Lakes Area Realty

What Lakes Area Realty does

Lakes Area Realty is a family-owned, full-service residential and commercial real estate brokerage headquartered in Minneapolis, Minnesota. Founded in 1996 by Steve Havig and operated alongside his wife Terri Havig (President), the firm has grown to operate 9 branch offices across Minnesota, Wisconsin, and Florida, self-describing as the largest family-owned brokerage in the state. Its service portfolio covers residential buyer and seller representation, commercial property transactions (via a dedicated Commercial Real Estate Group), 1031 Exchanges, multi-family investment brokerage, and site evaluations, serving individual home buyers, sellers, residential investors, and commercial property clients.

The firm's product surface is intentionally light on proprietary technology: a Squarespace-hosted marketing website, an MLS property search portal at listings.lakesarealty.com, and an agent portal constitute the disclosed digital footprint. There are no proprietary software products, APIs, AI/ML features, or mobile applications. Customer acquisition and transaction execution are delivered through a sales-led, territory-based agent network — each branch is led by an owner-operator agent responsible for a defined geographic market, with referrals and community involvement (20+ philanthropic partnerships) serving as primary lead-generation channels.

The revenue model is the traditional residential brokerage commission structure: agents earn negotiable commissions on completed buyer-side and seller-side transactions, with no publicly disclosed pricing, no subscription, SaaS, or fee-for-service lines. Pricing is explicitly described as "all negotiable" and addressed in person. The firm is privately held, has no funding history, no parent company, and no disclosed financial figures; growth is funded through operating cash flow and founder capital.

Name

Lakes Area Realty

Legal name

Lakes Area Realty

Website

https://lakesarearealty.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Lakes Area Realty is a family-owned, full-service real estate brokerage operating 9 branch offices across Minnesota, Wisconsin, and Florida, providing residential and commercial transaction services to individual home buyers, sellers, and real estate investors.

Ownership category

akta.pro rank

Product category

Residential Real Estate Brokerage

NAICS

Offices of Real Estate Agents and Brokers (53121), Offices of Real Estate Agents and Brokers (531210), Offices of Real Estate Agents and Brokers (5312)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Residential Real Estate Brokerage (Buy/Sell) (FSAEAJAA)

akta.pro secondary industry

Traditional Residential Brokerage (Existing Homes) (BPAJAAAA)

Keywords

• Real estate brokerage
• Residential property sales
• Commercial real estate services
• Property listing search
• Buyer and seller representation

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Real Estate Transaction Commissions: Traditional real estate brokerage commission model. Agents earn commissions on completed buyer and seller transactions. Commission structure is negotiable per FAQ. The company operates as a full-service brokerage with agents representing buyers and sellers in residential and commercial property transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lakes Area Realty is a full-service real estate brokerage that represents home buyers, home sellers, real estate investors, and commercial property clients across residential and commercial transactions. Services are delivered through a network of licensed REALTORS across nine branch offices in Minnesota, Wisconsin, and Florida, supported by a public website and an MLS property-search portal. Revenue is generated through negotiable commissions on completed buyer and seller transactions, with a specialized Commercial Real Estate Group handling leases, sales, purchases, and 1031 Exchanges.

Product overview

Lakes Area Realty is a full-service real estate brokerage operating in Minnesota, Wisconsin, and Florida. The company offers a unified service platform centered on residential and commercial property transactions. Core offerings include a public-facing website for lead generation and company information, an MLS portal for property listings search, and a specialized Commercial Real Estate Group for handling commercial transactions including 1031 Exchanges. The company does not offer a modular software platform but rather integrates these services through its website and agent network across nine branch locations.

Differentiator

Problem solved

Functional benefit

Brands

• Lakes Area Realty Commercial Real Estate Group: Commercial real estate division offering services for lease, sale or purchase of commercial properties, including financing, appraisals, site evaluations and 1031 Exchanges.

Products and services

• Lakes Area Realty Residential Brokerage Services Full-service residential real estate representation for home buyers and home sellers across Minnesota, Wisconsin, and Florida, delivered through a network of licensed REALTORS across nine branch offices. Includes buyer-agent market analysis, offer strategy, seller representation with multi-pronged market analysis, preparation and staging guidance, full-service marketing, negotiation support, and closing assistance. Targets individual and family consumers making primary residential purchase or sale decisions.
• Lakes Area Realty Commercial Real Estate Group Specialized commercial real estate division offering lease, sale, and purchase representation for commercial properties, including financing solutions, appraisals, site evaluations, and 1031 Exchanges. Targets businesses and commercial investors across Minnesota, Wisconsin, and Florida.
• Multiple Listing Service (MLS) Property Search Portal Online property-search portal at listings.lakesarealty.com enabling prospective home buyers to browse and search all Lakes Area Realty active listings. Functions as the brokerage's primary self-serve listing-discovery channel supporting lead generation and buyer engagement.
• Agent Portal Internal portal at lakesarearealty.com/agent-portal providing licensed REALTOR access for brokerage operations, supporting the firm's licensed agent network.
• Real Estate Investment Advisory Services Advisory and transactional services for real estate investors covering commercial properties, multi-family investments, renovation and resale, and 1031 Exchanges. Targeted at individual investors and small investor groups seeking acquisition, disposition, and portfolio-management representation.

Quantifiable outcome

• Proven track record of winning in multiple-offer environments
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• RE/MAX: Globally recognized franchise brokerage with strong agent-count in Minnesota, Wisconsin and Florida; competes for the same referral network and producer talent as Lakes Area Realty.
• Century 21: Established national franchise with offices in MN, WI and FL offering residential and commercial brokerage; comparable independent-franchise positioning and geographic overlap with Lakes Area Realty.
• Coldwell Banker: National franchised brokerage with significant Minnesota, Wisconsin and Florida agent rosters; offers overlapping residential and commercial transaction services as part of a much broader portfolio.
• Keller Williams Realty: Agent-centric franchise model with large Minnesota market centers; overlaps directly on residential brokerage services and competes for independent agents considering a move from Lakes Area Realty.
• Berkshire Hathaway HomeServices: National franchise brokerage with strong Midwest presence; competes for high-end residential listings and buyer representation in the same Twin Cities luxury and suburban segments as Lakes Area Realty.

Direct peers

• Edina Realty: Largest competing Minnesota-based residential brokerage with deep local presence across the Twin Cities and broader state; directly competes with Lakes Area Realty for the same buyer, seller and agent talent pool in the same Minnesota submarkets.

Emerging players

• eXp Realty: Cloud-based brokerage model with aggressive agent-recruiting incentives across the U.S.; directly threatens Lakes Area Realty's traditional office-based agent retention strategy by offering higher splits and remote operations.
• Compass: Tech-forward residential brokerage that combines in-person agents with proprietary search, CRM and marketing tools; represents the digital-first competitive threat that Lakes Area Realty's non-proprietary technology stack cannot currently match.
• Realty ONE Group: Fast-growing, agent-centric franchise with a no-desk-fee model expanding across MN and FL; competes for independent producers and entry-level agents that Lakes Area Realty traditionally recruits.
• HomeSmart: Flat-fee, tech-enabled brokerage expanding across the Midwest and Sunbelt; offers a cost-structure alternative for agents and a digital consumer experience that contrasts with Lakes Area Realty's traditional sales-led model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lakesarearealty
• Facebookfacebook.com/lakesarearealty
• LinkedInlinkedin.com/company/lakes-area-realty

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lakes Area Realty