Episode #106
eXp vs Real Brokerage: The Math Anthony Keane Ran | Make Your Own Key Ep.9
Anthony Keane got into real estate because a Rita's Water Ice franchise fell through. Twenty-plus years, a full-time bank job, a 70-agent boutique brokerage he helped build, and three brokerage moves later, he's still selling — and he thinks the industry should triple its licensing fees. In this conversation with Seth, Anthony (Real Brokerage, Harleysville PA) breaks down the eXp-to-Real math nobody talks about, what actually killed brick-and-mortar brokerage relevance, why Zillow Flex earns its 40% cut, and what advice he'd give a brand-new agent trying to figure out where to hang their license in 2026. What You'll Learn The specific eXp-vs-Real math that drove Anthony's June 2024 move — caps, rev share, and the 2.3x agent-attraction difference nobody's calculated for you. Why 95% of home sales now start online and what that means for how you actually build a business. Anthony's contrarian take on licensing fees — and why raising them would help the consumer, not hurt them. The Pomodoro workday framework that lets him out-produce agents who work twice as long. Episode Breakdown 1:21 — Intro 2:04 — Meet Anthony Keane (and the 18-offer deal he and Seth did back in 2019) 4:23 — 2004: how a shut-down Rita's Water Ice franchise became a real estate career 4:43 — Buying his first flip three months into marriage, doing 85% of the work himself 5:08 — The full-time Bank of NY Mellon job that ran alongside all of it 5:38 — Coldwell Banker to Entourage: building a 70-agent, 3-office boutique brokerage 6:28 — When COVID cost him his VP role at Entourage 7:16 — The math that drove the eXp-to-Real move: caps, rev share, and 2.3x agents 8:42 — The Pomodoro Technique that runs Anthony's whole workday 11:39 — Why Philly Real still has 9 offices even though we're "cloud-based" 15:48 — Why eXp's tech felt scattered vs. Real's all-in-one platform 18:50 — What actually changed after the NAR lawsuit (spoiler: nothing) 19:30 — "20% of agents do 80% of the work" — the part-time agent problem 20:37 — Anthony's hot take: triple or quadruple the licensing fees 23:45 — Why Zillow Flex's 40% cut is actually justified 26:32 — "The consumer is buying you, not the sign on the door" 31:37 — Anthony's advice for brand-new agents trying to pick a brokerage in 2026 33:19 — Do boutique real estate brokerages still have a role? 36:08 — Wrap-up Why This Episode Matters Very few agents have owned both sides of the brokerage table. Anthony was VP of Operations at Entourage — a 70-agent boutique brokerage — before he became a top producer inside a cloud-based model. That range shows up in every part of this conversation. Whether you're weighing eXp vs. Real, wondering if a boutique brokerage still makes sense, or trying to figure out how a small-town flipper turns into a 20-year career operator, this one has the receipts. Resources Mentioned Real Brokerage — Anthony's home since June 2024 eXp Realty — Anthony's brokerage from 2020 until June 2024 Entourage Elite Real Estate — the 70-agent, 3-office boutique where Anthony was VP of Operations Coldwell Banker — Anthony's first brokerage after getting licensed in 2012 Bank of New York Mellon — where Anthony was Senior Manager running a 120-agent financial services call center The Pomodoro Technique — Anthony's workday operating system (four 25-minute hyperfocus blocks per day) Regus / Office Evolution — flex office spaces Anthony and Seth use for client meetings Zillow Flex — discussed as a fair-cost lead source RE/MAX "Bouge" CRM — cited as a case study in brokerage tech failure Are you an agent who wants to actually talk shop? Seth takes a few open conversations a month with agents thinking about their next move — whether that's joining a team, switching brokerages, exploring Real Broker, or stress-testing the math on their current setup. No pitch. No pressure. Just an honest 30 minutes, agent to agent. Book a chat: Make Your Own Key Podcast – Guest Interview - Seth Lejeune Follow Make Your Own Key YouTube: Hit subscribe and turn on notifications Instagram: @makeyourownkey Spotify / Apple Podcasts: Search "Make Your Own Key" Your key. Your move.
