Passing on Real Brokerage
Sep 14, 2024
Real Brokerage is another contender in the ever-expanding roster of technology-focused real estate brokerages that have proliferated over the last decade or so. The business is no different than that of a traditional brokerage - the company makes fees off commissions from sold homes, distributing a portion to agents. The angle here is that Real develops technology to improve agent's performance while avoiding brick-and-mortar operations, allowing it to expand to new markets rapidly. I'm passing on this as there is no recurring revenue model, no moat, and competition is fierce, running the gamut from traditional brokerages to direct "virtual" competitors like eXp and Fathom to self-service platforms like Redfin and Opendoor. Few stocks in this space have ever done very well over the long term.
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