Real introduces financial planning tools, retirement benefits
During its annual conference this week, the brokerage unveiled four new tools and programs designed to help agents improve their financial future.
Most real estate agents are independent contractors without access to corporate retirement plans and other company-sponsored savings tools, which can make financial planning a challenge. But Real wants to make it easier for agents to secure their financial future, the company announced.
What is Real offering? During its RISE 2023 conference this week in San Diego, The Real Brokerage unveiled four new features that aim to improve its agents' bottom line, including a new retirement program launching on Jan. 1.
Under Real Retirement, agents who are no longer representing clients will be able to continue collecting their monthly revenue share payments, as long as they had previously been producing with the company for at least three years and maintain an active real estate license. Agents will get a percentage of the monthly share based on their time with the company — those who have been active Real agents for five years will get 100% of the revenue share.
For many agents, this benefit can provide peace of mind, said Tamir Poleg, Real's CEO.
"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," said Poleg.
Didn't Real make other changes to their rev share program recently? In September, Real made it easier for agents to move up to the second rev share tier faster, reducing the number of referrals required. That change is set to take effect on Nov. 1.
What other financial programs is the company rolling out?
Real Wallet, which puts a debit card, credit card, reward points and a variety of other perks in one place, was another new offering announced this week. The company plans to test the program in the first half of 2024.
WealthPlan, a collection of financial tools geared toward education and planning, is aimed at keeping agents accountable for their wealth goals. "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," said Real President Sharran Srivatsaa. WealthPlan will also be available to prospective agents to help them understand what their financial future might look like should they join the company.
Revenue Share Insights, available through the company's reZEN transaction management platform, provides agents with a dashboard offering more visibility into their rev share earnings and the network as a whole.