Read more: California commercial real estate market outlook is mixed
“We’ve been around for a number of years and been through a number of iterations,” Kasle said. GPA during a telephone interview. “At its core, the thinking of our founders still persists – which is a social network like any other social network. And it comes with the same basic features you expect from social networks – the ability to post, like, to follow and you can make video or whatever.
Much like popular Facebook or Instagram, Radius’ network is a hive of activity, Kasle suggested: “We’re seeing a fair amount of activity across the country with agents interacting with each other – showing their latest announcements or best months, that sort of thing,” he said.
Beyond the visuals, there’s the brass stuff: “The real business driver why anyone should join the network – other than to expand their own personal network – is that we have a referral exchange that we call The Marketplace. We don’t take or take any commission, it’s a free service that we provide where we have a very simple DocuSign flow where an agent in Idaho can sign a DocuSign agreement, and an agent in California signs an agreement, so both become members of the Marketplace and all referrals they trade can set their own terms – whether it’s a 20%, 25% or 30% commission recommendation.
How much activity is observed? “Over the past three and a half, four years, we’ve seen $25 billion in properties referred,” Kasle said. “We have no idea what was closed or how much commission was paid out, but it’s a substantial volume that’s potentially being processed there.” In the first quarter of this year, Radius helped real estate professionals and their teams close more than $400 million in sales, he added. Along the way, the company has doubled its revenue in the past five months, with revenue growth of 300% year over year.