La Rosa Provides Update on its Property Management Subsidiary; Properties Under Management Increased by 12% Year-to-Date
04 Juin 2024 - 2:30PM
La Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”),
a holding company for five agent-centric, technology-integrated,
cloud-based, multi-service real estate segments, today provided an
update on its subsidiary, La Rosa Property Management LLC (“LRPM”),
which reports that its properties under management increased by 12%
year-to-date. LRPM specializes in property management services for
owners of single-family residential properties and manages a
diverse portfolio of properties across Florida.
Joe La Rosa, CEO of the Company, commented, “We
are pleased to report that LRPM has achieved significant growth
over the last five months. With a 12% increase in properties under
management so far this year, compared to an increase of 10% for all
of last year, we are off to a very strong start. Our team’s
dedication to providing exceptional service and our commitment to
our clients have been the driving forces behind this success. We
anticipate properties under management will continue growing
throughout the year and expect the annual growth rate to be
approximately 30%.”
“In 2023, property management revenue increased
by $1.65 million, or 21%, compared to the previous year. This
growth was primarily due to an increase in the number of properties
under management, coupled with a management fee price increase
effective September 1, 2023. The continued growth in properties
under management is expected to contribute to a significant
increase in top-line revenue in 2024. We look forward to continuing
on our trajectory and delivering outstanding results for our
property owners,” concluded Mr. La Rosa.
About La Rosa Holdings
Corp.
La Rosa Holdings Corp. (Nasdaq: LRHC) is
disrupting the real estate industry by offering agents a choice
between a revenue share model or an annual fee-based model with
100% agent commissions. Leveraging its proprietary technology
platform, La Rosa empowers agents and franchisees to deliver
top-tier service to their clients. The Company provides both
residential and commercial real estate brokerage services and
offers technology-based products and services to its sales agents
and franchise agents.
La Rosa's business model is structured around
internal services for agents and external services for the public,
including residential and commercial real estate brokerage,
franchising, real estate brokerage education and coaching, and
property management. The Company has 22 La Rosa Realty corporate
real estate brokerage offices and branches located in Florida,
California, Texas, and Georgia. The Company also has 15 La Rosa
Realty franchised real estate brokerage offices and branches and
two affiliated real estate brokerage offices in the United States
and Puerto Rico.
For more information, please
visit: https://www.larosaholdings.com.
Stay connected with La Rosa, sign up for news alerts
here: larosaholdings.com/email-alerts.
Forward-Looking Statements
This press release contains forward-looking
statements regarding the Company’s current expectations that are
subject to various risks and uncertainties. Such statements include
statements regarding the Company’s ability to grow its business and
other statements that are not historical facts, including
statements which may be accompanied by the words “intends,” “may,”
“will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Actual results could
differ materially from those described in these forward-looking
statements due to certain factors, including without limitation,
the Company's ability to achieve profitable operations, our ability
to successfully integrate acquisitions into our business
operations, customer acceptance of new services, the demand for the
Company’s services and the Company’s customers' economic condition,
the impact of competitive services and pricing, general economic
conditions, the successful integration of the Company’s past and
future acquired brokerages, the effect of the recent National
Association of Realtors' landmark settlement on our business
operations, and other risk factors detailed in the Company's
filings with the United States Securities and Exchange Commission
(the "SEC”). You are urged to carefully review and consider any
cautionary statements and other disclosures, including the
statements made under the heading “Risk Factors” in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023,
and other reports and documents that we file from time to time with
the SEC, including our Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2024. Forward-looking statements contained
in this press release are made only as of the date of this press
release, and La Rosa does not undertake any responsibility to
update any forward-looking statements in this release, except as
may be required by applicable law. References and links to websites
have been provided as a convenience, and the information contained
on such websites has not been incorporated by reference into this
press release.
For more information, contact:
info@larosaholdings.com
Investor Relations Contact:Crescendo
Communications, LLCDavid Waldman/Natalya RudmanTel: (212)
671-1020Email: LRHC@crescendo-ir.com
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