AgentTechnology

Indie real estate brokerages joining cloud-based competitors, like eXp Realty and Real

EXp's absorption of Tropical Realty team highlights budding trend
  • The deal between eXp and Tropical Realty highlights an expansion strategy that cloud-based brokerages are using to accelerate their growth.

If you can't beat 'em, join 'em. This thinking has long inspired some independent brokerages to affiliate with traditional brands. And a similar rationale is spurring others to join fast-growing virtual brokerages that do not operate physical offices, such as eXp Realty and Real. Tropical Realty, a Brevard County, Florida brokerage, recently shed its brokerage status to join eXp Realty as an agent team. Mitch Ribak, the former principal broker of Tropical Realty, said he made the move to provide his agents with "the ability to continue to excel and grow through world class support, programs and the most agent-centric revenue opportunities available today." With 45 agents, Tropical Realty is the largest brokerage team to be absorbed by eXp Realty so far, joining a handful of smaller independent firms that have moved to eXp Realty. The deal highlights an expansion strategy that cloud-based brokerages are using to accelerate their growth. Saving on overhead, t...