populous states like California. The proportion of real estate brokers in Florida surpasses expectations when considering the state’s population size.
Key Real Estate Insights for Florida
- The number of active real estate agents in Florida is over a quarter of a million.
- For every thousand residents, there’s an average of about 13 real estate agents and that number is constantly shrinking.
- An individual real estate agent in Florida typically sees an average of one property sale per year.
- The average annual commission for agents, reflecting the sales volume against the number of brokers, stands at approximately $8,000.
Factors Contributing to the Increase in Realtors
The attractiveness of the real estate profession in Florida can be attributed to the low barriers to entry and the potential for lucrative returns. These factors are common in the industry but do not singularly clarify the spike in agent numbers in Florida specifically. Despite the market saturation, the absence of clear incentives has not deterred the influx of new realtors.
Impact of Migration Trends on the Real Estate Profession
Recent trends, amplified by the pandemic, show a movement of individuals relocating to Florida, seeking vacation and permanent residences. This migration is anticipated to bring a surge of buyers, potentially increasing opportunities for real estate transactions within the state. However, it is important to note that transaction opportunities are not evenly distributed among realtors, with established agents typically handling a larger share of sales.
Top Real Estate Companies in Florida: Who’s Leading the Market?
The landscape of top-performing real estate companies in Florida is diverse, with firms excelling in various niches. Here’s a snapshot of who’s currently leading the market:
- Compass: Known for its tech-driven approach, extensive market reach, and a strong foothold in luxury listings.
- Robert Slack LLC: Dominates with a vast network of agents and a significant presence across Florida, focusing on innovative client solutions.
- The Jills Zeder Group: Specializes in luxury properties, with a stellar reputation for high-end listings and unparalleled market expertise.
- Keller Williams: Stands out for its agent-centric model, extensive training programs, and commitment to technological innovation.
- eXp Realty: A rapidly growing cloud-based brokerage that emphasizes agent ownership and offers a unique virtual office environment.
- Real Brokerage: The fastest growing publicly traded brokerage in North America with a flexible platform aimed at empowering realtors through technology and attractive commission splits.
- One Sotheby’s International Realty: Esteemed for its global reach and exceptional service in the high-end market sector.
- Coldwell Banker: A legacy brand known for its comprehensive support to agents and wide-ranging market presence.
- Berkshire Hathaway HomeServices Florida Realty: Offers a trusted name with a reputation for integrity and a client-first approach to real estate sales.
Unmatched Support and Opportunities for Growth
Understanding the importance of continuous learning and support, Real Brokerage offers an array of resources:
Fostering a Community of Collaboration
- Collaborative Culture: Real’s emphasis on a supportive, collaborative culture stands in stark contrast to the traditional cutthroat environment seen in some firms. This encourages sharing of best practices and learning from one another.
- Professional Development: With access to webinars, workshops, and mentorship programs, agents at Real are never at a standstill in their career growth.
Why Choose Real Brokerage in Florida?
Choosing the right brokerage is more than just about the commissions or the brand. It’s about aligning with a company that supports your growth, values your well-being, and embraces the future of real estate with open arms.
Real Brokerage, with its innovative approach, comprehensive support, and agent-centric model, offers a compelling case for being the best real estate company to work for in Florida. Whether you’re new to the industry or looking to make a strategic move, Real provides the tools, community, and opportunities you need to succeed and thrive in today’s market, you’ll be partnered with agents like myself who are tied to your success.
Sources for Realtor Feedback
Real Insights from Real Professionals
- Online Forums and Communities
- Reddit: Subreddits like r/RealEstate and r/realtors are active communities where professionals discuss their
experiences, share advice, and provide insights into different real estate companies.
- Reddit: Subreddits like r/RealEstate and r/realtors are active communities where professionals discuss their
- Review and Career Websites
- Glassdoor: A go-to resource for company reviews, salary reports, and interview questions, all posted by employees, giving you a glimpse into the companies’ cultures and operations.
- Indeed: Offers reviews and ratings on companies from current and past employees, along with salary details and job listings.
- Social Media Groups
- LinkedIn Groups: Join groups related to real estate where professionals discuss their industry, share job postings, and offer company reviews.
- Facebook Groups: Many local and national real estate groups exist where professionals discuss their experiences and provide recommendations.
- Industry Surveys and Reports
- Look for annual surveys that analyze real estate companies based on various metrics, including agent satisfaction, commission splits, and support services.
- Compare online production numbers for brokerages and see how top agents and teams perform.
experiences, share advice, and provide insights into different real estate companies.
Real Estate License1 year agoEasiest and hardest states to get your real estate license
- Real Estate License1 year ago
Guide To: REALTOR R Symbol [®]
- Real Broker2 years ago
Real Broker: Brand & Marketing Guidelines
- Real Broker1 year ago
Moving your real estate license from the US to Canada
- Social Media2 years ago
The Best REALTOR Hooks for Social Media
- Lead Generation1 year ago
The Best Single Property Websites For Real Estate Agents
- AI - Artificial Intelligence1 year ago
The Ultimate Guide to the Best AI Image Generators for Realtors
- Tech1 year ago
Lead Generation Showdown: Sierra Interactive vs. Real Estate Webmasters vs. Chime.me
