Confidential partnership proposal · 6 October 2026
Build Sellers Reserve nationally. Accelerate that growth within REAL.
An existing listing and agent pipeline, a distinctive auction and marketing methodology, and a practical growth plan that supports REAL teams.
Prepared for Tom Iovenitti, Derek Graham and REAL leadership · by Michael Mahon
Review the partnership proposalOnboarding is subject to each agent's individual decision and applicable transition obligations.
Target only. Auctions are campaigns/events, not completed sales.
01 · The opportunity
A letter to Tom and Derek
Tom and Derek,
Following our meeting at your new office at 4040 MacArthur Blvd., I am proposing to build Sellers Reserve within REAL and develop it into a national business serving my own team and teams throughout the REAL network.
I bring an existing pipeline of listing opportunities, agent relationships, and the ability to recruit, train and help agents win and sell listings. My objective is to turn that traction into a repeatable platform that creates value for Sellers Reserve, REAL, team leaders and their agents.
I am seeking a $150,000 loan, to be repaid in full within 12 months, to maintain current momentum, fund active opportunities and support the transition. This addresses a temporary cash-flow requirement. It should be evaluated alongside the pipeline, execution plan and business I intend to build.
REAL can help accelerate that ambition by connecting Sellers Reserve with teams that can benefit from its methodology.
The opportunity begins with execution and could develop into an exclusive national relationship if both parties see the value and agree appropriate terms.
02 · Why now
Give sellers a plan. Give buyers a reason to act. Give agents a stronger proposition.
These figures describe financing conditions and regional sales activity; they do not measure Sellers Reserve performance. The mortgage benchmark concerns qualifying conventional conforming loans and is not a luxury-property or jumbo-loan quote. They do not imply all markets or price segments are declining.
Agents need a persuasive process for earning seller confidence and bringing qualified buyers to a decision. Sellers Reserve provides that process through a defined campaign, targeted marketing and an auction event.
A stronger listing conversation
Concentrated attention
A reason to make a decision
Seller control through reserve terms
A process agents can repeat
The power of Sellers Reserve is the combination of the agent relationship, disciplined marketing, a defined timetable and competitive buyer engagement. Outcomes depend on the property, pricing, participation and execution; no sale, price premium or faster settlement is guaranteed.
03 · The four Rs
Four ways Sellers Reserve can create value within REAL.
Recruitment
A distinctive proposition: specialist auction and marketing capability, practical training and support to pursue more listings. Recruit into Sellers Reserve and strengthen participating REAL team leaders' own recruitment.
Retention
Continuing reasons to stay engaged: specialist support, development, collaboration and a process agents apply to their business. The aim is to make the team more useful every month.
Results
Better listing presentations, campaign execution, buyer engagement and seller communication. Auction activity, participation, accepted sales and completed transactions are tracked so progress is visible.
Revenue
Additional brokerage production through completed sales, while Sellers Reserve earns its separately agreed auction and service fees. REAL participation in brokerage revenue remains subject to the applicable brokerage agreements.
04 · Existing traction
Build from a live pipeline, not a standing start.
Already off and running · 2026 year to date
My current team is already transacting. These are completed sales, not projections, across traditional listing and buyer transactions and Sellers Reserve auction campaigns.
View all 12 closed sales+
| Property | Price | Agent | Closed 2026 |
|---|---|---|---|
| 8868 Juniper Avenue, Fontana | $460,000 | Lina Fayyad | May 14 |
| 841 Ronda Sevilla #B, Laguna Woods | $417,000 | Krystal McGraw | May 28 |
| 4 Mandrake Way, Irvine | $1,340,000 | Eric Duncan | Jul 20 |
| 600 Lassen Lane #197, Costa Mesa | $760,000 | Alex Yu | Jul 21 |
| 2455 E Westport Circle, Anaheim | $1,140,000 | Deborah Sado | Jul 28 |
| 17202 Corbina Lane #102 *, Huntington Beach | $600,000 | Deborah Sado | Jul 31 |
| 2215 Golden Circle, Newport Beach | $2,700,000 | Deborah Sado | Aug 24 |
| 2316 Cliff Drive, Newport Beach | $3,552,000 | Gil Wenck | Sep 2 |
| 26122 San Remo Place, Mission Viejo | $2,020,000 | Deborah Sado | Sep 4 |
| 31052 Corte Aurora, San Juan Capistrano | $2,205,000 | Deborah Sado | Sep 8 |
| 4062 Escudero Drive *, Irvine | $1,460,000 | — | Sep 21 |
| 11065 Quince Court, Corona | $750,000 | Krystal McGraw | Sep 25 |
| Total | $17,404,000 |
* Sellers Reserve auction campaign. Completed sales by my current team before any move to REAL; shown to evidence activity, not as REAL production or a forecast.
My current opportunity pipeline includes approximately 12 properties, alongside agent relationships and active recruitment conversations, including opportunities in Malibu, Beverly Hills, Corona del Mar, Dana Point and San Juan Capistrano.
Malibu
24685 Pacific Coast Highway
Property campaign example
View campaign →
Beverly Hills
570 Evelyn Place
Property campaign example
View campaign →
Corona del Mar
602 Iris Avenue
Relaunch opportunity
View campaign →
Dana Point
26972 Mill Pond Road
Campaign example
View campaign →
San Juan Capistrano
Peppertree Estate
Property campaign example
View campaign →
Dana Point
Calle Agua
Property campaign example
View campaign →
Opportunities, not confirmed REAL listings. These examples are part of the approximately 12-property pipeline, not additional listings. Each opportunity's status, fee structure and ability to proceed within REAL must be confirmed; existing client and brokerage arrangements will be respected. The pipeline is not booked revenue and listings do not automatically transfer.
Recruitment beyond FirstTeam+
I also have relationships with agents who were unwilling to join FirstTeam but may be receptive to joining Sellers Reserve within REAL, expanding recruitment beyond agents already affiliated with FirstTeam.
A detailed pipeline schedule, opportunity status and funding plan will support the final funding decision; they are not attached to this presentation.
Our auctions in action
See the method on auction day.
05 · Growth plan
Build a direct team. Multiply the impact through REAL teams.
My direct Sellers Reserve team
Services for other REAL agents and teams
Economics+
Broker and agent sales commissions sit outside Sellers Reserve's auction commission. Each transaction will document the brokerage commission and Sellers Reserve fee separately. There is no assumed automatic share of Sellers Reserve fees for REAL, Tom or Derek; any additional commercial participation would require express agreement. Where a property uses a combined fee, its allocation must be confirmed and not counted twice.
A measured ramp with clear accountability.
- Initial team: at least 10 agents planned, subject to onboarding decisions and transition obligations.
- Recruitment commitment: three additional agents each month once operating within REAL.
- Production target: at least 80 auctions over the next 12 months.
- Expansion ambition: a repeatable team support model, then selected REAL teams and markets.
Planning target
80 auctions total
Not a forecast of completed sales. Q1 includes transition, onboarding and campaign preparation. An auction is a campaign/event, not necessarily a completed transaction.
Recruitment math and reporting+
Three recruits per month equals 36 over 12 full recruitment months; with 10 initial agents, 46 before departures. Recruitment begins once operating within REAL, so 46 agents should not be expected within a period that includes the preceding notice period.
Monthly reporting will cover agent onboarding, recruitment activity, listing opportunities, campaigns launched, auctions held, buyer participation, accepted sales, completed sales, cash collected and loan repayment. The quarterly ramp is a proposed planning assumption; the annual target and monthly recruitment commitment are Michael's stated objectives.
06 · The funding request
$150,000 to protect momentum and fund execution.
- Amount
- $150,000 loan.
- Repayment
- Full repayment within 12 months of disbursement.
- Purpose
- Active listing campaigns and marketing, working capital, recruitment, training, operating capacity and the transition to REAL.
- Proposed repayment source
- Cash from completed transactions and Sellers Reserve operations, supported by a documented cash-flow and repayment schedule.
- Lender and borrower
- To be identified in the written loan agreement. REAL corporate is not assumed to have agreed to lend.
- Interest, installments, security, guarantees
- To be agreed in writing. No interest rate, collateral or personal guarantee is presumed.
- Funding timing
- Promptly following execution of the agreed funding documents.
I am requesting a loan with a defined repayment obligation. Pipeline values are not cash receipts and the 80-auction target is not a guarantee of repayment. We should finalize a repayment schedule against realistic cash flow rather than gross commission projections alone.
07 · Next steps
Confirm the agreement. Give notice. Execute the transition.
Upon confirmation of our written agreement and funding arrangements, I intend to give FirstTeam 30 days' written notice and begin an orderly exit, respecting my existing obligations, client relationships and brokerage arrangements.
Transition safeguards+
I will not solicit agents in breach of my FirstTeam obligations. Independently initiated approaches will be handled consistently with those obligations; an agent approaching me does not by itself establish an unrestricted right to recruit or onboard them.
We will confirm the permitted transition of listings, materials, brand rights and operating arrangements before using them within REAL.
- 1Agree the business framework, lender, borrower and loan terms.
- 2Execute the agreements and confirm funding arrangements.
- 3Give notice immediately and complete the proposed 30-day transition.
- 4Launch the team and agreed campaigns within REAL as permitted.
- 5Report monthly on production, recruitment, cash flow and repayment.
The decision
Start with a focused launch. Build toward a national platform.
My ambition is to take Sellers Reserve nationally. Within REAL, that growth can be accelerated through team leader relationships, consistent training and coordinated delivery across markets.
Phase one: establish the team, convert the existing pipeline and demonstrate value through the four Rs. Next: equip additional REAL teams. National expansion should follow demonstrated execution, delivery capacity and each market's requirements.
If the partnership proves its value, we can consider an exclusive relationship with agreed terms. Exclusivity is a future opportunity, not a condition already accepted or a restriction created by this proposal.
Tom and Derek, I am asking you to confirm support for the proposed affiliation and the $150,000 loan, repayable within 12 months, so we can finalize the agreement and begin the transition.
The pipeline is active. Please, if possible, confirm an agreed path within 48 hours of receiving this proposal. This is a requested decision window, not a fixed expiry.
I bring the pipeline, relationships, methodology and commitment to execute. REAL provides an opportunity to accelerate the reach.
About Michael
Michael MahonFounder & CEO, Sellers Reserve
Twenty-seven years at the front line of high-performance real estate and more than 2,000 homes sold. A leading auction specialist, keynote speaker and operator, Michael founded Sellers Reserve to give sellers and their agents a transparent, certain alternative to the traditional listing.
Read Michael's story+
Raised between Australia and Ireland, Michael competed in boxing, martial arts and kickboxing, winning three Australian titles. At 18 he joined the NSW Police Force, learning discipline, accountability and decision-making under pressure.
After buying his first home he moved into real estate, and within nine months was the number one agent in his office and inside the top 10% nationally. At 29 he founded REOL, which became one of the largest independent real estate businesses in the state, winning state and national titles in the Australian Business Champion Awards and twice ranking among Australia's 100 fastest-growing companies.
He went on to train and coach agents across Australia and the United States, and achieved Sydney's highest auction result three times within a 12-month period (2013–14). Sellers Reserve is the culmination of that experience: an operator's platform built around better systems, marketing, training and opportunities for agents to win.
Awards and accolades+
- 2017 · State Finalist, REIQ Agency of the Year
- 2010 · State Finalist, REIQ Awards for Excellence
- 2009 · National Winner, Australian Business Champion Awards
- 2008–09 · BRW Top 100 Fastest Growing Companies
- 2008–09 · Gold Coast Young Entrepreneur Finalist
- 2006 · Voted Best Real Estate Company on the Gold Coast