Key Takeaways:
– Real Brokerage announced financial benefits for agents at its RISE event in San Diego.
– The company will offer new financial resources to help agents secure long-term economic security.
– Real Retirement is a retirement program that grants agents with three years of work under the brokerage their monthly revenue share payments, even if they leave the company.
– WealthPlan is a multi-tiered agent benefit that provides agents with a foundation to plan for their future using active performance data.
– Traditional employee benefits are rare in the real estate industry, but Real is trying to provide healthcare costs and contributions to a 401k.
– WealthPlan helps agents understand multiple ways to generate income and create long-term wealth through Real.
– Real Brokerage also introduced a new mobile consumer app, updates to its internal artificial intelligence interface, and a rebrand.
inman:
At Real Brokerage’s 2023 RISE event in San Diego, the fast-growing brokerage announced a number of financial benefits for agents.
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Real Brokerage’s RISE event in San Diego ended with another reason for its agents to applaud.
The company announced it will begin offering an array of new financial resources to assist agents in securing long-term economic security, as well as ongoing support as their business ebbs and flows, Inman learned in an Oct. 25 press release.
“Our long-term success is linked to our partnership with and the continued success of our agents,” Real Chairman and CEO Tamir Poleg said in a statement. “We believe it’s important to not only provide the tools that allow our agents to adequately plan for retirement, but also to recognize their contributions to Real even after they are no longer actively selling real estate.”
Real presented Real Retirement from the stage in San Diego after announcing that it would be offering ways to group-buy insurance, a plan announced in early October, and Real Wallet, announced on the first day of the RISE event. The retirement program grants agents with three years of work under the brokerage their monthly revenue share payments, even if they leave the company; the lone requirement is that they maintain an active license. Real Retirement will go into effect on Jan. 1, 2024.
WealthPlan is another multi-tiered agent benefit announced at the gathering. The intent is to provide agents a broad foundation from which to plan for their future using active performance data linked directly to their transaction volume, pulled from a newly enhanced version of reZEN, the company deal management solution. The software has been updated with the ability to link deal volume with revenue share insights.
Traditional employee benefits are hard to come by in real estate sales because of the longstanding model that requires agents to work as 1099 contractors, not employees. Despite the brokerage community’s reliance on agents as its primary revenue source, it has collectively never been open to footing a reasonable portion of healthcare costs or providing some percentage of contribution to a 401k. Real is trying to buck that trend with some intriguing approaches.
Through “education, planning and accountability,” and delivered through a web interface, WealthPlan helps Real agents understand “multiple ways they are able to generate income and create long-term wealth through Real, including commission plans, stock purchase programs, revenue sharing and stock awards,” the release stated.
The software’s features will help agents stay on track with their goals, forecast deals and share progress with coaches and mentors.
Company President Sharran Srivatsaa wants agents to consider themselves a business, but look beyond that concept when planning for their own future.
“Most agents are taught to set short-term business goals from year to year without planning for their personal financial futures,” he said in the release. “A business plan should tactically tell you what you should do next in your business, but a wealth plan can show you how to change the very financial bloodline of your family. We want to teach agents to think beyond their business goals and to focus instead on how to achieve the financial goals they’ve set for themselves.”
It’s been a busy week for the fast-growing brokerage. Its leaders introduced a new mobile consumer app; updates to Leo, its internal artificial intelligence productivity interface; and a total rebrand with new, consumer-first positioning. It also started business in Nebraska, stamping its presence in all 50 states.
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Property Chomp's Take:
Real Brokerage recently announced a range of financial benefits for its agents at the 2023 RISE event in San Diego. These benefits aim to provide long-term economic security and ongoing support for agents, even after they stop actively selling real estate.
The highlight of the event was the introduction of Real Retirement, a retirement program that allows agents with three years of work under the brokerage to receive monthly revenue share payments, regardless of whether they leave the company. The only requirement is that they maintain an active license. This program is set to take effect on January 1, 2024.
In addition to Real Retirement, Real Brokerage also unveiled WealthPlan, a multi-tiered agent benefit aimed at helping agents plan for their future. WealthPlan utilizes active performance data linked to agents' transaction volume to provide them with a solid foundation for financial planning. The software allows agents to track their goals, forecast deals, and share progress with coaches and mentors.
These financial benefits are significant in the real estate industry, as traditional employee benefits are rare due to the industry's reliance on agents working as 1099 contractors. Real Brokerage is taking a different approach by offering group-buy insurance, a healthcare plan, and now a retirement program and wealth planning tools. These initiatives aim to support agents' financial well-being and recognize their contributions to the company.
Real Brokerage's President, Sharran Srivatsaa, emphasized the importance of agents thinking beyond their business goals and focusing on their personal financial futures. He believes that a wealth plan can change the financial trajectory of an agent's family and aims to educate agents on various ways to generate income and create long-term wealth through Real Brokerage.
The introduction of these financial benefits comes alongside other significant developments for Real Brokerage. The company recently launched a new mobile consumer app, updated its internal artificial intelligence productivity interface, and underwent a complete rebranding with a new consumer-first positioning. Real Brokerage has also expanded its business into Nebraska, solidifying its presence in all 50 states.
Overall, Real Brokerage's commitment to providing financial benefits and support for its agents sets it apart in the real estate industry. By recognizing the importance of agents' long-term economic security and offering tools to help them plan for their future, Real Brokerage is demonstrating its dedication to the success and well-being of its agents.
