Business: Exit Uptown Realty
Owners: Jane Jannarone, of Vineland, and Stephanie Verderose, of Pittsgrove Township
Location: 1120 E. Landis Ave., Vineland
Employees: One secretary, 53 agents
Exit Uptown Realty is an independently owned and operated franchise, like many real estate agencies. We’re part of Exit Realty, whose founder is from Canada and came here in 1998. He used to work for another group, Re/Max.
Exit is unusual in that it has single-level residuals. For example, if I recruit you into Uptown, I make 10 percent of the commission on every deal you make, and it doesn’t reduce your commission. It comes out of the broker’s side. Generally, the agent gets 70 percent of the commission and the broker, 30 percent. If the agent has been recruited, their sponsor gets 10 percent and the broker gets 20 percent.
At many places, the old 50/50 split is still typical, but as a broker, I want you to make more money, because you’re making me money. The residual also helps agents through slow periods and after they quit working.
Exit Uptown Realty handles sales and purchases of homes in all of Cumberland and Salem counties, and parts of Atlantic and Gloucester counties and even beyond.
We had a very strong last quarter. We’re optimistic. With the economy we’ve been struggling against the past couple of years, that was nice.
Entry: Between us, my partner and I have 50 years experience. I started with an agency in Vineland more than 25 years ago. My partner, Stephanie, started in Pittsgrove about the same time.
We knew of each other, and when we got our broker’s licenses, we talked over lunch and decided to open the business together.
In the Cumberland County market, it’s sometimes hard for buyers to come up with the financial ability to buy a house, so we do a lot of Federal Housing Authority mortgages. Our challenge is getting buyers to the point where they’re qualified to obtain a mortgage.
Future plans: We’d like to open satellite offices down toward the shore. Before we do anything of that nature, we want to set up training classes for agents to make them more self-sufficient and give them better tools.