Based in Mississauga, Ontario, Save Max says it is the first Canadian real estate company to pay brokerage commissions on the same day a deal is signed on a real estate transaction. It allows agents to focus on growing their business instead of working part-time jobs to meet their day-to-day expenses, the company says.
“Being a real estate agent is a tough job,” says Raman Dua, Founder and CEO of Save Max. “We want to offer our real estate agents the comfort, security and peace of mind that Save Max has their back and peace of mind every step of the way allows them to get paid immediately when the deal is closed, so they don’t have to struggle for their ongoing expenses when the deal is already closed but closing is several months away.
“Ninety percent of real estate agents who drive the real estate industry leave the profession within the first year, and 65 to 70 percent of real estate agents are part-time,” says Dua. “The problem is that they cannot manage their cash flow on a daily basis. The second thing is the traditional way the industry works: if you close the deal today and it closes in two months, you get the check 10 to 15 days after the close.”
The initiative is also intended to encourage part-time brokers to go full-time.
Founded in April 2010, Save Max has nearly 50 offices and 600 real estate agents across the country. It also has branches in India with franchises in that country.
According to Dua, the brand has sold $7 billion worth of properties and plans to expand to 11 more countries over the next five years.
Dua came to Canada in 2003 as an immigrant from India. He worked at a gas station and as a security guard. In 2006 he started thinking about getting into real estate after buying a house and decided to sell it after a few months. He made about $40,000 on the transaction.
“I figured that’s the area I was supposed to be in,” says Dua.
He received his real estate license and began his new career at Re/Max in 2007. In his first year he made almost 50 deals. As his business grew, he moved to another Re/Max broker and built his team. Dua had a number of different ideas that he wanted to implement and he wanted the independence to implement them.
He started Save Max in 2010 with the concept “List Your House for $999”.
“We didn’t have a formal office at the time, so we opened it in the basement of our home, which was almost 2,000 square feet. Slowly, slowly I started to build my team and we were around 70 people at the time and in 2012 we moved to our first commercial office in Brampton. At that point, we had already built a company that was making almost $100 million in sales. This concept of offering the best service at an affordable price worked really well.”
The business continued to grow. In 2014-2015 he moved to his Mississauga office. In 2019, a unique franchise model was introduced where any broker can join Save Max as a franchise owner.
“Now after two years, it’s a blessing for us,” says Dua. “We have grown the company five times. At this point we have 56 franchises across the country and we have a team of more than 610 real estate agents at this point. In 2021, we sold more than $3 billion worth of real estate. We have offices in Ontario, Alberta, Vancouver and Winnipeg and we also have some franchises in India. We have a plan to go to the US very soon, then Australia and then Pakistan.”
The company also recently launched a commercial real estate division.
“Creating success for others is real success for me,” says Dua. “I understand the challenges faced by people starting out in the industry, having been there myself. I am committed to the real estate profession and its entrepreneurial spirit. We are more than a real estate company. We care about people.
“I challenge the rest of the brokerage and real estate companies in Canada to show that they care about their employees and do everything to develop them personally, professionally and financially. I want to make a difference for everyone and this step will help the real estate industry to grow.”