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Although the last month of the year and the approaching holiday season suggest a slowdown in the real estate industry, The Real Brokerage didn’t get the memo.
The fast-moving technology forward brokerage is taking on 400 more agents from Las Vegas-based Urban Nest Realty, Inman has learned. The family independent with a luxury lean, led by David J. Tina, David R. Tina and Angela Tina, announced it’s becoming part of the Real brand in a Dec. 17 statement.
The Tinas launched Urban Nest in 2012 in the midst of the “great recession,” a market era that hit Las Vegas especially hard. Brokerages and agents that muddled through are tougher for it.
“By nurturing a culture built on community, unparalleled training and education, and a commitment to supporting all aspects of its agents’ lives, Urban Nest quickly grew and gained a reputation for attracting the market’s top producers,” the release stated.
The company has more than 35,000 sales on its books that total more than $11 billion in total value. Likely catching the collective eye of Real co-founder and CEO Tamir Poleg and president Sharran Srivatsaa was its 2023 numbers, consisting of 2,500 deals valued at $1.5 billion.
In a statement, Srivatsaa called the Tina family “icons.”
“Their selective approach to building a high-performing team and their dedication to the well-being of their agents make them a natural fit for Real’s mission,” he said. “As part of the same team, we will be able to amplify what’s possible in a way that creates value and elevates the entire industry. Urban Nest Realty joining Real marks an extraordinary milestone for both organizations.”
Inman reported in November that Real added over 2,000 new agents between July and October and grew its total revenue by 74 percent compared to a year ago. Numbers were disclosed in its third-quarter earnings call.
The company posted a net loss of $2.5 million as it remained in a high-growth stance of attracting new agents by offering them financial incentives that brokerage leaders said outmatched its competitors.
Total transactions closed hit 35,832 in the quarter, 76 percent higher than a year ago. Total agents rose to 21,770, up 79 percent from a year ago and up 11 percent from the second quarter, according to the company.
David J. Tina is credited as the “chief visionary” behind Urban Nest, served as President of Las Vegas Realtors and in 2018 was inducted into the Las Vegas Realtor Hall of Fame.
“If Urban Nest were a publicly traded cloud brokerage, we would be Real. Our values are completely aligned,” said Tina in the announcement. “This is a case where 1+1 equals 100. We amplify each other and the synergies are unparalleled. Real provides the opportunity for our agents to build their networks and long-term wealth and for Urban Nest to grow beyond our walls.”
Angela Tina will benefit Real with 18 years of expertise in luxury sales, earning recognition from the Women’s Council of Realtors and Young Professionals Network in Las Vegas. She is also a member of the Las Vegas Realtor Hall of Fame. She and David J. will be part of Real’s Luxury division.
The elder David R. Tina offers 40 years of industry experience, earned after two decades as a firefighter in New York City. He is now a Real Estate Commissioner for Nevada’s Clark County, home of Las Vegas and Henderson. His previous industry positions include president of Las Vegas Realtors, Nevada Realtors Association president and chair of the National Association of Realtors’ Broker Involvement Council. He was inducted into the Las Vegas Real Estate Hall of Fame in 2015.
In November, Real was named to Deloitte’s Fast Technology 500 list, landing at No. 38.
In a Nov. 21 statement sent to Inman, Real CEO Tamir Poleg said the company’s place on the 30-year-old list is more evidence that the real estate space is responding to its tech-forward model which, according to Poleg, “boosts agent productivity through automation.”
“It’s a straightforward concept, but it requires widespread adoption to succeed — making our proprietary tech stack a vital component of our growth,” he said. “Looking ahead, we’re committed to leveraging artificial intelligence to elevate agent productivity and deliver a seamless, intuitive experience for both agents and their clients.”
