The Real Brokerage Inc. recently acquired Expetitle, Inc. for $8 million, pursuant to a stock purchase agreement, adding to the core services they offer home buyers and sellers.
Expetitle has developed technology that simplifies the paper-intensive and time-intensive title and eEscrow process. Agents can navigate the entire closing experience in a few clicks using Expetitle’s mobile app.
In a press release, Expetitle’s founder and CEO Sean Daly said, “We are so excited to be joining Real. Their mission of bringing more technology to the home-purchase experience aligns perfectly with our focus on bringing technology to the closing.”
Founded in 2014 by Chief Executive Officer Tamir Poleg and Chief Technology Officer Gal Weiss, Real decided early on to brand itself as a technology-forward company. In an interview with RealTrends, Poleg says, “We are very focused on technology, specifically mobile technology.
However, their value proposition trends toward their splits, rev share and equity plans. According to Poleg, “We talk to our agents constantly, and many of them are attracted to the financial opportunities.” Real offers agents an 85/15 split, with a cap of $12,000. “Once you reach your cap, you pay $225 per transaction,” says Poleg. While there aren’t any monthly fees, there is an annual fee of $500, that’s “taken out of the first two closing for each agent each year.” They also offer a rev share.
“We try to build an opportunity for agents that rewards them a lot for the first years, because we understand that most agents are likely to refer one to five agents to the company, and we want to be generous. At the same time, we wanted to create a rev share that’s understandable. So, the rev share is five tiers: 5% on the first tier, 4% on the second, on down. So, if you attracted me to Real, you’ll be making 5% of my gross commission income (GCI) until I cap. It’s pretty straightforward,” he says.
In August, The Real Brokerage expanded into Canada.
