FIJI Insights

10/16/2026

If you've ever talked about selling or valuing a real estate brokerage, you've probably heard someone say: “It's worth a multiple of EBITDA.”

Okay. But what exactly is EBITDA?

EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization. It's pronounced “ee-bit-dah.”

At its simplest, it's a way to get a better look at the earnings generated by the actual operation of the business.

Useful? Absolutely.

But EBITDA doesn't necessarily tell you how much money your brokerage really makes.

That's where adjusted EBITDA and sustainable cash flow come into the conversation.

In our latest FIJI article, we break it down without the finance jargon.

Read More: https://app.fijiapp.com/resources/how-much-money-does-your-brokerage-really-make?utm_source=facebook&utm_medium=social&utm_campaign=how-much-money-does-your-brokerage-really-make&utm_content=fiji_post5

10/15/2026

Real estate brokerage owners who personally sell real estate: here’s something I recommend that often gets me a sideways look.

Pay yourself a 100% split.

To be clear, I’m talking about the owner’s personal production. I am not suggesting you move your agents to 100% splits.

Why?

Because if your personal production is contributing company dollar to the brokerage, a buyer may remove that income when determining normalized cash flow.

They’re buying the brokerage.

They’re not necessarily buying your personal production.

Read More: https://app.fijiapp.com/resources/thinking-about-selling-your-brokerage?utm_source=facebook&utm_medium=social&utm_campaign=thinking-about-selling-your-brokerage&utm_content=fiji_post3

Brad Clayton on preparing a brokerage for sale three to five years out: a baseline valuation, clean financials, expense creep, personnel costs, lease timing, technology, owner splits, and owner dependence.

10/14/2026

I recently had the opportunity to speak at RISMedia's CEO & Leadership Exchange on a panel about the future of independent real estate brokerages.

One idea from that conversation has stuck with me.

The scarce resource isn't the agent. It's the transaction.

For decades, brokerage growth was largely a recruiting game.

Want to grow? Recruit more agents.

And recruiting still matters.

Good agents bring relationships, experience and production with them.

But adding agents one by one doesn't scale the way it used to.

We've spent more than three years in an existing-home sales environment of roughly 4 million transactions annually, while the number of real estate professionals competing for those transactions remains historically large.

That changes the math.

Recruiting another 20 agents may add production. But it doesn't create 20 new consumers who suddenly decide to buy or sell a home.

So I think broker/owners need to ask a different question: How many transaction opportunities is my brokerage helping create for the agents I already have?

That moves the conversation from headcount to productivity.

From recruiting alone to customer acquisition.

From competing for agents to competing for consumers.

Recruiting still matters.

But in today's market, the scarce resource isn't another agent.

The scarce resource is another transaction.

Read More: https://app.fijiapp.com/resources/the-new-playbook-for-independent-real-estate-brokerages?utm_source=facebook&utm_medium=social&utm_campaign=the-new-playbook-for-independent-real-estate-brokerages&utm_content=fiji_post1

10/13/2026

Before cutting anything your real estate agents will notice, look for the expenses they won’t.

I call them invisible cuts.

Duplicate technology. Forgotten subscriptions. Redundant services. Vendor costs nobody has reviewed in years.

I’ve seen brokerages eliminate $50,000 or more annually without materially changing the agent experience.

Cutting expenses shouldn’t mean weakening the company.

Start with the expenses nobody will miss.

Read More: https://app.fijiapp.com/resources/thinking-about-selling-your-brokerage?utm_source=linkedin&utm_medium=social&utm_campaign=thinking-about-selling-your-brokerage&utm_content=brad_post1

Brad Clayton on preparing a brokerage for sale three to five years out: a baseline valuation, clean financials, expense creep, personnel costs, lease timing, technology, owner splits, and owner dependence.

10/09/2026

I recently had the opportunity to speak at RISMedia's CEO & Leadership Exchange on a panel about the future of independent real estate brokerages.

One idea from that conversation has stuck with me.

The scarce resource isn't the agent. It's the transaction.

For decades, brokerage growth was largely a recruiting game.

Want to grow? Recruit more agents.

And recruiting still matters. Good agents bring relationships, experience and production with them.

But adding agents one by one doesn't scale the way it used to.

We've spent more than three years in an existing-home sales environment of roughly 4 million transactions annually, while the number of real estate professionals competing for those transactions remains historically large.

That changes the math.

Recruiting another 20 agents may add production. But it doesn't create 20 new consumers who suddenly decide to buy or sell a home.

So I think broker/owners need to ask a different question: How many transaction opportunities is my brokerage helping create for the agents I already have?

That moves the conversation from headcount to productivity.

From recruiting alone to customer acquisition.

From competing for agents to competing for consumers.

Recruiting still matters.

But in today's market, the scarce resource isn't another agent.

The scarce resource is another transaction.

Full Article: https://app.fijiapp.com/resources/the-new-playbook-for-independent-real-estate-brokerages?utm_source=facebook&utm_medium=social&utm_campaign=the-new-playbook-for-independent-real-estate-brokerages&utm_content=fiji_carousel

10/09/2026

When someone buys a real estate brokerage, what are they actually buying?

It is not yesterday’s revenue.

It is not last year’s transaction count.

And it is certainly not the number of agents listed on a roster.

Those things tell part of the story.

But a buyer is ultimately acquiring an existing business and the opportunity to receive the future economic benefits that business can produce.

That means the real question is: What has the owner built?

Systems.
Infrastructure.
People.
Market presence.
Agent relationships.
Management.
Operating processes.
And, ultimately, the ability to produce sustainable cash flow.

Historical performance gives us evidence.

But a buyer cannot purchase yesterday’s earnings.

They are stepping into what exists today and assessing what it can reasonably continue to produce tomorrow.

That distinction is at the heart of real estate brokerage valuation.

More on How a Real Estate Brokerage is Valued:
https://app.fijiapp.com/resources/how-is-a-real-estate-brokerage-valued?utm_source=facebook&utm_medium=social&utm_campaign=how-is-a-real-estate-brokerage-valued&utm_content=fiji_post4

09/30/2026

Stop chasing real estate agents. Buy a brokerage instead. Build a free buyer profile on FIJI MarketPlace™ and get matched with real estate brokerage sellers ready to talk.

Build Your Buyer Profile — Free: FIJIapp.com

09/25/2026

Find a buyer for your real estate brokerage without the rumors. FIJI keeps your identity anonymous through the entire process — your name, your agents, and your market don't have to know until you decide they should.

It's free — just set up a buyer profile. Explore Anonymously: FIJIapp.com

09/23/2026

Stop recruiting. Acquire real estate brokerages other buyers can't find. FIJI's Reverse Marketplace surfaces acquisition targets that never make it to the open market.

It's free — just set up a buyer profile. Explore Acquisitions: FIJIapp.com

FIJI helps real estate brokerage owners understand what their business is worth, what drives that value, and how to increase it. Get your valuation in minutes.

09/22/2026

Find a buyer for your real estate brokerage without the rumors. FIJI keeps your identity anonymous through the entire process — your name, your agents, and your market don't have to know until you decide they should.

It's free — just set up a buyer profile. Explore Anonymously: FIJIapp.com

FIJI helps real estate brokerage owners understand what their business is worth, what drives that value, and how to increase it. Get your valuation in minutes.