Thank you. Thank you. All right. I thought you just gave my COO a promotion by calling her CEO, but, appreciate- COO? I appreciate the intro. All right, so let me tell you a little bit about kind of who we are, so we are a newly publicly traded company. We just closed our IPO back in October, trading on Nasdaq, so this entire pitch deck that you're going to see here now is actually available for you at larosaholdings.com. So you can download that, at any time, so to kind of give you an idea, so our main core business is a real estate brokerage that has been very disruptive in the market since we first launched back in 2011, so as you can see here, what makes us very unique is a lot of the things that we have to offer to agents. We are very focused on defining what it is to be agent-centric, and of course, we have an amazing culture at La Rosa. So over the years, the term agent-centric has become a very, very sexy term. A lot of some of the real estate companies that are trying to kind of rise to the top are trying to say, "Hey, we're agent-centric. We're the new model of the future." Our focus is to really define what it is to be agent-centric. So to kind of give you an idea of how we've been able to do that over the years, and how did we have some initial explosion in growth back in 2011, we didn't invent the idea of 100% commission. We just found a way to disrupt it. When you look at many of the models back in 2010, 2011, the companies that were trying to offer agents 100% commission were just offering them that, nothing back in return. There's no value to the agents. A lot of those agents were struggling when they were realizing that they needed some support, tools, training, coaching, and so on. We wanted to come into the market and really become the Netflix of real estate. We wanted to find a way to be able to offer a package of goods, to be able to help agents grow their business and still do it at a 100% commission. Let me kind of explain how that model works. It's basically a monthly subscription that agents will pay back into the company. So on average, it's about $75 per month. They'll pay an annual fee of $150, and then they'll also pay a flat fee per transaction. So our model is really where we really stand now, is obviously in different markets where there's high transaction volume. So this model has been very attractive over the years and even over the last couple of years, you'll see here in a few slides, where most real estate brokerages that are more broker-centric have seen a decrease in their agent count from anywhere from 15% to 20%, we've actually seen an increase. And with some of the things that are happening now in the market, especially with this NAR settlement, we are really set up now to be able to have explosive growth because of our main 100% commission model, which is now not the only model that we have to offer. And I'll kind of get to that here in a few slides as well. So to give you kind of a side-by-side comparison, so why do we attract more agents in a down market? Why do we attract more agents, potentially now with this NAR settlement impacting commissions? Because at the end of the day, if you look at the side-by-side comparison, agents will be able to keep 100% of the commission, right? That's pretty easy math. So when your traditional brokers that are out there on a typical 70/30 split, the agents are giving back around $3,000. So think about it like this: We all know transaction volume has decreased over the last several years. So an agent that maybe closed 20 transactions in 2022, and then in 2023, they only closed 12. Well, guess what? They want to find a way to keep more of their money, and that's why, again, has been the proof and why we've been able to grow over the years. So we have really been able to de-disrupt the market by doing multiple things. So not only have we had an agent-centric 100%, 100% commission model, we've now introduced to me what's going to be a huge game changer for us, and I'll kind of get into that, too, as well, which is a revenue share model. Revenue share model, a lot of companies that are out there today that are doing it, companies like eXp and The Real Brokerage, this is basically like the Amway of real estate. So when you say revenue shares, as an agent, if I recruit another agent and they close a deal, I get a portion of their revenue, and then if they recruit an agent, I can create a downline. And a lot of these different companies have a very unique way of attracting agents, but it doesn't typically work out for the agent. And that's why we think we found a cure to that, and we've been able to now create a model that we think is going to become a game changer. We've also created our own technology. So at La Rosa, we have our own proprietary technology system that you'll see here in a few moments as well. We also have everything underneath one shop, so all the ancillary services. So when we closed our IPO back in October, we only included a handful of our ancillary services. We've now going to be moving forward to close on several more, including title insurance, mortgage, and so on. And what makes us very unique is that as a residential real estate brokerage, with that being our core business, we allow our agents to really have seven different ways to generate revenue. That's very unlike anything being offered in today's real estate market. We allow agents to be able to even do commercial real estate and property management through our separate entities that we have that are underneath our holding company. So to show you some of the numbers because numbers don't lie, so from our initial launch back in 2011, 2012, you can see our agent growth over the years. We are currently now at over 2,500 agents right now in the United States, so again showing you that even over the last couple of years, where we've seen most real estate brokerages have a decline in their agent count, we've actually had an incline. This is an interesting fact right here, that the National Association of Realtors has actually said about only 10% of the 1.7 million active Realtors in today's market actually have their license with a company like ours that offers 100% commission. So as we continue to go through different real estate cycles, right, and potentially now this NAR settlement, putting downward pressure on the buy-side commissions, that's only going to make our model stand out even more. In fact, NAR predicts that over the next 10 years, we'll see an increase closer to 50% of the active Realtors in the market today, now active or wanting to hang their license with a company like ours. So we feel like we are absolutely in the right place at the right time. So you've heard me talk a little bit about this NAR settlement. It's been all over the news. It finally hit mainstream media a few months back, and obviously, there's this big question about how is this going to impact the market? There's going to be a lot of changes now that are going to be taking place here over the summer, going into the fall, that are more than likely absolutely going to put downward pressure on the buyer side commission. So a buyer, a buyer's agent, for example, may make anywhere from 2.5% - 3% commission, that may drop down to 1% - 1.5%. So what does that mean for La Rosa? How can that become a benefit and an opportunity for us? Just like over the last couple of years, why our model has been able to stand out, and we've been able to attract more agents because agents want to find a way to keep more of their money. If they're getting less money on a deal, they want to find a way to keep as much of it as possible. In addition to that, we've also now, which is why we've also been pushing out this new revenue share model. We want to be able to help agents now find a way to supplement any potential income loss. So take a look at our numbers here. Year-end 2023, as I mentioned before, we're over 2,500 agents today, but with 2,470 at the end of 2023. We did about $32 million in total revenue at the end of the year. We started out at the IPO at $26 million. Our transaction count was 7,500 transactions. We have 37 offices right now across the United States, and we are located in seven states, including Puerto Rico as well. So I talk about revenue share. To me, this is a game changer, and the proof is in the numbers. We've actually just been able to recruit a team that is coming over from a competitor locally in the state of Florida, that actually, in their organization, were able to recruit 1,400 agents in a matter of 16 months. We have now recruited those team leaders that were responsible for developing that organization now to La Rosa. Why? Because we introduced to them a revenue share model that's built for the agent and not for the brokerage. So the way most revenue share models work, there are seven levels, and the way it's designed is to kind of entice folks, and this is not just in real estate, this could be even Amway or any other multi-level marketing system, is to entice folks to see an amazing opportunity to generate so much revenue coming in. But in all reality, to be able to unlock from level one to level two, level three, and most of these companies have seven levels, it's nearly impossible. And so when I sat down with these team leaders and I showed them, said: "Well, look, right now you have seven levels, and you've only unlocked two, maybe even three. So out of 1,400 agents that you have, you're only making money for maybe 300 - 400 agents. So let's run you through a simulation, what it would look like if you were at La Rosa. We basically have no boxes to check off. There's no parameters. So if I was to recruit one agent and that agent closed one transaction, guess what? On that closing, I get revenue share. That's impossible anywhere else. So we wanted to set up a system where it's completely agent-friendly and there's no parameters, there's no boxes to check off. So when we ran this team through a simulation, they were able to see that they can make five times more money. Let's think about it. We're at 2,500 agents today. We get this entire team over now, that we just brought them over, okay, and those agents start migrating over to La Rosa, plus other agents now. We have the ability to really, in essence, now double our agent count here between now and the end of the year. We're very excited for that opportunity. Again, when you kind of put us side by side, in a side-by-side comparison, you can see here again, our model stands out because there's no box to check off, right? You know, I don't have to recruit so many agents. They don't have to close so many deals. Those agents that I recruit have to recruit so many agents. Again, there's no box to check off. We're very excited about this revenue share model, and we feel this is going to become a game changer in the real estate space. So to show you kind of where we are right now across the United States, as you can see, we're predominantly in the state of Florida. We do have locations in California, Georgia, New York, South Carolina, Texas and Puerto Rico. We are looking, obviously, to expand our reach here now as we close out the 2024, and we expect to be now in multiple states here as we end the year with some future acquisitions. So to give you some of the awards and recognition that we've been able to achieve over the years, OBJ, or Orlando Business Journal, recognized us being the top office in the state of Florida. National Association of Realtors recognized us being a top 75 real estate company. That would have continued, but we ended up franchising our model back in 2018 and 2019. So we went from being one organization to now having multiple ones, and now what's very unique about us is being part of our M&A strategy here for 2024. We've actually been reacquiring our franchisees, and I'll get to that here when I show you the actual revenue going forward. Orlando Sentinel recognized us being the top workplace in 2022. And then again, as I mentioned before, we actually closed our IPO back in October, so now we're trading on Nasdaq. So here's kind of a breakdown of current holdings today. Now, obviously, literally from one presentation to the next, we keep having to update the slide because we've been very aggressive with our acquisitions now moving forward. And, as we close out 2024, we'll actually have more ancillary services up here now. So we have several that are locked up in LOIs, that we're in the process of actually closing here over the next 30 - 60 days. That will have a dramatic impact to our top line and our bottom line, too, as well. So La Rosa Realty being the main core business, we generate revenue as well from La Rosa Coaching, which is more of a 60/40 traditional split. Any brand new agent has to go through this program for four transactions, then they can graduate to a 100% or revenue share. La Rosa CRE is our commercial real estate. Again, as I mentioned before, we're really one of the very few companies that allow our agents to do both residential and commercial. Property management, again, is probably one of our fastest-growing ancillary services. We had about a 12% increase year-over-year with our property count. And La Rosa Franchising is what has allowed us to kind of expand across the United States by franchising the actual La Rosa model. So we collect a 10% royalty fee on any gross income earned at any one of our franchisees. Down below, as you can see, we've been very aggressive with our acquisitions. So before all of this, our revenue at the IPO was $26 million. So now with all these acquisitions that we've done so far since the closing of our IPO, if you look at our run rate now going forward, we're already at north of $60 million. So and as you can see in one of the future slides, you'll see even quarter by quarter how we've had a dramatic increase in our revenue. We've been putting it out there in multiple press releases, and I'm very confident to say, and I know you have to be very careful what you say in the public markets, you better back it up. We will close out the year at over $100 million with all the acquisitions that we have currently lined up. So that's going to show explosive growth here at La Rosa. So again, you look at side-by-side comparison, really, our agent-centric model, there's really no comparison. We are offering agents a very disruptive commission model with the rev share, free education, free technology. There's no additional fees, there's no crazy stuff that they're kinda gonna be surprised at the closing that the agent has to now pay back into the brokerage. So where we make our money? So as of today, La Rosa Realty is the core revenue source for La Rosa Holdings. We also have La Rosa CRE, where we generate 10% of any of the commissions earned in a real estate transaction. La Rosa Property Management, we will charge a flat fee per property, so we allow our agents to generate revenue now by doing property management, and we handle all of the accounting. We handle all of the payables, receivables, and so on. La Rosa Coaching, I mentioned before, is 60/40, and then La Rosa Franchising, we collect, again, 10% on any of the gross income earned at La Rosa offices that are franchised. Let me go back here. So talking a little bit about our technology. So over the last couple of years, we've actually started to build out our own self-proprietary technology, allowing agents to be able to go to one place where everything is housed. They can get access to their website, back-end CRM, transaction management system, they can talk directly to the corporate office, they can get support, they can communicate with other agents, they can post, share listings, and they can even access any of our other technology that we outsource as well. And this is also a place now where we have been able to actually incorporate our AI component that you'll see here in one of the next slides. We've also now partnered with multiple vendors now that we wanted to pioneer and bring into the market. So I've been studying the real estate transaction history over the last thirty years. There's been no real evolution to it, and I think this is partially why we've seen now these lawsuits pop up across the United States, so we wanted to find a way to change the way the real estate transaction actually occurs, and so there's been a lot of non-transparency, right? A lot of multiple offers on properties, and buyers will have no idea why their properties weren't being accepted, so we found this piece of technology that we have now brought into Texas, we brought into California, Florida, and Georgia, that allows for listings to be placed on this platform, and if multiple offers or any offers are gonna be submitted, they're gonna be submitted directly onto this platform, which makes everything transparent, so let's just say we have three agents actually submitting three different offers. Each agent is gonna see what the other agent is actually submitting. This has actually been proven that in the DC Metro market, where they first launched, has been able to increase the actual sales price by about 7%-8%. So this is a great selling point to sellers, and it's also a great selling point now to buyers if they really want a property, now you know what the competition is actually offering. So I mentioned before AI. So, you know, a lot of folks like to use AI as, "Hey, we have a chat box." You know, it will pop back to you. That's AI. That's not really AI, right? We built out a system now partnered with OpenAI, that is focused on being able to help Realtors work smarter and not harder. As you can see here, it offers a lot of really cool things that the agents can take advantage of. To me, this is one of my favorites right here, the market analysis. I get a phone call right now: "Hey, Joe, can you come to my house tonight at 7:00 P.M., talk to me about possibly selling my house?" I'm here today. I'm in meetings. I'm doing presentations. I may not have time to get in front of my computer. I can literally take my phone out, talk to JAIME, ask JAIME, "JAIME, can you do a market analysis for one two three Main Street?" It will pull data directly from the MLS, put together a listing presentation and a whole market analysis on the community and on the property itself. So this is a really cool tool that our agents now at La Rosa have been able to take advantage of. And again, we're only in stage one of JAIME, so we're very excited for what the future holds as we get into phase two, phase three, and so on. So I've been told over the years, you're only as good as who you surround yourself with. So I have an amazing corporate team at La Rosa, led by our CFO as well, Kent Maeroth, who has over 20 years of experience in the public markets. This is the slide that I was referring to earlier, showing you our revenue. So again, our expected revenue as of today, where we are today, is about $60 million moving forward. We expect to be over $100 million by the end of this year, which is our kind of threshold now, which will get us back into profitability. As any brand new company, as we first went public, we took on a ton of publicly traded expenses. Now we're very excited that where we are expected to be at the end of the year, we'll be back into profitability in 2025. You can see here, here's kind of a unique thing right now. In real estate, anybody knows kind of the real estate cycles, Q4 or Q1 are typically the worst quarters, right? You have the holidays, you have the winter, and so on. But as you can see here, with our projection moving forward, because of our acquisitions, our revenues are gonna continue to climb, and it's gonna be doing that obviously from here on out. Some of the key investment highlights on the company itself, as I mentioned before, at the end of the year, we had 2,470 agents, 37 offices. We expect to, with our acquisitions that we have lined up and the agents that we have signed up now that are actually moving over, which are signed and sealed, we expect to double our agent count between now and end of the year. Our unique business model is this: We offer agents the opportunity to generate revenue seven different ways. Very few other real estate companies will offer even more than one or two. So we have been able to really create a model that's very focused on defining what it is to be agent-centric. We offer coaching, property management, and so on. The future opportunity is this: We have obviously shown already the proof is in what you've done, right? Take a look at our resume as of today. We've been very aggressive. We said it back in October, November, when we launched as a new publicly traded company, and we've been able to deliver on that so far by closing on 11 different real estate brokerages, and we're planning on closing more now, including ancillary services. And our financial strength, we've had a history of being profitable as a business. We've been able to self-fund our entire business from day one up until the IPO, of course, and we expect to be back into profitability in 2025 with all the acquisitions that we have lined up right now. So some key stats, share price there is $1.25. Shares outstanding are about 14.8 million. Insider ownership, I know the question comes up quite often, is over 50%, at 54%. And with that being said, I will open it up to see if we have any questions. All right, questions? I want to clarify on your revenue model. Sure. You mentioned that the brokers are 100% commission, but that's not true for their first several transactions a year, you get a cut of that. So how do you make money from brokerage, from all the brokers? We have multiple streams. We have the 100% commission model, the monthly subscription, the annual fee, the transaction fee. $495, you saw there. We did about 7,500 transactions last year. Do the math on that. That's one way. The revenue share is different. That's a 90/10 split. We have money. That's actually, and this hasn't even been into our financial projections in moving forward. That's going to bring in additional revenue now coming into the company. That's a different split in itself. The coaching is if you're a brand-new agent, if you close less than four deals in the last 12 months, you're required to go through coaching at a 60/40 split. That's additional revenue coming back into the company. Now, when they graduate, they can pick and choose which one they want to go to, 100% or rev share. And by the way, we're the only publicly traded real estate company now in the market that offers the agents the best of both worlds. There's some great competitors out there that we have in today's market, but they only focus on one thing. They don't focus on both that we're offering today. So, answer your question? Cool. So, it seems like this disruption in the real estate, assuming this continues, where, I mean, without any guidance, where do you see Realogy three to five years from now? So there's going to be a major change in the landscape in the real estate space, and we expect to become one of the leaders. I look at some of the competitors out there and what they've been able to achieve. They've had great success. Look, our thing is, we're not looking to reinvent the wheel. We're just finding a way to kind of make it better, and finding a way to add our own twist to it, and really focusing on being able to offer more value to agents. And we feel that already now, we've been able to prove and we'll continue to prove that, that's what's going to elevate us now to the next level. So any other questions? Cool. Thank you so much for your time today. I appreciate it.
Loading workspace