When it comes to real estate, transactional transparency has been an issue. In fact, according to LinedIn.com, “Home buyers and sellers often find themselves questioning whether they are getting the best deal possible and whether their real estate agents are truly representing their best interests. Consumers are demanding greater visibility into the process, wanting to know if they are leaving money on the table or if there are hidden biases at play.” However, companies, such as Final Offer are helping to ensure far more transparency in the transaction process with real-time alerts for potential buyers and sellers. Companies, such as La Rosa Holdings (NASDAQ: LRHC) just announced a strategic partnership, for example. Other than La Rosa Holdings, investors may want to keep an eye on eXp World Holdings (NASDAQ: EXPI), CBRE Group (NYSE: CBRE), FRP Holdings (NASDAQ: FRPH), and Realty Income (NYSE: O).
La Rosa Holdings Corp. (NASDAQ: LRHC) and Final Offer in Strategic Partnership
La Rosa Holdings Corp., a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, and Final Offer, a consumer-facing offer management and negotiation platform driven by agents, today announced a strategic partnership to provide La Rosa’s agents with a more transparent offer and negotiation experience for their clients. This collaboration aligns with La Rosa’s and Final Offer’s mission to revolutionize the real estate transaction process and bring much-needed transparency to the industry through best-in-class technology.
Final Offer is a technology platform that operates in the heart of the real estate transaction by enabling buyers to make successful offers and sellers to maximize the outcome of their sale. Final Offer’s streamlined process allows sellers to commit to a minimum price as well as terms of the sale upfront. Pre-approved buyers make binding offers online. If the Seller chooses to offer a “Final Offer” price and terms an interested buyer can hit the button at any time and immediately put the home under agreement. Final Offer’s platform is designed to empower both real estate agents and consumers with real-time transparency, streamlining the offer management and negotiation process, creating a fair playing field for all, and providing accountability and trust.
Joe LaRosa, CEO of La Rosa, commented on the Company’s partnership with Final Offer, “We recognize the need for a fundamental shift in our industry towards greater transparency, accountability, and fairness. That’s why we are proud to partner with Final Offer, a consumer-facing offer management and negotiation platform driven by agents. We believe that our collaboration with Final Offer aligns perfectly with our vision to enhance the real estate experience, bringing greater transparency to buyers and sellers, and aiding agent cooperation.”
Jocelyn Vos, SVP of Enterprise Sales at Final Offer, stated, “We believe that our platform helps sellers maximize their outcomes, and provides all parties involved with the information needed to make informed decisions, ultimately raising the industry’s standards and enhancing the real estate experience. We believe that our partnership with La Rosa will prove to be a significant leap forward in the real estate industry. By embracing technology and fostering transparency, Final Offer and La Rosa are leading the way for change in an often-murky process.”
Other related developments from around the markets include:
eXp World Holdings, announced eXp Luxury, its forward-thinking luxury real estate program, has surpassed 1,100 members throughout the United States, Puerto Rico and Canada, with additional countries expected to launch by the first quarter of 2024. eXp Luxury leverages eXp Realty’s exclusive resources and innovative technology. It first launched in the U.S. in October 2022, quickly growing to 700 members in less than a year. The Canadian launch followed in September 2023 and Puerto Rico this month. The program is expected to expand into the United Kingdom, South Africa, Portugal, Australia and New Zealand by the first quarter of 2024.
CBRE Group announced that its Board of Directors has appointed Chief Executive Officer Robert Sulentic to the additional role of Chair of the Board of Directors, effective immediately. Mr. Sulentic, who has served as President and CEO of CBRE since December 2012, succeeds Brandon Boze, who has served as Chair since May 2018 and will remain on the Board. Shira Goodman, former Chief Executive Officer of Staples, Inc. and a Director since May 2019, has been appointed Lead Independent Director.
FRP Holdings Inc. just reported that net income for the third quarter of 2023 was $1,259,000 or $.13 per share versus $480,000 or $.05 per share in the same period last year. The third quarter of 2023 was impacted by the following items: Operating profit increased $1,047,000 compared to the same quarter last year due to improved revenues in all four segments. Interest income increased $1,512,000 due primarily to an increase in interest earned on cash equivalents ($1,118,000) and increased income from our lending ventures ($349,000). Interest expense increased $378,000 compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development this quarter compared to last year. Equity in loss of Joint Ventures increased $1,035,000 primarily due to increased losses during lease up at The Verge ($856,000).
Realty Income and Digital Realty, the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions announced that they have established a joint venture to support the development of two build-to-suit data centers in Northern Virginia. Realty Income invested approximately $200 million to acquire an 80% equity interest in the venture, while Digital Realty maintains a 20% interest. Each partner will fund its pro rata share of the remaining $150 million estimated development cost for the first phase of the project, which is slated for completion in mid-2024. The build-to-suit facilities were 100% pre-leased to an S&P 100 investment grade client prior to construction and are expected to generate a 6.9% initial cash lease yield upon lease commencement in mid-2024. The facilities are subject to a 10-year initial lease term with extension options and 2.0% annual rent escalators.
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