Business
La Rosa Acquires Fifth Real Estate Brokerage Franchisee with Revenue of $3.6 Million and Positive Net Income in 2022
Targeting $100 million of annualized revenue as a 2024 exit run rate Celebration, FL, Dec. 27, 2023 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC)
About this update from La Rosa Holdings Corp.
[{"type":"text","content":"Targeting $100 million of annualized revenue as a 2024 exit run rate\nCelebration, FL, Dec. 27, 2023 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has acquired a 51% interest in the Company’s franchisee - La Rosa Realty Orlando, LLC (“Realty Orlando”) located in Orlando, Florida. Realty Orlando generated revenue of $3.6 million and had positive net income in 2022. The franchisee provides residential and commercial real estate brokerage services. It also provides coaching and support services to agents on a fee basis. Joe La Rosa, CEO of the Company, commented, “We are excited to close on this acquisition. Even though we are currently in a down market, Realty Orlando was able to achieve approximately a 14% increase in total transactions closed for 2023 compared to 2022. We believe this is due to our unique brokerage model, which offers real estate agents the option of a revenue share model or an annual fee-based model with 100% agent commissions, which, in our view, is second to none in the industry. We are executing towards our goal of reaching an annualized revenue run rate of $100 million before the end of 2024, and have several more franchisees in the pipeline that we plan on acquiring over the next several months.” About La Rosa Holdings Corp. La Rosa is a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments. In addition to providing person-to-person residential and commercial real estate brokerage services to the public, the Company cross-sells ancillary technology-based products and services primarily to its sales agents and the sales agents associated with their franchisees. La Rosa's business is organized based on the services they provide internally to their agents and to the public, which are residential and commercial real estate brokerage, franchising, real estate brokerage education and coaching, and property management. La Rosa has 10 La Rosa Realty corporate real estate brokerage offices located in Florida, 26 La Rosa Realty franchised real estate brokerage offices in six states in the United States and Puerto Rico. The Company's real estate brokerage offices, both corporate and f...