Rui Alves
Rui Alves

iPro Realty recently acquired more than 600 salespeople and three locations from Toronto-based Kingsway Real Estate.

The acquisition makes iPro Realty the second largest real estate brokerage in Ontario, with more than 1,700 salespeople. It’s a sign that the industry is “moving towards mega-brokerages, which offer competitive rates and improved services to salespeople,” says iPro Realty co-founder and CEO Rui Alves.



“In 2010 when iPro became independent, the GTA had only four brokerages with 500+ agents and two brokerages with 1,000+ agents. By the end of 2018, that number has grown to over 15 brokerages with 500+ agents and eight with 1,000+ agents,” he says.

For 23 years iPro Realty operated as a franchised brand before going independent in 2010. Alves and founding partner Fedele Colucci have “purposely avoided franchising and because of this, has achieved a crucial competitive edge,” the company says in a news release. All branches are corporately owned.

The company says that during the past decade, the top five national real estate brands in the GTA have lost 15 per cent of combined market share. It says that “most buyers and sellers are not focused on franchise brand loyalty, but more so on their relationship with their agent and will follow them if they switch brokerages. As a result, many agents are now making the move to independent brokerages, allowing them to save on large franchise fees (and in turn, invest in their own brand and clients).”

Update (April 4, 2019): The headline on this story was changed to more accurately reflect the acquisition. The story was changed to omit some information about Kingsway that the company says is inaccurate.

2 COMMENTS

  1. Like Rui and Fedele, our brokerage too moved on from the same franchise and has seen nothing but growth and improved results ever since. It all comes down to the integrity of the brokerage and salespeople who more and more recognize that the business (i.e. clients) come from their own efforts and not largely from the brokerage affiliation.

  2. Congratulations, Rui.

    With highest respect and best wishes. I am living proof for nearly four decades that working sans-team or franchise, one can survive the ups and downs of our teeter-totter industry. I started my own tiny boutique agency in 1991 with ten years as a sales rep behind me, and in the heat of a recession.

    And by the way: Congratulations on acquiring RoseMary Morris, one of the most sincere agents in the industry. And she’s a genuinely good person. I wish her well, also and much success to you all.

    Carolyne Lederer-Ralston

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