Operating a 100% commission company that also offers their agents qualified leads was long overdue.
SAN DIEGO (PRWEB) November 16, 2019
Two of San Diego’s most successful real estate entrepreneurs, Burke Smith and Spencer Lugash, have joined forces to launch an independent residential real estate brokerage designed to provide agents and consumers with the best possible legal, technological and marketing support in this challenging and ever-changing market. Lugash, one of the founders of Big Block Realty, a brand he built from scratch and turned into one of San Diego’s largest residential real estate brokerages and Burke Smith, responsible for selling over 2000 homes in San Diego was founder of the iconic iPayOne brand and more recently Realty One Group San Diego, announced this month that they have partnered to form a new residential real estate brokerage that will operate under the name Ten X Realty (10X). Ten X Realty is a full-service company committed to providing ten times (10X) the value of other brokerages to their agents and consumers. The new company will officially begin operating and unveil its new branding campaign this month. Ten X Realty will serve all of California from its headquarters in San Diego. Lugash just wrapped up a one year non-complete after selling his interest in Big Block Realty while Smith will convert his four Realty One Group franchise offices into Ten X Realty making the company one of the largest locally owned, independent 100% commission companies in the market. Lugash is an accomplished real estate attorney and member of the Board of Directors for the San Diego Association of Realtors. Mr. Smith, who has been featured on CNN and in the NY Times, is well known across the country as a real estate technology, branding and listing lead generation specialist. Spencer and Burke are two of the leading experts in building and marketing the 100% commission business model for real estate agents, but also feel there is a huge void in the market for such models to also drive leads through consumer marketing. Both men have separately built two of the largest and most recognizable real estate brands in San Diego and now have combined forces to bring technology and tradition together to offer the best business model for agents and consumers. Ten X Realty currently has five locations throughout San Diego County.
“I look forward to bringing my knowledge and experience as a broker and real estate attorney to the agents and clients of Ten X Realty. Burke and I were able to improve upon what we learned from our previous brokerages to deliver the best possible environment for today’s agents to succeed. Combining my skill-set with Burke’s lead-gen and marketing expertise will offer an unparalleled opportunity for real estate agents and consumers. Most 100% commission business models provide little to no consumer marketing or advertising. We are changing that model with Ten X Realty by providing ten times the legal, technological and marketing support today’s agent needs to succeed in an uncertain market,” said Lugash.
Mr. Smith added: “I am thrilled that we were able to make this happen. The timing was perfect. Operating a 100% commission company that also offers their agents qualified leads was long overdue. Agents are facing more and more challenges every day with increasing legal issues caused by inexperienced agents on the other side of their transactions being one of the scariest and potentially most financially damaging to an agent, which is why it is essential today that the operating broker of a real estate company also be an attorney. Spencer and I have been brainstorming this concept for a long time and the only way to execute on this plan and deliver the best possible business model for today’s real estate professional was for us to join forces and form our own independent brokerage. Brokerages need to focus on delivering listing opportunities and full-time legal support to their agents. Pretty soon I think all brokerages will have to follow that model.”
"I love the comp plan. It is simple and is a true 100% commission. We can do a lot with Ten X Realty. One meeting with my broker Spencer Lugash saved me thousands of dollars.” Said Ginger Proffitt, top producer at Ten X Realty working out of Escondido, CA who was formerly a top producing team at Realty One Group.
Don Strickland, a Ten X Realty agent working out of Carlsbad, CA added, “Burke has already had enormous success in Real Estate and is a dynamic trainer of Real Estate Agents in the use of Social Media. He recognizes the value of investing time and effort into improving his associates’ ability and understands their improvements will generate greater success for all. Teaming up with Spencer gives agents an incredible wealth of knowledge in the form of their local broker. Having a top-notch real estate attorney as your managing Broker is a luxury most agents can’t afford.”
Lugash will focus on the legal, compliance and agent development responsibilities at Ten X Realty while Smith will dedicate the majority of his time to marketing, lead generation and agent coaching. The company already has requests to expand into other markets, but will focus on growing San Diego in 2020.
Ten X Realty will officially begin operating on Nov. 12, 2019. For more information please contact Alexa Delaney at Alexa.delaney@tenXrealty.com.