Real Brokerage (REAX) Company Report

Analyst Coverage

Research analysts who have asked questions during Real Brokerage earnings calls.

Matthew Erdner

JonesTrading Institutional Services

4 questions for REAX

Also covers: ACR, AGNC, AOMR +18 more

Stephen Sheldon

William Blair & Company

4 questions for REAX

Also covers: AGYS, ALRM, APEI +11 more

Darren Aftahi

Roth Capital Partners

3 questions for REAX

Also covers: ALRM, ANTA, APLD +17 more

Naved Khan

B. Riley Securities

1 question for REAX

Also covers: ABNB, ACVA, BKNG +13 more

Nick McAndrew

Zelman & Associates

1 question for REAX

Also covers: COMP, HOUS, OPEN +1 more

Wyatt Swanson

D.A. Davidson & Co.

1 question for REAX

Also covers: CARG, DUOL, EXPI +2 more

Latest news

Recent press releases and 8-K filings for REAX.

Real Brokerage Highlights Strong Growth, AI-Driven Efficiency, and New Revenue Avenues at Needham Conference

REAX

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Real Brokerage is on pace to exceed $2 billion in revenue, a 7x increase from approximately $300 million in 2022, showcasing significant growth despite challenging market conditions.
The company achieves 100% organic and inbound agent growth, with 85% from existing agent referrals, and reported a low revenue churn of 1.4% in Q3, indicating strong agent retention and an effective acquisition model.
Real's AI assistant, Leo, handled 50% of support tickets in Q3 and significantly reduces transaction processing time. Leo is also being rolled out consumer-facing to enhance agent productivity and drive attach rates for high-margin services like mortgage (50% gross margin) and title (80% gross margin), with a new agent incentive program for Leo engagement starting Q3 2026.
The company anticipates an improved housing market in 2026 with an estimated 4.3 million home sales and is focused on expanding high-margin services (including Real Wallet with 90% gross margin) and leveraging technology for operational efficiency, contributing to record-high EBITDA margins.

Jan 13, 2026, 9:30 PM

Transcript

Real Brokerage (REAX) Discusses Strong Growth, AI Innovation, and 2026 Market Outlook

REAX

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Real Brokerage (REAX) is on pace to exceed $2 billion in revenue, representing a 7x growth from approximately $300 million in 2022.
The company achieved 100% organic and inbound agent growth, with 85% coming from existing agent referrals, and reported 1.4% revenue churn in Q3, its lowest in many years.
Real has significantly improved operational efficiency, reducing human labor per transaction from approximately two hours to 2-3 minutes, and is investing heavily in technology.
Its new consumer-facing AI assistant, Leo, handled about 50% of support tickets in Q3 and will allow agents to be paid for client conversation minutes starting in Q3 2026.
The CEO anticipates 4.3 million homes sold in 2026, with low five percent mortgage rates potentially unlocking demand.

Jan 13, 2026, 9:30 PM

Transcript

Real Brokerage CEO Discusses Growth, AI Initiatives, and Market Outlook

REAX

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Real Brokerage (REAX) has experienced significant revenue growth, from approximately $300 million in 2022 to being on pace to exceed $2 billion in 2025.
The company's agent growth is 100% organic and inbound, with 85% coming from existing agent referrals, leading to 8,500 net agent additions over the past year as of September.
Real Brokerage has implemented an AI assistant named Leo, which handled about 50% (10,000) of internal support tickets in Q3 2025 and has reduced human labor per transaction from approximately two hours to two to three minutes.
The company is expanding into high-margin services such as title (over 80% gross margins), mortgage (50% gross margins), and Real Wallet (90% gross margins), with plans to leverage AI (Leo) to increase attach rates by incentivizing agents starting Q3 2026.

Jan 13, 2026, 9:30 PM

Transcript

Real Brokerage expands Ontario presence with key agent acquisition

REAX

Hiring

New Projects/Investments

Revenue Acceleration/Inflection

Real Brokerage announced that Sandy MacKay, a prominent Canadian real estate leader, has joined the company, bringing his 12-agent Found Spaces Realty Group and a network of 50 additional top-producing agents across Ontario.
MacKay's Found Spaces Realty Group averages $100 million in annual volume, and the additional network of agents contributes $500 million in annual sales, significantly strengthening Real's Ontario presence and investment-focused market leadership.
This expansion contributes to Real's growing agent count, which now exceeds 31,000, and follows recent technology introductions like HeyLeo and enhancements to Leo CoPilot and Real Wallet.

Dec 18, 2025, 12:30 PM

Press Release

The Real Brokerage CEO Discusses Organic Agent Growth, AI Strategy, and Margin Expansion

REAX

New Projects/Investments

Hiring

Product Launch

The real estate market has been in a trough for the past three years, with existing home sales 20%-25% below the historic average of 5.2 million, primarily due to affordability issues. Despite this, commissions have remained stable at 2.6% per side on a national average.
The Real Brokerage (REAX) has achieved significant organic growth, adding over 7,000 agents this year and 10,000 agents last year, bringing their total to 31,000 agents.
REAX launched "Leo for consumers" via heyleo.com, an AI concierge that can assist buyers with property searches, mortgage pre-qualification, and showing scheduling. This AI is designed to automate 90% of the 250 tasks agents perform for buyers.
The company aims to improve its margin profile by focusing on ancillary services, which have significantly higher gross margins: 83% for title, 50% for mortgage, and over 90% for RealWallet, compared to 9% for the brokerage side.

Nov 18, 2025, 7:00 PM

Transcript

The Real Brokerage Inc. Discusses Organic Growth, AI Strategy, and Margin Expansion at RBC Conference

REAX

New Projects/Investments

Hiring

Revenue Acceleration/Inflection

The Real Brokerage Inc. (REAX) has demonstrated significant organic agent growth, adding over 7,000 agents this year and about 10,000 agents last year, bringing their total to 31,000 agents.
The company is heavily investing in AI with its "Leo" concierge, which has expanded from agent back-office support to direct consumer interaction via heyleo.com. Leo aims to automate 90% of 250 identified buyer tasks, enabling agents to increase transaction volume, and REAX plans to pay agents for consumer interactions with Leo to incentivize adoption.
Despite the real estate market being in a "trough" for the past three years and facing affordability challenges, REAX has achieved over 50% year-over-year growth and is not relying on potential future interest rate reductions.
Gross margins vary across business segments: 9% for brokerage, 83% for title, 50% for mortgage, and over 90% for RealWallet, with a strategic focus on increasing ancillary services to improve the overall margin profile.

Nov 18, 2025, 7:00 PM

Transcript

The Real Brokerage Inc. Discusses Strong Agent Growth, AI Strategy, and Margin Expansion

REAX

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

The Real Brokerage Inc. has achieved substantial organic growth, adding over 7,000 agents this year and approximately 10,000 agents last year, bringing its total agent count to 31,000.
The company is leveraging its proprietary AI concierge, Leo, which was recently launched for consumers to automate up to 90% of buyer-related tasks, including mortgage pre-qualification and showing scheduling.
To drive adoption of Leo and monetize high-intent leads, The Real Brokerage plans to pay agents per minute of conversation between Leo and their clients, aiming to cross-sell higher-margin ancillary services like mortgage and title.
The company's gross margins vary significantly by segment: 9% for brokerage, 83% for title, 50% for mortgage, and over 90% for Real Wallet, with a strategic focus on expanding these higher-margin ancillary services.

Nov 18, 2025, 7:00 PM

Transcript

The Real Brokerage Reports Strong Q3 2025 Financial and Operational Growth

REAX

Earnings

Revenue Acceleration/Inflection

Share Buyback

The Real Brokerage (REAX) reported Q3 2025 revenue of $569 million, a 53% increase year over year, with gross profit rising 40% to $45 million.
The company achieved a near breakeven net loss of negative $0.3 million and a positive adjusted EBITDA of $20.4 million, representing a 54% improvement from the prior year.
The agent base grew to over 30,100 agents, up 39% year over year, and closed transactions increased 49% to more than 53,500, totaling over $21 billion.
Operational efficiency improved, with revenue churn declining to 1.4% in Q3, the lowest level in over two years, partly attributed to AI and automation initiatives.
REAX repurchased 3.2 million shares for $15.5 million and ended the quarter with nearly $56 million in unrestricted cash and short-term investments, carrying no debt.

Oct 30, 2025, 12:00 PM

Transcript

Real Brokerage Inc. Announces Strong Q3 2025 Financial Results

REAX

Earnings

Revenue Acceleration/Inflection

Share Buyback

The Real Brokerage Inc. reported Q3 2025 revenue of $568.5 million, a 53% increase year-over-year, and Adjusted EBITDA of $20.4 million, up 54% from Q3 2024. The net loss attributable to owners improved to $(0.4) million compared to $(2.6) million in the prior year.
The company's platform saw its agent base grow to 30,183 by the end of Q3 2025, a 39% increase year-over-year, and closed transactions increased 49% to 53,512.
Real ended the quarter with $56 million in unrestricted cash and short-term investments, having deployed $15.5 million to share repurchases during the period.
Agent churn metrics declined to multi-year lows, reflecting the organic growth of 2,100 agents added in Q3 2025.

Oct 30, 2025, 11:01 AM

6-K

The Real Brokerage Inc. Announces Third Quarter 2025 Financial Results

REAX

Earnings

Revenue Acceleration/Inflection

Share Buyback

The Real Brokerage Inc. reported revenue of $568.5 million in the third quarter of 2025, marking a 53% increase from the prior year.
Adjusted EBITDA grew 54% to $20.4 million in Q3 2025, and the net loss attributable to owners improved to $(0.4) million compared to $(2.6) million in Q3 2024.
The company ended the quarter with $55.8 million in unrestricted cash and short-term investments and repurchased 3.2 million common shares for $15.5 million.
Closed transactions increased 49% year-over-year to 53,512, and the total agent count surpassed 30,000, reaching 30,183 by the end of Q3 2025.