Agents flock to Real Brokerage as revenue tops $350 million 

After notching its first billion-dollar year, The Real Brokerage started 2025 strong, bringing in more than $350 million in revenue, adding more than 2,000 agents, increasing the number transactions per agent and expanding its use of AI.

The rapid expansion came with a net loss of $5 million, less than a third of the loss reported this time last year. The company also grew its cash on hand, has no debt and continues to add agents at a steady clip — 900 in the 38 days since the end of the first quarter.

Not surprisingly, the company's leaders exuded optimism in their earnings call, with CEO Tamir Poleg acknowledging that "it's been an uncertain time for agents, for consumers and for the broader economy," while offering reassurance that "Real was built for moments like this," with a model he said can succeed in any environment.

What the company had to say

On the role of the MLS and private listings: "At Real, our perspective is pretty simple," Poleg said. "Any change in how homes are listed and discovered should ultimately benefit the consumer."

Some companies are "approaching this from a lens of trying to gain a competitive advantage," Poleg said — and Real has heard from brokerages looking to involve them in their initiatives. "The reality is, the more exposure a listing has, the better the outcome. This is what we believe in, and that's the foundation of an efficient marketplace."

On AI: The company is now routing all incoming agent support calls to its AI-powered assistant, Leo, and later this month plans to roll out the ability to chat with an AI version of Poleg, complete with a voice that he said can fool his own mother. To show its effectiveness, the virtual CEO read the prepared statement to kick off the earnings call, a choice that was not apparent until the AI version of Poleg outed himself.

"While others brace for change, we lean into it," AI Poleg said, before turning over the mic to the real deal for live questions (or so it said). "That's why, despite the noise, we continue to invest in innovation, expand our model and deliver value for our agents by embracing the future, not resisting it."

Key numbers

Revenue: $354 million for Q1, up 76% year-over-year from $200.7 million in Q1 2024. The company said the increase was driven by strong agent growth and transaction volume.

Cash and cash equivalents: $24.7 million at the end of March, a 5.6% increase from $23.4 million at the end of 2024.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $8.3 million in Q1, more than double the $3.6 million posted in Q1 2024.

Net loss: A loss of $5 million in Q1, versus $16.1 million in the same quarter last year.

Agent count: 26,870 agents at the end of Q1, up 61% year-over-year. 

Transactions closed: 33,617 transactions in Q1, a 77% increase from 19,032 a year ago. The total value of completed transactions jumped 80% to $13.5 billion.

Notable moves

This was the last earnings call for Sharran Srivatsaa in his role as president. Srivatsaa announced in March that he would be moving to the board of directors starting June 1.

"I believe that Real needs me in a bigger capacity right now" with the industry facing "a massive transformation," Srivatsaa told Real Estate News after the move was announced. "There is no better time for me to step up and serve as 'the agent's voice' on our board in advising how we shape our strategy and vision as we continue to build the platform of the future."

Srivatsaa was ranked the 30th most powerful person in this year's Swanepoel Power 200 rankings of the top leaders in real estate, with Poleg coming in at No. 20. Additionally, Real and Srivatsaa were among Real Estate News' top ten newsmakers in 2024.