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Business Wire 21-Nov-2023 7:30 AM
Southern California team brings 64 agents to Real changes its name to The Rise Real Estate Group
The Real Brokerage Inc. (NASDAQ:REAX), the fastest-growing publicly traded real estate brokerage, announced today that the Sunny Narang Group has joined the company. The 64-agent team is on track to close 300 transactions with a total value in excess of $275 million in 2023.
Led by Sunny Narang and Chris Fordinal, the team serves Los Angeles County's San Fernando Valley. As part of its move to Real and plans to expand beyond Los Angeles County, the team changed its name to The Rise Real Estate Group.
"It's remarkable how much of a force The Rise Real Estate Group has become within just the past two years. What began as a four-person team in 2021 has grown to 64 top-producing agents," said Real President Sharran Srivatsaa. "We attribute this incredible growth to the culture of collaboration that Sunny and Chris have built. It's a culture that aligns with Real's, and we couldn't be more pleased to welcome Sunny, Chris and the entire team to the company."
The team, which was founded in 2021, has grown by connecting with agents via social media.
"Real is the real estate company of the future. It provides the structure and financial incentives as well as the ability to continue to grow and expand into new markets," Narang said. "More importantly, Real's values of collaboration and teamwork align with ours better than any other company in the industry."
"The industry is headed toward cloud-based platforms like Real," Fordinal said. "Real provides a platform for large teams like ours to continue to grow while also receiving revenue sharing and stock awards to provide our team with additional earnings opportunities."
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 12,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.
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, and Real's ability to attract new agents and retain current agents. 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.