In an earnings report Oct. 30, The Real Brokerage, a digital-focused brokerage, announced results for the third quarter with jumps in revenue and agent count. They follow positive numbers from the second quarter.
“In the third quarter, revenue increased 53% to $568.5 million while operating losses narrowed compared to last year,” said Ravi Jani, CFO. “We ended the quarter with a record $56 million of unrestricted cash and short term investments, even after deploying $15.5 million to share repurchases during the quarter. This financial strength gives us ample flexibility to invest in our platform, support ancillary expansion and return capital to shareholders.”
In a Q&A session following the formal press conference, Chairman and CEO Tamir Poleg, when asked if recent industry consolidations have helped Real gain agents unhappy with this M&A activity, said he wasn’t sure.
“We will likely see a little bit more interest from people who are kind of searching for a new path,” he said. “We’re not counting on that. We’re counting on our organic growth and our ability to attract agents based on our value proposition. We’re not capitalizing on anybody else’s troubles or discomfort in order to fuel our growth. For us, it will be just a cherry on top of the cake. We continue to grow regardless.”
The somewhat upstart brokerage has seen significant organic growth largely through “agent attraction”—with multi-level revenue share incentives for agents who recruit other agents—but executives also teased “some outbound strategy” in how it recruits going forward.
“Real continued to materially outperform the broader housing market in the third quarter, with closed transactions up 49% year-over-year,” said Poleg. “We also surpassed 30,000 agents, reinforcing the strength of our model and our ability to grow in any market cycle. Our focus remains on delivering meaningful value to our agents and their clients while expanding a differentiated ecosystem of ancillary products and services.”
“We organically grew our agent base by 2,100 agents in the third quarter, while our churn metrics declined to multi-year lows, demonstrating the durability of our growth engine,” said Jenna Rozenblat, Real’s COO. “Our priority remains to drive deeper agent engagement, streamline the client experience and support productivity across our network. With this momentum, we look forward to closing out the year from a position of strength, while laying the foundation for an even stronger 2026.”
AI’s continuing impact on the industry was emphasized when Jenna Rozenblatt, chief operating officer, shared that Real has been investing in it, with the automation team indicating there could be impressive breakthroughs.
“We’re working on automating 50% of transactions and also a number of other areas for reviewing contracts automatically through our automated broker review,” she said. “There’s a number of different initiatives that we’re working on that are just going to continue to push the needle and make us even more efficient month-over-month.”
It was not immediately clear how soon or to what degree the company planned to “automate” transactions, as it leans heavily into new technology, including the “Leo” AI co-pilot. Earlier this year, Real had an AI briefly stand in for Poleg on another earnings call.
A representative from the company clarified that automation referenced by Rozenblatt referred to the closing process, saying that “once everything is ready, 50% of the time the transaction will automatically settle in our system without human intervention.”
Q3 financial highlights
- Revenue rose to $568.5 million in the third quarter of 2025, an increase of 53% from $372.5 million in the third quarter of 2024.
- Gross profit reached $44.9 million in the third quarter of 2025, an increase of 40% from $32.1 million in the third quarter of 2024.
- Net loss attributable to owners of the company improved to $0.4 million in the third quarter of 2025, compared to a net loss of $2.6 million in the third quarter of 2024.
- Revenue share expense, which is included in marketing expenses, was $15.7 million in the third quarter of 2025, a 35% increase compared to $11.7 million in the third quarter of 2024.
- Real ended the third quarter of 2025 with $55.8 million of unrestricted cash and equivalents and short-term investments on its balance sheet, and continues to have no debt.
Q3 business and operational highlights
- North American Brokerage
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- North American Brokerage revenue rose to $565.3 million in the third quarter of 2025, an increase of 53% from $369.9 million in the third quarter of 2024. Growth was driven by an increase in the number of productive agents on our platform and higher transaction volume.
- The total number of agents on the platform increased to 30,183 at the end of the third quarter of 2025, an increase of 39% from the third quarter of 2024.
- The total number of transactions closed was 53,512 in the third quarter of 2025, an increase of 49% from 35,832 in the third quarter of 2024.
- One Real Title
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- One Real Title revenue was $1.3 million in the third quarter of 2025, compared to $1.4 million in the third quarter of 2024. The decline was primarily due to the wind-down of several joint ventures, which has not yet been fully offset by the ramp-up of new state-based joint ventures, which generally require several quarters before reaching scale.
- One Real Mortgage
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- One Real Mortgage revenue reached $1.8 million in the third quarter of 2025, a 47% increase compared to $1.2 million in the third quarter of 2024. Growth was driven by the addition of productive loan officers to the platform and the launch of an inside sales team.
- As of October 2025, One Real Mortgage had approximately 100 mortgage loan officers, including over 60 affiliated with the Real Originate program.
To review the full transcript of the earnings report, go here.
