Real Brokerage revenue up 53% as agent count tops 30k
The company is also bolstering its AI offerings to “reduce manual or low-value processes across the organization,” execs said during a Q3 earnings call.
As Real Brokerage's agent count continues to rise, the company is focusing on ways to increase productivity and efficiency — particularly through the expansion of AI tools to automate agent tasks.
The company has also maintained strong growth in revenue and transactions, and hit a notable agent milestone in the third quarter.
Real posted revenue of $568.5 million in Q3, an increase of 53% year-over-year, and surpassed the 30,000-agent threshold, with agent count up 39% compared to a year ago. Transaction sides increased nearly 50% to 53,512, translating to $21.4 billion in volume.
Despite the growth, the company posted a net loss of $400,000 for the quarter — an improvement from the $2.6 million net loss during the same period in 2024, but down from a net gain of $1.5 million last quarter.
What Real had to say
On AI and automation: The major theme of this quarter's earnings call was operational efficiency and the company's use of AI for administrative and support tasks via its proprietary tools Leo — an AI assistant for agents — and reZEN, a transaction and financial management tool.
In September, the company launched a dedicated team for automation to "reduce manual or low-value processes across the organization," COO Jenna Rosenblatt explained, saving staff thousands of hours "equivalent to multiple full-time roles."
"In Q3, we expanded Leo's reach to also be the first line of support for agent email. In the second quarter, Leo handled about 28% of all calls initiated through reZEN and by the end of the third quarter, that figure had grown to approximately 47%," Rosenblatt told investors.
On agent growth: When asked if the company has started seeing opportunities for agent recruitment stemming from brokerage consolidation and major M&As — particularly Compass' proposed acquisition of Anywhere — CEO Tamir Poleg indicated that Real remains focused on growing organically.
"I think that once that transaction closes, we will likely see a little bit more interest from people who are searching for a new path, but we're not counting on that," he explained. "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."
Key numbers
Revenue: $568.5 million in Q3 2025, up 53% year-over-year and a 5.3% increase from $540.7 million in Q2 2025.
Cash and cash equivalents: Real ended Q3 2025 with $36.4 million in cash and cash equivalents, up from $23.4 million at the end of 2024. The company continues to report no debt on its balance sheet.
Adjusted EBITDA: $20.4 million in Q3 2025, an improvement from $13.3 million in Q3 2024.
Net profit or loss: Real reported a net loss of $400,000 for the third quarter of 2025, compared to a net loss of $2.6 million during the same period in 2024.
Agent count: 30,183 at the end of Q3 2025, representing a 39% year-over-year increase.
Transactions closed: 53,512 transaction sides closed in Q3 2025, up 49% from the third quarter of 2024.
Total transaction value: $21.4 billion in Q3 2025, compared to $14.4 billion in Q3 2024 — an increase of roughly 49%.
Ancillary services: One Real Title posted $1.3 million in revenue, down slightly from $1.4 million a year ago. One Real Mortgage boosted revenue by 47% year-over-year to $1.8 million.
Notable moves
Early in the third quarter, Real announced that it acquired Flyhomes' AI-powered home search portal and made a strategic equity investment to support Flyhomes' transformation into a wholesale mortgage lender.
And just this month, the company unveiled Real Wallet Capital, a new feature within its Real Wallet tool. The lending product gives agents quick access to working capital and manages repayment automatically by directing a portion of commissions and revenue share toward paying down the balance.
Recruiting wins during the quarter include the addition of The Landmark Group, which brought more than 250 agents to Real in September, and the Benson Crew, a newly merged group of teams that now represents Real's largest team in Canada.