March was a banner month for fast-growing firm The Real Brokerage. In addition to being named the top-moving brokerage in the 2024 RealTrends 500 rankings, Real also welcomed 13 real estate teams and independent brokerages into its fold.
According to the firm, all of the teams joined under the firm’s ProTeam model, which allows the teams to maintain an internal agent compensation structure. Five of the teams joined under the Private Label program, which gives teams white-label access to Real’s back-end structure and support.
Richmond, Virginia-based River City Elite Properties was one such firm that joined under the Private Label program. The firm had previously been a boutique brokerage led by Susan Stynes. River City Elite Properties reportedly closed $110 million in sales volume in 2023.
Mint Real Estate, which is headquartered in Costa Mesa, California, and led by Bryan Hill, also joined under the Private Label program. The team is bringing 10 agents who serve Orange County, Los Angeles and Temecula on its move to Real.
Cyrus Wheeler’s Match Realty, based in the Detroit area, is another team that Real identified as joining under the Private Label program. The team is comprised of 13 agents who recorded a 2023 sales volume of $35 million.
“In addition to providing one of the most competitive models in the real estate industry, we empower our agents to tap into Real’s industry-leading proprietary technology and collaborative culture to build their business their way,” Real president Sharran Srivatsaa said in a statement. “A team’s potential to grow on Real’s platform is nearly limitless. We’ve built what agents in this industry have been waiting for, and our recent growth reflects that.”
Other teams that have joined Real include the Dallas-based, 10-agent Lisa Birdsong Group; the McKenna Team, whose six agents serve Suffolk and Nassau Counties on Long Island, New York; the Spokane, Washington-based Farr Group; and the Duran Babatunde-led Pinpoint Properties, whose eight agents serve the North Carolina communities of Wilmington, Leland, Hampstead, Surf City, Topsail, Oak Island and Ocean Isle Beach.
Also joining are the 15 agents at Hampton Roads, Virginia-based MK & Associates, led by Micah and Kelly Laurendeau; Crescas Real Estate, whose 17 agents serve the Norfolk and Virginia Beach areas of Virginia, as well as the Outer Banks region of North Carolina; and Bureau Real Estate, a two-person team founded by Alexine McTeer and Robbie Kamaleddine that is based in Edmonton, Alberta.
Additionally, Real’s military division was bolstered by the addition of the Amy Howell-led, eight-agent team of O.N.E. Florida Group. The team recorded a sales volume of $30 million in 2023 and will represent the firm’s military division in northeast Florida.
The Josh Rogers-led 14 agents at F3 (Faith, Family and Freedom) Home Team, based in the Jacksonville/St. Augustine market, also joined, bringing with it an impressive $110 million in sales volume in 2023. And the eight-agent, Jersey Shore- and Miami-based Nussbaum Team bring a 2023 sales volume of $101 million with it to Real.
Real now has more than 16,000 agents, and its agent counts in California, Texas and Virginia have more than doubled over the past year.
Despite its explosive growth and financial improvement, like many other brokerages, it remained in the red in 2023. Real posted a net loss of $27.2 million on revenue of $689.1 million. Its net margin was -4%, largely because it pays such a large amount of revenue in the form of stock-based compensation.
