Gparency Ramping Up Brokerage Hires With New Division
By Andrew Coen November 6, 2023 2:03 pm
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Two years after launching his Gparency platform aimed at disrupting the commercial real estate brokerage industry, Ira Zlotowitz is looking to hire debt brokers from coast to coast at above commission rates.
Zlotowitz, who founded Gparancy in November 2021 with the goal of enabling developers to work directly with banks without broker fees, is forming a new brokerage unit that will have two to five brokers for each state, Commercial Observer has learned. The firm’s newly established brokerage as a services (BaaS) division will offer 80 percent commission rates.
“I want to empower brokers to be in control of their destiny,” Zlotowitz told CO. “The average commission in the industry is between 40 to 60 percent.”
Gparency’s broker recruiting initiative arrives at a time when a number of traditional brokerage shops have been laying off employees due to less transactional volume amid rising interest rates. Zlotowitz is looking to hire up to 250 brokers who can all work remotely and spread out across the 50 U.S. states.
Zlotowitz said the BaaS division will include a half-point fee structure at the time of closing. He noted that this approach reflects that roughly 30 to 40 percent of CRE sponsors are now focused on purchases with the primary preference of paying a closing fee.
Prior to founding Gparency, Zlotowitz spent two decades as CEO of commercial real estate mortgage brokerage Eastern Union, which he also created.
Andrew Coen can be reached at acoen@commercialobserver.com
