they are basically floating off properties they manage and don't own (the revenue stream) these are always moving and being traded, (rent rolls) banks seriously overvalue and lend agents money for these rolls (maquarie lend a small fortune on a property management listing, which is insane) , a contracts group of real estate sales people, (the sales commissions) 2% commission ? who pays that over 1M. People often hire the Agent, not the brand, barrier to entry is very low. Good on him for making amotza cant see long term shareholders doing the same.
IPO, page-2
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