Industry NewsTechnology

The office-less real estate brokerage

Industry veteran launches 'virtual' franchise model

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

In this age of mobile technologies and financial distress, some real estate brokers are finding that maintaining large offices can be more of a burden than an asset. Real estate industry veteran Larry Whited hopped aboard the virtual office bandwagon years ago -- he launched WebMLS.net in 2003 as a full-service, low-cost, real estate brokerage company that allows agents to work from home. Now, he is rolling out a franchise model called maxUnet that seeks to replicate this virtual-office real estate brokerage model on a larger scale. The WebMLS.net model offers four commission plans for sellers, which range from 2 percent of the sale price of the home plus $500, to 5 percent of the sale price of the home. The commission options are based on the amount of compensation that the client chooses to offer to the broker who brings in a buyer for the property -- this can range from 1 percent to 3 percent of the sale price. Under the maxUnet franchise model, too, franchisees can offer...