Real Brokerage on a roll with record revenue, agent count 

The Real Brokerage's growth streak has continued, with the company reporting $540.7 million in revenue for the second quarter — up from $354 million in Q1 and a nearly 60% increase from the same time last year. 

The brokerage posted big upticks in real estate transaction volume, agent count, ancillary services and gross profit. Chairman and CEO Tamir Poleg noted that Real also achieved its first quarter of positive operating income.

Meanwhile, the company reported a net gain of agents despite offboarding more than 1,500 during the second quarter. They were largely unproductive agents, Poleg suggested, who "had either not renewed their real estate licenses or had not paid mandatory association dues." 

Revenue churn, which Poleg called "a key indicator of our ability to retain our most productive agents," ticked down a bit to 1.9% — a rate he said "represents the best in class" for the industry.

What the company had to say

On the role of AI at Real: During the second quarter, Real acquired the AI-driven Flyhomes home-search platform and the company plans to integrate much of the Flyhomes backend and user interface into Real's upcoming Leo for Clients consumer dashboard.

"We believe this is a major step towards delivering an end-to-end AI-driven homebuying experience," Poleg said to investors. "Our vision has always been to leverage technology to enhance every facet of the real estate transaction. The Flyhomes platform, with its deep MLS integrations, real-time market insights and user friendly interface, is a perfect fit."

The numerous functions of Real Wallet: By the end of July, Poleg noted, more than 3,600 agents were using Real Wallet business checking accounts while approximately 850 had been utilizing the Real Wallet's tax planning features. 

Poleg indicated that the company will be rolling out business lines of credit to US agents in the coming quarter — not only to support higher-producing agents in their day-to-day operations, but to deepen their connection to Real while driving additional revenue.

"If somebody is using the line of credit, this is something that is not available to them anywhere else, and this is a good enough reason to stay beyond everything else that we offer," he explained, adding that agents who leave Real will also "be leaving money on the table" if they lose their Real Wallet rewards points.

Key numbers

Revenue: $540.7 million in Q2, representing an uptick of 59% from $340.8 million in the second quarter of 2024 and an improvement from the $354 million revenue from Q1 2025. 

Cash and cash equivalents: Real ended the quarter with $54.8 million in cash and cash equivalents on hand, more than doubling the $24.7 million cash on hand the company reported having at the end of March. Real also noted that it continues to have no debt.

Adjusted EBITDA: $20.0 million in the second quarter of 2025, an improvement from $14.0 million from the same period last year.

Net profit or loss: Real reported a net income of $1.5 million in the second quarter of 2025, compared to a net loss of $1.1 million during the second quarter of 2024.

Agent count: 28,034 at the end of Q2 2025, representing a 43% increase from the second quarter of 2024. The company noted that by August 5, 2025, approximately 29,200 agents are currently associated with the Real platform.

Transactions closed: 49,282 transaction sides closed in Q2, a significant jump from 30,367 transaction sides closed during the same period a year ago. 

Notable moves

Former President Sharran Srivatsaa was notably absent from the second quarter earnings call. Srivatsaa announced in March that he would be stepping down from his day-to-day role June 1 to join Real's board of directors. 

This week's earnings call was also the first since Real acquired FlyHomes. Poleg and Real execs did not discuss the discrimination lawsuit brought by former CFO Michelle Ressler, which was filed in early June.