Urban Nest, Las Vegas’ No. 1 Real Estate Branch, Joins Real

Rhea-AI Summary

Urban Nest Realty, Las Vegas' No. 1 real estate branch, has joined The Real Brokerage Inc. (NASDAQ: REAX). The powerhouse team brings 400 agents and $11 billion in lifetime sales to Real's platform. Led by David J. Tina, David R. Tina, and Angela Tina, Urban Nest has closed over 35,000 home sales, including 2,500 transactions valued at $1.5 billion in 2023.

Founded in 2012, Urban Nest has become known for its agent-first philosophy and strong focus on the metro's luxury sector. The brokerage has received numerous accolades, including Vegas Inc.'s Agency of the Year in 2021 and Agents of the Year in 2023. The merger strengthens Real's footprint in the Las Vegas real estate market and aligns with both organizations' commitment to agent success and industry excellence.

Positive

• Acquisition of Las Vegas' #1 real estate branch with 400 agents
• Addition of $11 billion in lifetime sales volume to REAX
• Strong 2023 performance with 2,500 transactions worth $1.5 billion
• Expansion into luxury real estate sector through Urban Nest's expertise

Negative

• None.

Insights

Financial Analyst

The acquisition of Urban Nest Realty represents a significant strategic expansion for Real Brokerage. With $11 billion in lifetime sales and $1.5 billion in 2023 transactions alone, this addition of 400 agents substantially strengthens REAX's market position in Las Vegas. The deal particularly enhances Real's luxury segment presence through AT Luxury's proven track record of $500 million in sales over the past decade. Urban Nest's status as Las Vegas' No. 1 branch for three consecutive years suggests strong revenue potential and market share gains for REAX. This acquisition aligns with Real's growth strategy and should contribute meaningfully to future revenue streams.

Market Research Analyst

This acquisition strategically positions REAX in the lucrative Las Vegas real estate market, which has shown remarkable resilience and growth potential. Urban Nest's impressive volume of 35,000 closed home sales demonstrates strong market penetration and operational efficiency. The addition of their expertise in the luxury sector is particularly valuable given the premium margins in this segment. The integration of Urban Nest's proven training and education programs could enhance Real's agent retention and productivity metrics. This move significantly expands Real's competitive position against traditional brokerages and other tech-enabled real estate platforms.

Family-led independent brokerage brings 400 agents and $11 billion in lifetime sales

TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that Urban Nest Realty, Las Vegas’ No. 1 real estate branch, has joined Real. The powerhouse team, led by industry trailblazers David J. Tina, David R. Tina and Angela Tina, strengthens Real’s footprint in the Las Vegas real estate market. Urban Nest’s 400 agents bring an unrivaled depth of expertise, including a strong focus on the metro’s booming luxury sector.

After years of working at other brokerages, including building the top-producing office in Las Vegas, the Tinas, each a top producer individually, founded Urban Nest in 2012 as a purpose-driven brokerage focused on putting agents first. By nurturing a culture built on community, unparalleled training and education, and a commitment to supporting all aspects of its agents’ lives, Urban Nest quickly grew and gained a reputation for attracting the market’s top producers. To date, it has closed over 35,000 home sales valued at over $11 billion, including 2,500 transactions valued at $1.5 billion in 2023.

Based on this success, Urban Nest has garnered numerous accolades over the past 13 years, including being recognized as Vegas Inc.’s Agency of the Year in 2021 and Agents of the Year in 2023.

“Urban Nest Realty joining Real marks an extraordinary milestone for both organizations,” said Real President Sharran Srivatsaa. “The Tinas are true icons in Las Vegas real estate—not only for their remarkable professional success but also for their unwavering commitment to an agent-first philosophy and fostering a culture of family and excellence. Their selective approach to building a high-performing team and their dedication to the well-being of their agents make them a natural fit for Real’s mission. As part of the same team, we will be able to amplify what’s possible in a way that creates value and elevates the entire industry.”

The catalyst, David J. Tina, Chief Visionary Officer and Broker-Owner of Urban Nest Realty, is a driving force in the real estate industry and a cornerstone of its success. Launching his real estate career in 2002, Tina quickly distinguished himself by opening and expanding a branch from 0 to 200 agents in under 18 months. In 2012, he founded Urban Nest Realty, transforming it into a powerhouse with over 400 agents and earning the distinction of being Las Vegas’ #1 branch for the past three years.

Beyond Urban Nest, Tina’s influence extends to the broader real estate community. He served as a former President of Las Vegas Realtors and was inducted into the Las Vegas Realtor Hall of Fame in 2018. Also recognized by Vegas Inc. as a “40 Under 40” honoree, he operates a highly successful coaching and consulting company dedicated to empowering Realtors and entrepreneurs.

David R. Tina brings 40 years of industry experience, transitioning to residential real estate full time in 1997 following a 20-year career as a New York City firefighter. In addition to quickly becoming one of Las Vegas’ top 5 Realtors and building the No. 1 branch for a real estate lifestyle brand, the elder Tina has served in a number of industry leadership roles, including President of Las Vegas Realtors, Nevada Realtors Association President and Chair of the National Association of Realtors’ Broker Involvement Council. Currently he serves as Nevada’s Real Estate Commissioner, a position he was appointed to by Gov. Joseph Lombardo in 2021. He was inducted into the Las Vegas Real Estate Hall of Fame in 2015, and the following year he was recognized as Realtor of the Year by the Nevada Realtors Association.

Angela Tina also has built a distinguished real estate career bringing over 18 years in the industry. Recognized as one of Las Vegas’ top luxury agents, she is a Las Vegas Hall of Fame recipient by both the Women’s Council of Realtors and Young Professionals Network.

Dave and Angela’s team AT Luxury is ranked as a Top 15 team, having gained a reputation for delivering unparalleled service and expertise that have led to sales of more than $500 million in the last 10 years. Both David and Angela will be part of Real Luxury, which serves the unique needs of luxury agents and their clients.

“If Urban Nest were a publicly traded cloud brokerage, we would be Real. Our values are completely aligned,” said David J. Tina on his firm’s decision to move to Real. “This is a case where 1+1 equals 100. We amplify each other and the synergies are unparalleled. Real provides the opportunity for our agents to build their networks and long-term wealth and for Urban Nest to grow beyond our walls. At the same time, Real gains a significant presence throughout the Las Vegas market.”

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 23,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s ability to continue to attract agents. Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors'' in the Company’s Annual Information Form dated March 14, 2024, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241217070173/en/

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com

908.280.2515



For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com

201.564.4221

Source: The Real Brokerage Inc.

FAQ

How many agents did REAX acquire through the Urban Nest merger?

REAX acquired 400 agents through the Urban Nest merger.

What is Urban Nest's total transaction value in 2023?

Urban Nest completed 2,500 transactions valued at $1.5 billion in 2023.

What is Urban Nest's lifetime sales volume joining REAX?

Urban Nest brings $11 billion in lifetime sales volume, with over 35,000 home sales closed to date.

What recognition has Urban Nest received in the Las Vegas market?

Urban Nest was recognized as Vegas Inc.'s Agency of the Year in 2021 and Agents of the Year in 2023.

How will the Urban Nest acquisition impact REAX's market presence?

The acquisition strengthens REAX's footprint in the Las Vegas real estate market, particularly in the luxury sector.