Publicly traded real estate company The Real Brokerage (Real), has expanded its footprint in Canada with the acquisition of the 90-agent Redline Real Estate Group.
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Publicly traded real estate company The Real Brokerage has expanded its footprint in Canada with the acquisition of the 90-agent Redline Real Estate Group, which operates in Alberta, Ontario and British Columbia, according to a November 3 company announcement.
The technology-integrated Real stated that a wholly owned subsidiary purchased “all outstanding common shares of Redline Real Estate Group (BC) Inc. (Redline BC) pursuant to a share purchase agreement between the Company, Redline BC and Redline Realty Investments Inc. (Redline Realty).”
Founded in 2005, Redline agents have been working under the Real brand since 2021.
Real Chairman and Chief Executive Officer Tamir Poleg said in a statement that acquisition has not been a typical tactic for agent growth, but the company’s goal to reach more of Canada superseded that stance.
“Canada is important to our overall growth and this transaction allows us to leverage our relationship with one of Canada’s top brokerage teams to serve as the foundation for our expansion into British Columbia,” he said.
Real’s brand is built on its wide-scale adoption of technology products to support agents practices without letting it dominate the way they sell. Its website’s homepage header reads, “The ease of streamlined technology with the trusted guidance of the agent-led experience.”
It operates in a more remote fashion, as well, eschewing hardwall offices, for example, and heavily promotes attractive splits and financial incentives.
Still, the company has ambitious agent growth goals. A year ago this month, Inman reported Real had 3,500 agents in Canada and the United States.
After the Redline acquisition, Real said it has reached its agent growth goal for 2022, which has swelled by 82 percent this year to more than 7,000. The company was at 6,000 agents only three months ago, according to a press release dated August 2, 2022.
Real is also becoming more vertical by integrating mortgage lending and title services, the goal being to become a single source of transaction services for the consumer. It purchased the remaining assets of LemonBrew Lending in September and in January of 2022, bought Expetitle, a digital title and settlement company now operating as Real Title.
Real was founded in 2014. Its agents operate in all but five U.S. states: Nebraska, South Dakota, Alabama, West Virginia and Vermont.