Wednesday, La Rosa Holdings Corp. LRHC, a holding company for five agent-focused, tech-integrated real estate segments, announces the acquisition of 100% interest in its Carolina, Puerto Rico-based franchisee, BF Prime LLC.
BF Prime provides residential and commercial real estate brokerage and coaching and support services for agents. The financial terms of the acquisition were not disclosed.
The acquisition aligns with La Rosa’s expansion strategy, introducing its Ultimate Plan—a five-level revenue share model—to Puerto Rico, enabling agents to earn from both direct and indirect referrals.
Joe La Rosa, CEO of the Company, commented, “Puerto Rico’s real estate market is poised for significant growth, with projections estimating that its value will reach $389.7 billion by 2029. The residential real estate segment is at the forefront of this expansion and is expected to hit a market volume of $253.7 billion in 2024. This growth is further bolstered by a rising demand for luxury beachfront properties, particularly among affluent international buyers, indicating potential growth for Puerto Rico’s real estate market in the years ahead.”
Also Read: La Rosa’s Q2 Revenue Jumps 154%, Expects $100M Annualized Revenue by 2024
Mr. La Rosa expects continued organic revenue growth, boosted by franchise acquisitions, to drive significant gains in 2024. He anticipates reaching a $100 million annualized revenue run rate by the end of 2024, with profitability projected for 2025.
The company is hosting the “Discover the La Rosa Difference” event for real estate agents on October 17th at 5 P.M. ET.
Price Action: LRHC shares traded lower by 4.76% at $1.00 premarket at the last check on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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