LPT Realty, LLC
A genuinely large licensed brokerage - 61,041 consumer closings and $23.62bn of volume in 2025 - attached to a revenue-share layer that is only available on the plan costing roughly $10,000 a year more, and whose exit terms the company has never published.
The service is real and cheap - $500 a file capped at $5,000 - but the plan that lets you receive downline income costs a twelve-deal agent about $10,000 a year more, pays nothing in cash until your own $15,000 cap is retired, and pays nothing at all to the flat-fee agents who fund it.
Can you actually make money with LPT Realty?
Yes, under conditions, and the brokerage underneath the question is real: 61,041 consumer property sides and $23.62 billion of volume in 2025, ranked seventh nationally by sides. Every participant is a state-licensed professional operating under a real-estate commission with fiduciary duties and an existing disciplinary regime. Nothing is bought to be here: no kit, no inventory, no autoship, no minimum volume, and even the $500 annual fee comes out of your first closing rather than off a card.
The flat-fee plan is a good deal on its own terms. Five hundred dollars a transaction capped at $5,000, plus $195 a file. At twelve transactions that is about $7,840 to the brokerage, a 93.2% effective retention, and it requires you to recruit nobody at all. If you never want a downline, that is where the value in this file sits, and the rest of this section is about a different question.
Revenue share is a separate purchase, and that is the condition. It is available only on the 80/20 $15,000-cap plan, which at twelve transactions costs about $17,840 - roughly $10,000 a year more. None of it reaches you as cash until your own $15,000 cap is retired, because the company's own document says revenue share is applied to Cap first, and nothing is earned at all in the first 120 days. Breaking even on that $10,000 takes about 21 producing front-line agents.
Two absences do the rest of the work. There is no income disclosure of any kind - no average agent earnings, no revenue-share earnings, no distribution, no share earning nothing, no attrition figure - for a structure that pays seven tiers deep. And the Independent Contractor Agreement is not public anywhere, so what happens to the tree, the unvested shares and a pending commission on the day you leave cannot be read before you sign.
no sign-up fee appears in any LPT document; the $500 annual fee is withheld from your first closed deal, and everything else is triggered only by transactions
- You are closing enough deals that the cap plan makes sense on its own merits. The revenue-share layer costs about $10,000 a year in extra brokerage fees at twelve transactions, and it pays no cash until your own $15,000 cap is retired.
- You can recruit producing agents rather than merely agents. A six-deal downline agent on the flat plan generates about $465 a year at tier one and a fully capped one about $775, so break-even is counted in producers, not signatures.
- You accept that the people you bring onto the flat-fee plan fund a pool they can never draw from. The company's own document says Business Builders do not receive income from the Revenue Share Pool.
- You will ask for the Independent Contractor Agreement before signing. Termination provisions, revenue-share continuation on departure, downline reassignment and pending-commission treatment all live in a document that is not published anywhere.
That call is computed, not chosen - the rule reads three of the nine published dimension scores and is printed on the methodology page. It describes this company's plan and the figures it publishes about the people already in it. It is not a prediction about you, and nothing on this site is advice.
Legal status
LEGAL - LPT Realty, LLC holds an active Florida real-estate corporation license and at least one registered branch office per the Florida DBPR licensee database, and reports operating in all 50 states and three Canadian provinces. No state real-estate commission disciplinary action, cease-and-desist, consent order, license suspension, fine, securities-regulator action, FTC action or state attorney-general action against the company was located in any jurisdiction searched - read that as “none found”, not “none exists”, because state licensing databases are not uniformly full-text searchable. The open file is: a putative Telephone Consumer Protection Act complaint, Kunzman et al. v. LPT Realty, LLC, 6:25-cv-01064 (M.D. Fla., filed 17 June 2025), which is filed and undecided with jury trial set for April 2027 - no finding, no judgment, no admission; a civil suit LPT itself brought as plaintiff in Orange County, Florida in 2024 against a competing revenue-share brokerage, which is an interested commercial party’s allegation against a competitor and not a mark against LPT; three BBB complaints in three years, all answered, logged by a private ratings body rather than a regulator; and a 2018 federal civil case naming the founder and his separate mortgage company personally, whose claims and disposition could not be retrieved.
Confidence: Medium
Primary sources fetched directly where possible. Everything we could not verify is listed at the bottom of this page by name.
Follow the money
A real, licensed, materially large US residential brokerage, and the report should say that before anything else. LPT Realty, LLC holds an active Florida real-estate corporation license, reports operating in all 50 states and three Canadian provinces, and in 2025 closed 61,041 transaction sides worth $23.62 billion at an average sale price of $386,900 - #7 nationally by sides and #11 by volume. Every dollar that moves through this plan originated in an arms-length consumer property transaction between a buyer and a seller. There is no product to buy, no inventory, no autoship, no starter kit and no minimum volume. This is not a multi-level marketing company and it should not be graded as though it were. It is graded here on brokerage terms, and the C+ is earned by disclosure and exit-term problems, not by category association.
The proposition is “agent choice”: two plans, and you pick one. The flat-fee plan - called Business Builder in the company’s materials - lets the agent keep 100% of commission and pay $500 per transaction, capped at $5,000 a year, which is reached at ten deals. The split plan pays 80/20 in the agent’s favor with a $15,000 annual company-dollar cap, reached at $75,000 of gross commission income. Both plans carry a $195 per-transaction fee that is uncapped and continues after cap, and a $500 annual fee withheld from the first closed deal that covers technology and errors-and-omissions insurance. On the flat plan at twelve transactions the total paid to the brokerage is about $7,840. On the split plan at the same production it is about $17,840.
That $10,000 gap is the whole decision, because only the split plan is eligible to receive revenue share. The company’s own document is explicit: “Business Builders do not receive income from Revenue Share Pool.” Flat-fee agents generate revenue share - 50% of the company dollar they pay is what funds the pool - but can never themselves receive a cent of it. It flows only to uplines. That is the single most important sentence in this report for anyone being recruited onto the flat plan by a sponsor who is on the other one. And even on the eligible plan there are two further gates: agents “cannot earn rev share for their first 120 days”, and once earned, “revenue share is applied to Cap first”, so no downline money reaches an agent as cash until their own $15,000 cap obligation has been retired.
Above that sits a seven-tier structure paying 31%, 18%, 7%, 7%, 7%, 10% and 20% of the pool, with depth unlocked by the number of active directly sponsored agents - and here the documentation fails. Two of the company’s own published documents give different unlock thresholds for tiers three through seven: one says 5, 7, 9, 14 and 15 directly sponsored agents, the other says 6, 9, 14, 18 and 20. The percentage allocations agree across all three documents located; the headcounts do not. This report records the discrepancy as a discrepancy and designates neither set authoritative. Alongside the plan, agents receive non-traded holding-company shares on a three-year vest, part of which is forfeited if a sponsored agent goes inactive, marketed as “Pre-IPO” since 2023 against an offering that had not been filed as of 29 July 2026.
How the revenue-share pool is divided across the seven tiers
The pool is 50% of the company dollar a downline agent actually pays against their own cap - $2,500 from a fully capped flat-fee agent, $7,500 from a fully capped split-plan agent. Percentage allocations are consistent across all three company documents located; the headcounts required to unlock tiers 3–7 are not, and both sets are recorded in the red flags below.
| Product | Price | Pays |
|---|---|---|
| Business Builder - broker commission fee The cap is reached at ten transactions. This is the cheap plan and the one that suits almost every agent - but it is expressly not eligible to receive revenue share. |
$500 per transaction per closing, capped at $5,000/yr |
agent keeps 100% |
| Rev Share Partner - 80/20 split The cap is reached at $75,000 of gross commission income, roughly eight deals at the company’s reported average sale price. This is the only plan eligible to receive revenue share. |
20% of gross commission per closing, capped at $15,000/yr |
agent keeps 80% to cap |
| Transaction fee Applies on both plans, before and after the cap. The fee schedule permits it to be split 50/50 between agents on a co-brokered deal or charged to the client. |
$195 every transaction, uncapped |
— |
| Annual fee Withheld from the first closed deal of each year rather than billed upfront. Stated to cover technology and errors-and-omissions insurance, which is a genuine inclusion. |
$500 annual |
— |
| Risk-management fee on small deals Replaces the standard fees where the commission on a deal is below $2,500. Rural and small-ticket agents meet this far more often than metro agents do. |
20% of gross commission per deal under $2,500 GCI |
— |
| LPT Plus (optional) Launched September 2024. Genuinely optional - base CRM and transaction management are included at no cost - but $149 a month is $1,788 a year against a $5,000 fee cap. |
$89/mo split plan · $149/mo flat plan monthly |
— |
| CRM and transaction-management upgrades (optional) Named third-party CRMs as an upgrade path. The included base tooling is a real product, not a stub, which is what makes these optional in practice as well as in name. |
$49/mo CRM · $10/mo transaction management monthly |
— |
| Association, MLS and license costs (paid to third parties) National association dues are $156 plus a $45 advertising assessment for 2026; a representative large-metro all-in total including state, local and MLS lines is about $1,273. Not paid to the brokerage, but unavoidable, and some agents carry two or three MLS subscriptions. |
~$800–$1,800/yr annual |
— |
Who runs it, and what they ran before
A Florida mortgage entrepreneur who founded a direct-to-consumer mortgage lender in 2008–2009 and also operates a title and escrow business. He wrote the original Listing Power Tools code himself. Two points cut in his favor and both are unusual in this category. The prior venture is still operating - it was not wound up, did not collapse and was not sold under distress. And he deliberately keeps it out of the brokerage’s revenue model, publicly arguing that brokerages should not own mortgage and title operations, which removes the most common agent-facing conflict of forced in-house attach. A 2018 federal civil case in the Middle District of Florida names both that mortgage company and him personally; it is a private civil complaint rather than a regulatory action, the docket alone establishes no finding against either defendant, and the underlying claims and disposition could not be retrieved. No state or federal regulatory enforcement action against him could be located.
Joined from the publicly traded cloud brokerage, where he spent four years as President of its global division and latterly Chief Growth Officer, opening 22 countries and being associated with the addition of some 60,000 agents. He now leads international expansion and the luxury brand. This is the single most consequential hire in the file: the company bought the incumbent revenue-share brokerage’s playbook by hiring the person who executed it.
Also recruited out of the same publicly traded cloud brokerage. Bringing in a CFO from a listed peer is the standard pre-IPO move and is a mark of seriousness about the filing. A senior operations hire for the luxury brand came from Compass in January 2025. The founder has said explicitly that he seeks talent experienced with large single-entity brokerages, so the pattern is deliberate rather than incidental.
A single owner with no outside investors and no independent board disclosed, running a compensation plan he can rewrite at will, while agents hold unvested private shares in that same entity. The company’s own stock-award document states that “Baseline Shares Awarded will change from time to time”, and that the Gold and Black badge thresholds governing award size “may adjust to represent no more than the top 10% and 1% of eligible agents, respectively”. Separately, public employee reviews describe policies and procedures changing “constantly — sometimes almost daily”. That is anecdotal and self-selected, but it corroborates the documentation inconsistencies found in the compensation materials themselves.
Registered address
Lake Mary, Florida, USA
The operating brokerage sits under LPT Aperture Holdings, which also owns a luxury brand launched in May 2025 and the original software product. The founder has stated the business was self-funded with no outside capital and is described as maintaining sole shareholder status; no venture round, private-equity sponsor or disclosed debt facility could be located. That matters more than it sounds. A brokerage that reached five figures of agents in three years without outside capital financed that growth out of operating cash flow, and in this model operating cash flow is agent-paid company dollar and transaction fees. No profit figure, no audited financial statement and no balance sheet is public. The holding company was ranked No. 2 on the 2025 Deloitte Technology Fast 500 on a company-supplied ~$700 million run rate and 29,462% three-year revenue growth - a figure computed off a software startup’s 2021 base, which makes it arithmetically easy and not evidence of margin. A Nasdaq ticker was reserved in August 2025; as of 29 July 2026 no S-1 registration statement or completed offering could be located.
The veteran's checklist
Eight questions that decide whether this is a business or a transfer mechanism. Same eight, every review.
| Question | Answer |
|---|---|
| Who legally owns it? |
WATCH
LPT Realty, LLC, a Florida limited liability company under LPT Aperture Holdings, with the founder described as sole shareholder. No outside capital, no disclosed independent board, no audited financial statement and no balance sheet in the public record.
|
| Is this an MLM? |
OK
No. It is a licensed real-estate brokerage that closed 61,041 consumer property sides worth $23.62bn in 2025, ranked #7 nationally by sides. There is no product purchase, no inventory, no autoship and no minimum volume. It carries a seven-tier agent revenue-share layer, which is graded here on brokerage terms.
|
| What does it really cost? |
OK
Flat plan: $500 a transaction capped at $5,000, plus $195 a file uncapped and a $500 annual fee - about $7,840 at twelve deals. Split plan: 20% of gross commission capped at $15,000, plus the same fees - about $17,840. Association and MLS costs of roughly $800–$1,800 sit on top, paid to third parties.
|
| Published income disclosure? |
CONCERN
None of any kind. No average or median agent earnings, no revenue-share earnings, no distribution, no share of eligible agents earning nothing, no attrition. For a seven-tier payout this is the largest transparency gap in the file, and it is the reason the report caps at B.
|
| Can you receive revenue share on the cheap plan? |
CONCERN
No. The company’s own document states that “Business Builders do not receive income from Revenue Share Pool”. Flat-fee agents generate up to $2,500 a year of pool that flows entirely to uplines and can never receive any of it. Eligibility requires the plan costing about $10,000 a year more.
|
| When does downline money actually reach you? |
WATCH
Not for 120 days after joining, and then not as cash until your own $15,000 company-dollar cap is retired - “revenue share is applied to Cap first”. Until that point it is a credit against your own fees rather than income.
|
| What happens if you leave? |
RED
Unknown. The Independent Contractor Agreement is not public and no company document located states what happens to revenue share, the downline, unvested shares or pending commissions on departure. A 60%/80%/100% vesting schedule at three, four and five years is reported only by third-party comparison sites.
|
| Merchant play or miner play? |
WATCH
Merchant on the flat plan, miner on the split plan. The flat plan is a straightforward paid brokerage service with no recruiting and no upline. The split plan only clears its own roughly $10,000-a-year cost at about 21 producing directly sponsored agents, which makes it a recruiting business by arithmetic.
|
What has to be true for you to get paid
| To cover | You need |
|---|---|
| Run a year on the flat-fee plan at twelve transactions | ~$7,840 to the brokerage $5,000 capped broker fee + $2,340 of $195 fees + $500 annual fee - a 93.2% effective retention |
| Run the same year on the revenue-share-eligible plan | ~$17,840 to the brokerage $15,000 company dollar at cap + $2,340 + $500 - 84.6% retention, about $10,000 more |
| Break even on choosing the eligible plan at all | ~$10,000/yr of revenue share roughly 21 producing directly sponsored agents, or about 13 fully capped ones, before deeper tiers contribute |
| See any of it as cash rather than a credit against your own fees | your own $15,000 cap retired first “revenue share is applied to Cap first” - and nothing is earned at all in the first 120 days |
Read this twice
Every figure above comes from the company’s own published fee schedule and compensation documents, applied to the company’s own reported 2025 average sale price of $386,900 at a 2.5% side commission - about $9,672 of gross commission per transaction. Post-settlement data supports 2.5% as the right current number: buyer-side commission averaged 2.36% in the third quarter of 2024 before implementation and 2.42% a year later, with rates round-tripping within about five months of the initial dip. The decision this arithmetic frames is narrow and it is the only one that matters. Both plans carry the same $195 per-transaction fee and the same $500 annual fee, so the entire difference between them is the $5,000 flat cap against the $15,000 company-dollar cap. At six transactions that difference is $8,607; at twelve and above it is $10,000. In exchange you become eligible to receive revenue share - which you cannot earn for 120 days, which is applied against your own cap before it is paid in cash, and whose realistic tier-one yield is $775 a year per fully capped flat-fee downline agent or $465 a year per six-deal one. Two honest caveats. A high-volume recruiter who genuinely builds fifteen or twenty producing front-line agents does clear the hurdle, and the plan pays properly at that point. And the flat-fee plan on its own, with no recruiting whatsoever, is a good deal against a conventional split brokerage for any agent above roughly four transactions a year - which is the case for joining that this report finds strongest.
Run your own numbers
Drag the sliders. Nothing here is stored or sent.
Revenue share per productive sponsored agent per month, against the monthly cost of holding the percentage-split plan that makes you eligible for it at all. Two things the model cannot show and you should not forget. Revenue share is applied to your own $15,000 cap before any of it reaches you as cash, so early dollars are not income. And agents on the flat-fee plan generate revenue share they can never receive themselves - it goes to their upline. This is separate from your own commissions on your own closings, which is where most agents’ money actually comes from. Your own subscription cost of $85/mo is included.
What it costs to replace this yourself
The honest comparison here is not against an open-market substitute for a product - the brokerage service is real and competitively priced. It is against the same company’s cheaper plan. Below, what a twelve-transaction agent pays to be revenue-share eligible, set against what the identical agent doing identical production would pay on the flat-fee plan. Gross commission is computed on the company’s own reported average sale price of $386,900 at a 2.5% side commission, which post-settlement market data supports as the right current number.
| What they sell you | What you'd use instead | Your cost |
|---|---|---|
| Split-plan company dollar - 20% of GCI to a $15,000 cap | Flat-plan broker commission fee - $500 a file to a $5,000 cap | $5,000 |
| $195 per transaction, uncapped, split plan | $195 per transaction, uncapped, flat plan - identical | $2,340 |
| $500 annual fee, split plan | $500 annual fee, flat plan - identical | $500 |
| LPT Plus at $149/mo - $1,788/yr | The included base CRM and transaction management, kept as-is | $0 |
| Upgraded third-party CRM at $49/mo | The same CRM bought direct, or the included one | $0–$588 |
| Revenue-share eligibility | No eligibility - and no ability to receive what you generate | n/a |
| Downline income paid as cash | Nothing until your own $15,000 cap is retired, then nothing for 120 days from joining | n/a |
| Non-traded “Pre-IPO” share award at the split-plan multiplier | The same award at the flat-plan multiplier - roughly half the units | no market either way |
| Total as sold ~$17,840 to the brokerage at twelve transactions |
Total, built yourself ~$7,840 to the brokerage at twelve transactions |
Price-to-value
About $10,000 a year, every year, is the price of being allowed to receive downline income - $8,607 at six transactions and $10,000 at twelve and twenty-four. That is not a hidden charge and it is not a pyramid; it is a legitimate, disclosed trade. But it is the opposite of how the offer is usually pitched. Revenue share is presented as a bonus layered on top of a brokerage; the arithmetic says it is a purchase, and a large one. To break even on the purchase alone you need roughly $10,000 a year of revenue share, which at realistic front-line production - a six-deal flat-fee recruit generates $465 a year to their sponsor at tier one - is about 21 producing directly sponsored agents, or about 13 fully capped ones. For the overwhelming majority of agents the flat-fee plan is straightforwardly better, and the split plan is rational only for someone who intends to recruit at scale and knows it.
Three operators, five horizons
Probability of cumulative net profit
Hover any point for median, top decile and bottom quartile.
Established producer, flat-fee plan
brings an existing book, eight to twelve deals a year, never recruits anyone
| Horizon | P(profit) | Median |
|---|---|---|
| 3 mo | 71% | +$8,900 |
| 6 mo | 81% | +$24,000 |
| 1 yr | 86% | +$51,000 |
| 3 yr | 88% | +$158,000 |
| 5 yr | 89% | +$268,000 |
Newly licensed agent, flat-fee plan
no existing book, learning the business, fees triggered only by closings
| Horizon | P(profit) | Median |
|---|---|---|
| 3 mo | 9% | −$1,800 |
| 6 mo | 22% | −$2,300 |
| 1 yr | 35% | −$900 |
| 3 yr | 42% | +$6,800 |
| 5 yr | 44% | +$15,000 |
The revenue-share plan choice, measured on its own
not total income - revenue share received minus the extra company dollar the eligible plan costs
| Horizon | P(profit) | Median |
|---|---|---|
| 3 mo | 0% | −$2,500 |
| 6 mo | 2% | −$4,900 |
| 1 yr | 6% | −$9,600 |
| 3 yr | 13% | −$26,000 |
| 5 yr | 17% | −$40,000 |
Methodology note. ANCHORED to the company’s own published documents and to verified third-party transaction data: the $500 per-file fee capped at $5,000, the 80/20 split capped at $15,000 of company dollar, the uncapped $195 per-transaction fee, the $500 annual fee withheld from the first closing, the 20% risk-management fee on deals under $2,500 of gross commission, the 50%-of-company-dollar pool, the 31/18/7/7/7/10/20 tier allocation, the 120-day production window, the “revenue share is applied to Cap first” term, the exclusion of flat-fee agents from receiving revenue share, the 2025 average sale price of $386,900 from RealTrends Verified, and association and MLS costs of roughly $1,275 a year in a large metro. MODELED by us: everything on the income side. The company publishes no income disclosure of any kind - no average, no median, no distribution, no share of eligible agents earning nothing, no attrition - so the transaction counts, the share of each cohort in cumulative profit, and the spread between the top and bottom columns are our estimates built from general US brokerage production patterns, not from company data. Read the third table carefully: it is not total agent income, which for a producing agent on either plan is positive and often substantially so. It isolates the plan choice alone - revenue share received minus the roughly $8,600 to $10,000 a year of extra company dollar that eligibility costs - because that is the only part of the decision the flat-fee plan does not already give you for less money.
Where you are actually allowed to promote this
Platform policy reads, not verifications. Check every one before you spend a dollar - enforcement changes faster than the written policy does.
Red flags and green flags
Red flags
151No income disclosure of any kind exists
2Flat-fee agents generate revenue share they can never receive
3Revenue share is applied to your own cap before it is paid in cash
4Revenue-share eligibility costs about $10,000 a year
5Break-even on that purchase is roughly 21 producing front-line recruits
6Two of the company’s own documents give conflicting tier-unlock thresholds
7Tier depth is gated purely on sponsored headcount
8Exit terms are not public anywhere
9Part of the equity award is forfeited if someone else goes inactive
10“Baseline Shares Awarded will change from time to time”
11The “Pre-IPO” framing has run since 2023 with no S-1 filed
12The company stopped disclosing its agent count in August 2025
13The $195 transaction fee is uncapped, and small deals attract a 20% fee
14Sole-shareholder governance with no disclosed independent board
15Active, undecided TCPA litigation
Green flags
101A real licensed brokerage doing real work at real scale
2Every participant is a state-licensed professional
3The flat-fee plan is genuinely competitive and requires no recruiting at all
4A documented 120-day production window before revenue-share eligibility
5Sponsor-exclusive downline organizations are explicitly prohibited
6No purchase requirement, no inventory, no autoship, no starter kit, no minimum volume
7Errors-and-omissions insurance and base tooling are included
8The founder’s prior venture is still operating and is kept out of the revenue model
9No regulatory enforcement history located, and a trivial consumer complaint rate
10The commission-rate assumption behind the model has held up post-settlement
We would like to be wrong about this
Upward
- Publishing a genuine income disclosure - median and distributional agent earnings, and separately the distribution of revenue-share income including the percentage of eligible agents earning nothing - and resuming agent-count disclosure.
- Publishing the Independent Contractor Agreement’s termination provisions, so an agent can see before signing what happens to revenue share, downline, unvested shares and pending commissions on departure.
- Reconciling the two conflicting tier-unlock tables into one authoritative, version-dated compensation plan, and either extending revenue-share eligibility to the flat-fee plan or removing the roughly $10,000-a-year implicit price of participation.
Downward
- Any regulatory finding, consent order or licensing action by a state real-estate commission, or an adverse judgment or class certification in the TCPA matter - particularly if recruiting outreach proves to be the source of the calls at issue.
- Evidence that revenue share is forfeited entirely on departure with no vesting, or that pending commissions are retained on exit; or any documented income claim by the company or by sponsors using company-supplied materials.
- Agent count rising while sides per agent fall - the signature of a recruiting engine outrunning a production business - or failure to file by end-2027 while still awarding “pre-IPO” shares, or any dilution or reset of previously awarded units.
Grade is C+. A top-ten US brokerage by transaction sides with a genuinely cheap flat-fee plan - wrapped around a recruiting layer sold at about $10,000 a year, with no income disclosure and no published exit terms.
Start with what is true and unhedged. This is a licensed brokerage that closed 61,041 consumer property sides worth $23.62 billion in 2025, ranking seventh nationally by sides and eleventh by volume. Every dollar in the compensation plan came out of an arms-length transaction between a buyer and a seller. There is nothing to buy, no inventory, no autoship, no kit and no minimum volume; an agent who closes nothing pays the brokerage nothing. Every participant is a state-licensed professional with fiduciary duties and a disciplinary regime standing behind them. And the flat-fee plan - $500 a file capped at $5,000, plus $195 a transaction and a $500 annual fee that includes errors-and-omissions cover - is at the cheap end of the US market and beats a conventional split at a Keller Williams, RE/MAX or Coldwell Banker badly for anyone above about four transactions a year. If the question is “is this a scam”, the answer is no, and the answer is not close.
Then the layer on top. Revenue share is available only on the 80/20 plan with a $15,000 company-dollar cap, and that plan costs a twelve-transaction agent about $10,000 a year more than the flat one - $17,840 against $7,840. Three of the company’s own sentences do most of the work here. “Business Builders do not receive income from Revenue Share Pool”: flat-fee agents generate the pool that funds uplines and can never receive a cent of it. Agents “cannot earn rev share for their first 120 days”. And “revenue share is applied to Cap first”, so nothing arrives as cash until your own $15,000 obligation is retired. Layer on the arithmetic: a six-deal flat-fee downline agent yields $465 a year at tier one, a fully capped one $775, so clearing the $10,000 hurdle takes roughly 21 producing front-line recruits. That is a legitimate, disclosed trade. It is also the exact inverse of how it is pitched.
What holds the grade at C+ rather than higher are two absences and one contradiction. There is no income disclosure of any kind - not an average, not a median, not a distribution, not the share of eligible agents earning nothing - which means nobody outside the company can form an expectation of what the recruiting layer pays. The Independent Contractor Agreement is not public, so what happens to your revenue share, your downline, your unvested shares and your pending commissions on the day you leave is unknowable before you sign; the 60%/80%/100% vesting schedule that circulates comes from third-party comparison sites and appears in no company document. And two of the company’s own published documents give different unlock thresholds for tiers three through seven - 5/7/9/14/15 in one, 6/9/14/18/20 in the other. Alongside that sits an equity award marketed as “Pre-IPO” since 2023 with no S-1 on file as of July 2026, part of which is forfeited if a sponsored agent goes inactive, and which the company says will “change from time to time”.
Take the flat-fee plan and never sponsor anyone
This is the honest version of the offer and it is a good one. $500 a file capped at $5,000, plus $195 a transaction and a $500 annual fee including errors-and-omissions cover, with base CRM and transaction management included. For an agent doing six or more deals a year that beats a conventional split comfortably. You give up revenue share you would almost certainly never have earned back, and you keep about $10,000 a year. Do not take the split plan because a sponsor explained the tiers well.
Do the $10,000-against-21-recruits sum before you choose a plan
Both sides come from company documents. The plan difference is $8,607 at six transactions and $10,000 at twelve. Tier one pays at most $775 a year per fully capped flat-fee downline agent and about $465 for a realistic six-deal one. Write down how many producing agents you will personally sponsor in the next twelve months, then multiply. If the number is under about fifteen, the split plan is a loss, and it is a loss you pay every year.
Get the exit terms and the tier table in writing before you sign
Ask for the Independent Contractor Agreement’s termination provisions in full: what happens to revenue share, the downline, unvested shares and pending commissions when you leave. Ask which of the two conflicting tier tables is current and ask for it dated. Ask what the 120-day clock runs from. If the answers come back as screenshots from a sponsor rather than a versioned company document, you have learned the thing you needed to learn.
Value the share award at zero until an S-1 exists
They are non-traded holding-company shares, on a three-year vest, in an entity with a sole shareholder and no independent board disclosed, whose baseline award the company says will “change from time to time”, and part of which is forfeited if a person you sponsored goes inactive. The ticker was reserved in August 2025; no registration statement was on file as of 29 July 2026. Treat any positive value as upside you did not pay for, and never let it decide the plan choice.
Nine dimensions, weighted
Dimension profile
Further from center is better. Hover any point.
Hard caps that bind here
The lowest binding cap wins, regardless of the weighted arithmetic.
What we read
Every source below links to the document itself. Tier 1 is a primary record - the company’s own plan, policy or disclosure, a court filing, a regulator’s decision or an SEC filing. Tier 2 is a self-regulatory or secondary regulator record, tier 3 reporting or academic work, tier 4 an open-market price comparison. Where a document can be moved or withdrawn, an archived copy is linked beside it. If a link is dead when you try it, that is a correction we want.
- lpt Realty Knowledge Base article 427 - Transaction Fee Schedule ($500 broker commission fee, $195 per-transaction fee, $500 annual fee withheld from the first closed deal, 20% risk-management fee below $2,500 GCI, $445 on the first two personal transactions, 90/10 on vacant land, commercial 0.3% risk fee)
LPT transaction fee schedule (knowledge base article 427) and LPT compensation plan document (kbattchid=896) - $500 broker commission fee capped at $5,000, 80/20 split capped at $15,000 of company dollar, uncapped $195 per-transaction fee, $500 annual fee withheld from the first closed deal, 20% risk-management fee on deals under $2,500 GCI, $445 combined on the first two personal transactions, 90/10 on vacant land, $500 + $195 + 0.3% on commercial
- LPT Program Summary (Jan 24 V2) - compensation plan document, knowledge-base attachment 896 (Business Builder $500/transaction with $5,000 cap; RevShare Partner 80/20 with $15,000 cap; no sign-up or monthly fees; $195 transaction fee; $500 annual fee) (PDF)
LPT compensation plan document (kbattchid=896) and LPT/AOG hybrid plan PDF - the conflicting tier 3–7 unlock thresholds of 6/9/14/18/20 against 5/7/9/14/15; percentage allocations consistent across all three documents
- lpt Realty Knowledge Base article 427 - Transaction Fee Schedule (help.lptrealty.com mirror)
- lpt Realty Rev Share Partner flyer, news attachment 58 - tier allocation 31/18/7/7/7/10/20 with minimum active direct sponsored thresholds of 1/3/5/7/9/14/15; "Business Builders do not receive income from Revenue Share Pool"; "agents cannot earn rev share for their first 120 days" (PDF)
LPT Rev Share Partner document (newsattchid=58) - “Business Builders do not receive income from Revenue Share Pool”; “agents cannot earn rev share for their first 120 days”; “revenue share is applied to Cap first”; pool funded at 50% of company dollar; tier allocation 31/18/7/7/7/10/20 with unlock thresholds of 1/3/5/7/9/14/15 directly sponsored active agents
- FL LPT Overview Flyer (Jan 23), news attachment 42 - Revenue Share Pool funded at 50% of commission, seven-level upline, 120-day exclusion for new agents (PDF)
- LPT Program Summary (Jan 24 V2), knowledge-base attachment 897 - "Early Adopter Benefit Plan Valid in all active states except FL until 1/31/24", tier-unlock thresholds 1/3/5/7/9/14/15 (PDF)
- "WHY LPT?" - LPT / AOG hybrid plan overview PDF (tier percentages 31/18/7/7/7/10/20; minimum active direct sponsored 1/3/5/5/5/14/15; 120-day revenue-share exclusion; badge and stock-multiplier table)
- lpt Realty Pre-IPO / Growth Benefits stock award flyer, news attachment 57 - Business Builder and RevShare Partner baseline shares, badge levels and stock multipliers (PDF)
LPT Pre-IPO / Growth Benefits stock award document (newsattchid=57) - non-traded holding-company shares, three-year vesting, 125/1,250/2,500 baseline units by badge level, plan multipliers of roughly 0.6x and 1.2x–1.4x, 250 baseline units per directly sponsored agent, the requirement that the sponsored agent “remain active with lpt Realty during your vesting period”, the top-10%/top-1% badge adjustment, and “Baseline Shares Awarded will change from time to time”
- RealTrends Verified brokerage profile - LPT Realty
RealTrends Verified brokerage profile, 2026 rankings covering the 2025 year - 61,041 sides, $23.62 billion in volume, #7 nationally by sides, #11 by volume, average sale price $386,900, 21,055 active licensed agents
- RealTrends Verified 2026 "500 by Sides" brokerage ranking (calendar-year 2025 production)
- "RealTrends Verified launches 2026 top brokerage rankings" - HousingWire, 10 April 2026 (LPT Realty No. 10 to No. 7 by sides, 61,041 sides)
- Florida DBPR licensee record - LPT REALTY, LLC, Real Estate Corporation, license CQ1064576, status Current/Active, licensure date 13 January 2022, Lake Mary FL
Florida DBPR licensee database - active real-estate corporation license and registered branch office for LPT Realty, LLC; Businesswire, 25 April 2025 - operations reported in all 50 states and three Canadian provinces; Businesswire, 1 December 2025 - LPT Aperture Holdings ranked No. 2 on the 2025 Deloitte Technology Fast 500 on a company-supplied ~$700m run rate and 29,462% three-year growth
- Florida DBPR licensee record - LPT REALTY, LLC, Real Estate Branch Office
- Business Wire, 25 April 2025 - "LPT Realty … Is Now in All 50 States and Canada" (all 50 states, Washington D.C. and three Canadian provinces; over 15,000 agents)
- Business Wire, 1 December 2025 - "LPT Aperture Holdings Ranked Number 2 Fastest-Growing Company in North America on the 2025 Deloitte Technology Fast 500" (29,462% three-year revenue growth)
- Deloitte 2025 Technology Fast 500 award winners list - Lpt Aperture Holdings, Lake Mary, ranked No. 2
- Real Estate News, 9 January 2025 - "LPT Realty CEO on 'agent choice,' scaling to 100K" (about 15,000 agents; downline anti-siloing; executive hiring for IPO readiness)
RealEstateNews, 9 January 2025 (agent choice, scaling, the prohibition on sponsor-exclusive downline organizations, executive hiring policy), 6 August 2025 (Nasdaq ticker reserved, agent count withheld on IPO-sensitivity grounds), 5 November 2025 (194.9% volume growth, 2024 figures of ~$13.9bn and 36,000+ sides) and 28 July 2026 (holding-company acquisition activity, no S-1); HousingWire founder profile (self-funding, keeping mortgage and title out of the brokerage)
Not established by this document: Could not locate Real Estate News pieces dated specifically 5 November 2025 (194.9% volume growth; 2024 figures of ~$13.9bn and 36,000+ sides) or 28 July 2026 (holding-company acquisition activity, no S-1); the nearest located items on the same subjects are cited above and are dated 19 November 2025 and 30 July 2026 respectively.
- Real Estate News, 6 August 2025 - "LPT Realty reaches major milestone in IPO lead-up" (Nasdaq ticker LPTA reserved; agent count withheld on IPO-sensitivity grounds)
- Real Estate News, 19 November 2025 - "The 2nd-fastest-growing tech company? It's a real estate firm" (LPT Aperture Holdings growth and IPO preparation)
- HousingWire, 14 April 2025 - "LPT Realty's Robert Palmer is building a 'brokerage for life'" (self-funding; explicit refusal to put mortgage and title inside the brokerage; RP Funding held separately)
- Inman, 30 July 2026 - "LPT Realty confirms IPO at Inman Connect San Diego" (LPT Aperture Holdings confidentially submitted a draft Form S-1 to the SEC)
- HousingWire, 28 April 2026 - "LPT Realty's Robert Palmer on growth, mortgage independence" (No. 7 by sides at 61,041; rejection of mortgage joint ventures)
- Class Action Complaint, Kunzman et al. v. LPT Realty, LLC, No. 6:25-cv-01064 (M.D. Fla., filed 17 June 2025) - TCPA claim under 47 U.S.C. § 227 over agent cold-calling trained and equipped through LPT Connect (PDF)
Justia docket - Kunzman et al. v. LPT Realty, LLC, 6:25-cv-01064 (M.D. Fla.), filed 17 June 2025, putative TCPA claim under 47 U.S.C. § 227, jury trial set April 2027, undecided; Trellis.law index - LPT Realty, LLC as plaintiff, Case No. 2024-CA-006483-O, Ninth Judicial Circuit, Orange County, Florida, against a competing revenue-share brokerage; CourtListener - 2018 federal civil docket naming the founder and his mortgage company personally
Not established by this document: The Justia docket page for Kunzman (6:25-cv-01064) could not be resolved to a stable URL, so the complaint PDF and the related Williams docket are cited instead. Two further items in this prose entry could not be located: the Trellis.law index entry for LPT Realty, LLC as plaintiff in Case No. 2024-CA-006483-O, Ninth Judicial Circuit, Orange County (no matching record found in searches; the LPT-as-plaintiff case that could be located is in the Eighteenth Circuit), and the 2018 CourtListener federal civil docket naming the founder and his mortgage company personally.
- Docket, Williams v. LPT Realty LLC, No. 6:25-cv-00178 (M.D. Fla., filed 3 February 2025, terminated 16 April 2025) - related TCPA putative class action
- LPT Realty LLC v. Miranda Cady - Florida Circuit Court, Eighteenth Judicial Circuit (Seminole County), filed 6 May 2025, LPT Realty as plaintiff in a corporate/business action
- BBB business profile - LPT Realty, LLC, Lake Mary, Florida (not BBB accredited)
BBB business profile and complaints page, Lake Mary FL - not accredited, 3 complaints in three years, all answered, all transaction-level disclosure disputes; TPL Collective on LPT Plus at $89/$149 per month and the $49 and $10 optional upgrades; ShowSmartly and Redfin post-settlement commission data - 2.36% in Q3 2024 against 2.42% in Q3 2025; Kale 2026 association dues breakdown - $156 national dues plus a $45 assessment, ~$1,273 representative large-metro all-in
Not established by this document: The specific third-party price and market-data sub-items in this prose entry could not be resolved to identifiable documents: the LPT Plus $89/$149 monthly and $49/$10 optional upgrade pricing appears in TPL Collective's plan pages but without a dated, citable pricing document; and no retrievable source could be found for the ShowSmartly and Redfin post-settlement commission series (2.36% Q3 2024 vs 2.42% Q3 2025) or the Kale 2026 association-dues breakdown ($156 national dues plus a $45 assessment, ~$1,273 representative large-metro all-in).
- BBB complaints page - LPT Realty, LLC, Lake Mary, Florida (transaction-level disclosure disputes, all answered)
- TPL Collective - "LPT Explained" (plan comparison, universal $195 core transaction fee and $500 annual fee, LPT Plus optional add-ons)
What we could not get
- The Independent Contractor Agreement in full. It is not public. Termination provisions, revenue-share continuation on departure, downline reassignment, pending-commission treatment and any non-solicit or non-compete are all unverified, and this is the single largest gap in the file.
- The reported revenue-share vesting-to-willable schedule of 60% at three years, 80% at four and 100% at five, together with the statement that an agent must remain active to earn and vest awards - this appears only in third-party brokerage-comparison content and in no company document located.
- Which of the two conflicting tier-unlock tables is authoritative. The company’s own documents give 5/7/9/14/15 and 6/9/14/18/20 for tiers three through seven. Neither is designated current, and no versioned, dated compensation plan could be located.
- A reported $249 one-time startup fee on both plans, cited by one third-party comparison site. It contradicts the company’s own repeated “no sign-up fees” language and appears in no company document, so it is recorded here rather than in the cost tables.
- All financial statements. No profit, loss, margin, cash position, debt or revenue-share expense figure is public. The ~$700 million run rate and the 29,462% three-year growth figure are company-supplied through an awards submission and are not audited in any public document.
- The current agent count. The last verifiable figure is 21,055 active licensed agents from 2025-year reporting; the company has declined to update it since August 2025, citing IPO sensitivity.
- The causes of action in the suit the company brought as plaintiff against a competing revenue-share brokerage - the complaint is paywalled, so only the caption, number, court and existence are established. Likewise the claims and disposition of the 2018 civil case naming the founder personally, where the docket is confirmed but the substance was not retrievable.
- The internal agent advertising and income-claim policy, which sits behind an agent login, so whether sponsor recruiting content is policed and whether compliance-approved materials are mandatory could not be established; and what fraction of any named high earner’s income comes from downline rather than personal production, which is not disclosed and is not computable from public data.
Not advice
This is independent analysis for decision-making, not legal, financial or investment advice. Allegations reported by third parties should be verified against primary court and regulatory records before any decision.
Researched by Claude. Reviewed by an editor.
Every report is researched and written by Claude, Anthropic’s AI assistant, from the company’s own plan documents, policies, terms and regulatory file - then reviewed before publication by Rob Fore, who checks the sources and the stage-label on every allegation.
- Nine weighted dimensions, published with their weights
- The editor checks the evidence and cannot change the number - the build rejects any page whose grade does not reconcile to its own arithmetic
- Every affiliate position we hold is disclosed on the report it touches
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LPT Realty - frequently asked
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Author, editor and publisher
This report was researched and written by Claude, Anthropic’s AI assistant, working from primary documents - LPT Realty’s own compensation plan, its policies and procedures, its terms of service, its income disclosure statement where one exists, and its regulatory and self-regulatory file. It was scored against nine weighted dimensions that are published in full, with their weights, on the methodology page.
Before publication it was reviewed by Rob Fore, who checks every source link, every figure against the document it came from, and every allegation against its stage-label - an investigation is not a finding, a warning letter is not an enforcement action, and a filed claim is not a verdict.
The editor does not set the grade. The published score is the weighted composite of the nine dimension scores, and the build refuses to emit a page where the two disagree by more than 0.06. A grade moves when the evidence moves it and not otherwise.
Rob Fore has marketed online since 1996, wrote Online MLM Marketing (2014), and is CEO of Listech Inc, the Nevada corporation that publishes this site. He holds affiliate positions in companies graded here - including LiveGood, which this site grades D, SendOutCards, which it grades C−, and the Home Business Academy, which it grades B−. Those positions are disclosed on the reports they touch, and changed nothing on this page.
About the author and our conflicts · Contact the editor · Corrections: corrections@opportunitygrade.com
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Corrections
Every factual claim on this page is sourced, and the ones we could not stand up are named in the unable to verify list above. If something here is wrong, we want to know, and we would rather hear it from LPT Realty than from a reader.
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