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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.