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The Real Brokerage Inc. announced that high-performing real estate teams and agents have joined the firm. In the previous 12 months, these new members collectively closed over $1 billion in home sales. Notable teams include the 10X Team and several agents from various U.S. locations. CEO Tamir Poleg emphasized the company's culture and community focus. Real operates in 24 states and the District of Columbia, aiming to enhance agents' lives with better commission splits, technology, and incentives.
The Real Brokerage Inc. (TSXV: REAX, OTCQX: REAXF) announced its expansion into Oklahoma, appointing Axay Parekh as Designated Managing Broker. With this addition, Real now operates in 24 states and the District of Columbia. Parekh, who currently serves as President of the Oklahoma Association of Realtors, aims to leverage technology to enhance agent and customer experiences. This move is expected to bolster Real's growth in the western U.S., providing agents with opportunities for higher commission splits and equity incentives.
The Real Brokerage Inc. has appointed Michelle Ressler as chief financial officer (CFO), effective immediately. Ms. Ressler, who has been with Real since August 2020 as vice president of finance, previously served as the controller at Canaccord Genuity Inc. This leadership change comes as Real aims to enhance its technology-driven real estate services amid a shift towards online transactions due to the pandemic. She succeeds Gus Patel, who resigned on October 12, 2020.
The Real Brokerage Inc. (TSXV: REAX) (OTCQX: REAXF) announced expansion into Alaska, featuring the Aspire Realty Group and seasoned agent Nate Baer. Aspire was drawn to Real's mobile technology and compensation plan designed to foster agent growth. The move underscores a shift toward remote work in real estate, emphasizing culture without a physical office presence. Frank Zellers will lead operations in Alaska. Additionally, Real granted 5,000 restricted share units to senior officers, vesting on October 1, 2023, reinforcing investor confidence in agent-focused financial opportunities.
The Real Brokerage Inc. (TSXV: REAX) (OTCQX: REAXF) has received final acceptance from the TSX Venture Exchange for amendments to its stock option plan and a new restricted share unit plan. Shareholder approval was finalized during the annual meeting on August 20, 2020. The company is launching a new agent compensation plan to motivate real estate agents with stock options and restricted share units based on performance. This initiative aims to improve agent wealth accumulation within the brokerage.
The Real Brokerage Inc. (TSXV: REAX, OTCQX: REAXF) has launched a co-branded marketplace in partnership with Fiverr, aimed at connecting real estate agents with expert freelancers. This initiative allows agents to access support services such as marketing design, lead generation, and virtual staging from vetted professionals. CEO Tamir Poleg emphasized that this platform enhances agent efficiency. With over 2.4 million customers in 2019, Fiverr connects businesses to skilled freelancers, enabling Real agents to enhance their property promotion efforts.
The Real Brokerage Inc. (OTCQX: REAXF) reported Q2 2020 revenue of $2.6 million, a 25% decrease compared to Q2 2019, attributed to reduced home buying activity due to COVID-19. The company experienced a net operating loss of $(458,000), up from $(356,000) in the prior year. Despite challenges, Real increased its cash balance to $1.748 million and raised $1.588 million in a private placement. The CEO remains optimistic regarding future growth opportunities in the real estate market.
The Real Brokerage Inc. (TSXV: REAX, OTCQX: REAXF) announced the addition of Michelle Ressler as Vice President of Finance, alongside Sheila and Ron Dunagan as Vice President of Brokerage Operations and Director of Operations, respectively. Their appointment aims to enhance Real's finance and operational capabilities. Both Dunagans have notable experience in scaling real estate operations, previously achieving significant growth at eXp Realty. The company granted 120,000 stock options to Ressler and 150,000 to the Dunagans, exercisable at $0.95 per share for ten years. Their aim is to improve financial experiences for agents.
