Once a Novelty, Now a Thriving Industry, Virtual Brokers on Track to Disrupt Traditional Brick and Mortar Brokerage Firms
REeBroker Group, the original and largest virtual brokerage firm in California, handled 4,443 real estate transactions in 2019 for a total sales volume of more than $1.7 billion across the state. It ranked 34th among the nation’s top 1,000 Power Brokers in 2018, according to Real Estate Magazine’s 2019 annual report.
Last year alone 742 new agents joined the team at REeBroker, one of the fastest-growing brokerages in California, which currently partners with more than 2,600 licensed real estate professionals.
“The traditional model for real estate sales has changed remarkably since we started our online brokerage 15 year ago,” said Anthony Razhas, a former software and database architect who started up REeBroker to provide a technology-driven alternative to agents. “What was once a wide-open field is now crowded with competitors, all trying to attract agents who want to avoid the hefty fees and commission sharing demanded by brick and mortar brokerages.”
To protect his foothold in the industry and draw in new agents, Razhas keeps it simple: no start-up or monthly fees. Agents keep 100% of their commissions and pay $500 per transaction to REeBroker, one of the most aggressive revenue generation models in the industry. In return, agents gain access to an advanced technology platform with free selling tools, marketing collateral and 24/7 support.
Razhas says a large part of his firm’s success is agent loyalty and referrals, which account for more than 25 percent of new business. REeBroker gets high ratings from its agents on review sites - 4.8 on Facebook, 4.9 on Google and on Yelp, a rare five-star rating based on 50 agent reviews.
In 2019, the team moved to new offices in Carlsbad and added more staff to its administrative support team. It also expanded its recruiting bonus and mentoring programs and introduced an Agent Forum page.
This year it plans to offer the ability for NMLS-licensed agents to originate loans, increase its offerings of free marketing tools for agents to attract and close business, build upon its CRM systems, host monthly training webinars and allow select vendors to introduce new products and programs to its team. For example, REeBroker has negotiated an agreement with SaleCORE® to offer its agents a 50 percent discount on custom property websites with built-in customer relationship management systems and interactive map search.
About REeBroker Group
REeBroker Group is the original and the largest of virtual brokers in California, having handled 31,580 real estate transactions for a total sales volume of more than $10 billion since its inception in 2005. The Carlsbad-based brokerage currently partners with more than 2,600 real estate agents throughout the state providing them with advanced training, marketing support and strategic guidance, resulting in an average of nine sales per day. More information is available on its website, LinkedIn or Facebook.