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The Real Brokerage (NASDAQ: REAX) announced the launch of Real Luxury, a division aimed at supporting luxury real estate agents and their exclusive clients. Real Luxury will focus on high-end real estate needs using proprietary technology and an entrepreneur-centric model. The division will offer specialized support, training, and resources to help agents expand their capabilities.
Leading the division is Kofi Nartey, a seasoned luxury real estate broker known for working with celebrities and athletes. Real Luxury members will access a global network of over 100,000 luxury agents, referral networks, training sessions, exclusive events, and discounts on services like advertising and market reports. Members must earn the Certified Luxury Home Marketing Specialist designation to join.
Founding members include notable agents like Jill Batchelor, Felicia Lewis, Peter Luu, Brad McCallum, Salvatore Ventre, and Erica Wolfe, who bring significant industry experience and expertise in luxury real estate.
The Real Brokerage announced its April 2024 Agent Survey results, highlighting a modest increase in agent optimism about future market conditions as the spring selling season begins. The U.S. Transaction Growth Index reached 50.2, indicating a slight year-over-year improvement in home sale transactions.
Key findings include a sequential improvement in the Agent Optimism Index to 63.6, with 45% of agents feeling more optimistic. The market remains a seller's market, and North American home sales are expected to be roughly flat year-over-year for April 2024. Canadian market growth has slowed, while U.S. transactions are forecasted to improve.
Real's favorable economic model, culture, and technology platform were primary reasons agents joined the brokerage. Additionally, spending on home search portals like Zillow Flex is expected to increase over the next year.
The Real Brokerage, trading under NASDAQ: REAX, announced its Board of Directors has renewed the normal course issuer bid (NCIB), starting on May 29, 2024, and ending May 28, 2025. This renewal allows Real to repurchase up to 9,472,708 common shares, roughly 5% of its total outstanding shares as of May 1, 2024. The NCIB is part of Real's strategy to acquire shares for the settlement of vested restricted share units (RSUs) under its various incentive plans. These plans benefit designated participants, including employees, officers, and consultants. A trustee will manage share acquisitions and holdings until they are transferred to participants or sold. Purchases will occur at market price through NASDAQ and other trading systems, potentially including automated purchase plans during blackout periods.
The Real Brokerage Inc. (NASDAQ: REAX) announced that The Property Shop, Fort Worth’s largest independent brokerage, has joined Real under the Private Label program. Led by Season Ware, The Property Shop brings over 125 agents with annual home sales exceeding $250 million, enhancing Real’s agent base in Texas. The move aims to empower agents, maintain brand uniqueness, and leverage Real’s resources for growth and success.
The Real Brokerage Inc. (NASDAQ: REAX) announced that its Chairman and CEO will present at the 19th Annual Needham Technology, Media, & Consumer Conference on May 15, 2024. The presentation will be available via live webcast and replay.
The Real Brokerage Inc. (NASDAQ: REAX) announced its first-quarter 2024 financial results, showcasing impressive revenue growth, net agent additions, and a high transaction pipeline. Despite industry challenges, the company remains optimistic about continued growth and profitability. Operational and financial highlights include a significant increase in completed real estate transactions, agent count, revenue, and gross profit. However, the company reported a net loss due to higher operating expenses and litigation costs. Adjusted EBITDA improved and the company continues to invest strategically for long-term shareholder value.
Real Brokerage Inc. (NASDAQ: REAX) continues to grow, attracting over 17,000 agents in North America. In April, they added top-producing teams from various states, highlighting their advanced technology and strong community. The company is empowering agents to thrive in a changing market.
The Real Brokerage Inc. announced that Village Premier Collection, the largest minority and woman-owned independent brokerage, has joined their Private Label program, bringing $665 million in annual home sales across six states. Cheri Benjamin, an accomplished entrepreneur and U.S. Air Force veteran, leads Village Premier, which has rapidly grown under her leadership. Real's programs offer independent brokerages the benefits of their tech-first platform while maintaining their own brand.
The Real Brokerage Inc. (NASDAQ: REAX) has opened a shareholder Q&A platform ahead of its first quarter financial results discussion on March 31, 2024. Shareholders can submit questions until May 6, 2024. The conference call will take place on May 7, 2024, at 8:00 a.m. ET. An audio webcast will be available on the company's Investor Relations website.
