Business
The Real Brokerage Inc. Launches New Instant Payments Service for Agents
Real to Use Predictive Analytics to Pay Agents 30-90 Days Before Closing TORONTO and NEW YORK, Oct. 28, 2021 /PRNewswire/ -- The Real Brokerage Inc. ("Real"
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"Real to Use Predictive Analytics to Pay Agents 30-90 Days Before Closing\n TORONTO and NEW YORK, Oct. 28, 2021 /PRNewswire/ -- The Real Brokerage Inc. (\"Real\" or the \"Company\") (TSXV: REAX) (NASDAQ: REAX), an international, technology-powered real estate brokerage, today announced the launch of Instant Payments. Instant Payments is intended to change the way agents are paid in the real estate industry. With this first-of-its-kind model, agents will have the option to be paid at the time a transaction is executed, rather than at closing. \nThe Company will leverage proprietary artificial intelligence, data and predictive analytics to determine which agents are eligible for the program, the likelihood and timing of a transaction closing and to calculate the value of the payment. The change is designed to diminish the high degree of uncertainty agents face.\n\"This has never been done before in our industry because other brokerages feel there is too much risk involved,\" said Real's co-founder and CEO Tamir Poleg. \"The idea is to leverage data to change the payment dynamics in our industry by offering our agents to be paid at the time a transaction is executed.\"\nA recent Zillow study shows that agents and their clients, on average, spend six months preparing a home for sale, another 25 days with the house on the market and up to 45 days in the closing period. With data Real has collected, the Company can predict if a transaction signed by a specific agent will successfully reach closing and the commission can be paid sooner.\n\"At Real, we wanted to change the fact that agents are not paid until closing,\" said Poleg. \"Agents work hard for months without payment. Our number one priority is our agents and we want to be there to both help and reward them for their efforts. This new program will disrupt the industry by assisting agents, new and experienced, to build and grow their business by getting paid faster.\"\nInstant Payments will initially be offered to a select group of agents. Criteria for who will first be eligible for the Instant Payments program include the amount of revenue the agent generates and how many transactions they close per year. Once expanded, agents will be able to choose if they want to participate in the Instant Payments program.\nAbout Real\nReal (www.joinreal.com) is a technology-powered real esta...