The side is a white-label brokerage that does not brand itself. It has no middle managers and is a pure commission-based brokerage. While this may sound like an attractive proposition, it does not necessarily meet the needs of agents. In addition, its commission split is very high, and it does not offer the flexibility of a traditional brokerage.
The side is a white-label brokerage.
After announcing its intentions to expand into New York and preparing for an IPO in early June, Side is taking a cautious approach to its expansion. While it has added agents and offices to its portfolio, it has also laid off 10 percent of its workforce. The company said it would not hire new employees.
A white-label provider is an infrastructure and solution provider that helps a new brokerage enter the international financial market and expand its services. The provider can be a developer or an intermediary between the brokerage company and developers. Typically, a white-label provider provides the broker with MT4 and MT5 server segment software and a reliable backup system. It also supplies tools for risk management, payment integration, liquidity management, and client engagement.
It doesn’t brand itself.
When you sign up to become a partner in Side, you can create your brokerage brand, which will give your business more excellent name recognition and help you generate more leads. Your brokerage’s phone number must be linked to your listing agent to achieve this. This way, prospective clients can find you and make a purchase.
The Side platform is a robust platform that empowers real estate agents to become better business people. The company has over two billion in home sales volumes and expects to hit $6 billion in sales volume by 2019. Agents can grow their businesses by joining Side, which gives them a game plan, a team, and a platform to make their client relationships more successful.
It has a heavy commission split.
Side real estate is a white-label brokerage that takes care of its agents’ back-office and front-end sales. It handles everything from legal, compliance, and audit functions to transaction coordination, conveyance, marketing, and advertising. The brokerage also owns the agents’ brands. This makes Side real estate the perfect partner for a high-quality, high-margin real estate experience.
A typical Side commission split might be a 60/40 split. For example, let’s say a home sold for $350,000. In this case, 6% of the sale price would be $21,000, split evenly between the seller’s agent and the buyer’s agent. This would make each agent $10,500. After commissions, the broker receives 40% of that amount ($4,200), and the agent gets 60% ($6,300).
It has a lack of middle management.
One of the biggest problems in real estate today is a lack of middle management. This problem is worsened by the growing trend of unionization, which involves replacing experienced managers with younger ones. While the practice of unionization started on Wall Street, it’s now happening in several industries. As a result, several prominent commentators, including CBS Marketwatch and HR solutions firm Davis CEO Jack Kelly, have called for changes to reduce the number of middle management jobs in companies.
Brokerages like Grubb Co have a problem with the Side brokerage model because the commission split is so high. They also don’t have much middle management to help agents generate leads and connect them with sellers. A middle manager’s connections can help broker-client relationships and generate leads, but this isn’t possible on the Side.
It is agent-forward
As a real estate platform, Side is an agent-forward experience, a key differentiator from competing sites. Side partners with agents already at the top of their game and provide them with a powerful platform, game plan, and team to accelerate their real estate business. With this platform, Side agents are empowered to work harder and achieve more, and clients get to the signing table faster.
Side’s business model is based on specialized tasks that free up time for agents to focus on their clients. This includes prospecting, marketing, and admin work. Side claims to save agents an average of 62 days per year.
It was expanding into 15 new states in 2021
Side real estate is a brokerage that helps agents become more successful. Founded by Guy Gal and Hilary Saunders, Side offers technology and support for its partner agents. The brokerage has grown to more than 1,800 agents in three states, to expand to 15 more states by 2021.
The company aims to help independent brokerages and agents become more successful boutique brands through the Side platform. The startup recently raised more than $250 million in funding, valuing it at over $2.5 billion. This latest round of funding was led by Coatue Management, with participation from D1 Capital Partners and ICONIQ Capital. The new funding will help Side accelerate its expansion and set the stage for an IPO in the future.
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