The company reports record results, including a 567% rise in agency fees since the beginning of the year.
United Real Estate Group today announced above-projected performance metrics across all key financial and operating indicators for each of its business units through June 30, 2021. In addition, the company has successfully completed the post-merger operational integration and the initial stage of Bullseye.™ Implementation of agent and broker productivity platform technology in newly merged companies, resulting in average post-closure growth among these combined companies of 24% (agent growth), 44% (transaction growth) and 65% (EBITDA growth).
“Our team has spent ten years in the shadows doing the hard work of perfecting our business model, deploying our proprietary cloud technology stack, and building the operational infrastructure to become extremely fast growing organization“Said Dan Duffy, CEO of United Real Estate Group. “We now recognize the benefits of the efforts of our talented group of dedicated professionals.” The growth in the number of agents increased by 87% YTD from 7,908 agents at the end of June 2020 to 14,772 agents at the end of June 2021.
- Total revenue increased 472% YTD from $ 26.81 million at end-June 2020 to $ 153.40 million at end-June 2021.
- The number of transactions increased by 106% YTD from 18,012 at the end of June 2020 to 37,017 at the end of June 2021.
- Transaction volume increased 110% YTD from $ 4.032 billion at end-June 2020 to $ 8.465 billion at end-June 2021.
- Earned agency commissions increased 567% YTD from $ 17.73 million at end-June 2020 to $ 118.17 million at end-June 2021.
Sustainable Growth Plan
United Real Estate President Rick Haaz attributes the company’s accelerated growth to a “rare pool of talent” that spans the real estate, capital markets and information technology industries. “We think we have broken the code of how to confidently grow in size and sales, while increasing our revenue and EBITDA. We were also able to do this by redirecting hundreds of millions of dollars more to our agents than they could have earned with more traditional models, ”Haase said in an interview with RISMedia.
“We have achieved incredible scalability and efficiency in United’s technology, technical and operational platform. As our growth accelerates, financial and operational leverage is being realized, and profitability increases even as revenues increase, ”Duffy said. “It is great to see how all the hard work pays off in many ways for the benefit of our agents, brokers and their clients.”
“There are many companies that are growing at any cost and at the expense of net profit, sometimes losing tens or even hundreds of millions,” Haase said. “It’s very destructive and ultimately damaging to the industry. We are growing and we are doing it smartly and profitably. “
Although United Real Estate has made significant acquisitions over the past year, Haase explains that the company’s success is also driven by continued strong organic growth. “We grow because exceptionally managed, powerful companies choose to join United, and our network has shown tremendous growth year after year in the daily battle for the best agents in the business.”
Correct technical approach
The efficiency provided by the Bullseye Broker cloud platform and Agent Productivity is essential to the growth of United Real Estate. Haas explained that along with the technological adaptability of the platform, his employees continually demonstrate the ability to design, develop and implement in a rapidly changing brokerage environment.
“You have to be willing to creatively abandon what you have created out of respect for what is needed today,” he explained. “We can repeat and repeat quickly – this is an organizational competence that is critical to maintaining strategic competitive advantage,” added Haase.
“The scale of our business now allows us to regularly double our investment in innovation and increase our value proposition to our stakeholders,” Duffy said. “We are adding new resources, tools and core services to our already robust technology-based business services platform. All of these efforts are made more efficient by moving our technology stack to the cloud. ”
The efficiency presented by Bullseye has helped United Real Estate accomplish one of its stated missions: to change the financial trajectory of its agents and brokers.
“Agents clearly feel that franchisors and traditional brokerage companies have put their hands too deep in the pockets of brokers and agents,” Haase said. “Thanks to the efficiency our systems provide, we were able to channel this money back to the people who generate it.”
“Through United Real Estate’s unique proprietary marketing and technology platform and our low agency and full support business model, we have provided our affiliate agents with nearly a quarter billion in commission income more than they would have received from a traditional commission-sharing business. models, ”Duffy said. “This allows our agents to make a better livelihood, while at the same time responding to consumer needs for cheaper transactions and industry changes as they evolve. Empowering our network of brokers and agents to respond quickly to consumer inquiries is a hallmark of our network and our ultimate goal. ”
To learn more about United Real Estate, broker succession planning, brokerage valuation and sale, or franchising opportunities, visit GrowWithUnited.com or call 888-960-0606.
Agents interested in learning about career opportunities at United Real Estate may visit JoinUnitedRealEstate.com or call 888-960-0606.