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La Rosa Holdings Corp. (NASDAQ: LRHC) ("La Rosa" or the "Company"), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has acquired a 100% interest in the Company's franchisee - La Rosa Realty Winter Garden LLC ("Winter Garden") located in Winter Garden, Florida.
Winter Garden generated revenue of $1.4 million and generated positive cash flow from operations. The franchisee provides residential and commercial real estate brokerage services. It also provides coaching and support services to agents on a fee basis.
Joe La Rosa, CEO of the Company, commented, "As part of our de-franchising strategy we continue to acquire franchisees that have achieved strong top-line revenue growth, agent growth and positive net income. We have additional franchisees that we have entered into LOIs with, in addition to two ancillary services companies that we are also looking to acquire. With the acquisitions we have lined up, we intend to reach an annualized revenue run rate of $100 million before the end of 2024 with the aim of becoming profitable in the beginning of 2025. By offering real estate agents the option of a revenue share model or an annual fee-based model with 100% agent commissions, we believe we are a disruptor in the real estate industry. With this disruptive model, we have been able to recruit more agents and we have experienced growth in agent count even when most of our competitors have seen a dramatic decrease. As we continue to acquire additional franchisees, we will add more agents to La Rosa Holdings potentially increasing top and bottom lines."
Posted In: LRHC
