Real’s revenue jumps 30% with REMAX deal pending
Ahead of a planned vote on Real’s acquisition of REMAX, CEO Tamir Poleg said the two companies have an “opportunity to write the industry’s next great chapter.”
The Real Brokerage announced Aug. 6 that despite the persistently slow housing market, the company's revenue grew to $700.6 million during the second quarter of 2026.
Though up 30% year-over-year, revenue growth has slowed compared to Q2 of 2025, when annual revenue increased 59%, and Q2 of 2024, when revenue increased 84% year-over-year.
The cloud-based brokerage, which announced plans to acquire REMAX in April, said its gross profit rose by 22% on an annual basis to $58.3 million, and agent count rose by 26% to 35,348. Operating expenses ballooned by 41% from the previous year to $65.3 million, though Real attributed $11.6 million of that to its pending acquisition.
"We enter the second half of the year with a robust pipeline and continue to make meaningful progress toward closing our acquisition," CEO Tamir Poleg said in a statement, adding during a Thursday call with investors that Real has "a great deal of respect for the REMAX franchise model" and the companies together have "the opportunity to write the industry's next great chapter."
What Real had to say
On growth in a tough market: "Despite one of the most challenging housing markets in years, we again delivered significant growth, improved core profitability and further strengthened our balance sheet," Poleg told investors.
"Those results reinforce something we've believed for a long time: When we consistently help great real estate professionals build better businesses, we can deliver differentiated growth, improve profitability and create long-term value."
On AI and Leo 2.0: Real's Leo AI platform continues to evolve to make agents' jobs easier, Chief Operating Officer and Chief Integration Officer Jenna Rozenblat said.
The beta version of Leo 2.0, which top agents and teams are already using, provides direct integrations with some of the industry's biggest CRMs. That integration helps save agents time by helping them respond faster to client queries and identify the moment when clients will be ready to act.
Poleg later added that Real is also working on integrating its mortgage and title services into Leo, which he said should over time lead to a boost in revenue for those ancillary services.
On REMAX: Onboarding REMAX will bring an iconic global brand and experienced franchise owners and agents to Real's tech platform, Poleg said, while REMAX franchise owners and agents will benefit by gaining access to Real's modern tech, AI capabilities and agent productivity software.
Real CFO Ravi Jani told investors that the brokerage expects to achieve a profit of at least $190 million with the merger, taking into account the combined companies' $160 million of adjusted EBITDA in 2025 and anticipated $30 million in cost synergies within three years of the transaction's close.
Key numbers
Revenue: $700.6 million, up 30% year-over-year from $540.7 million in Q2 of 2025.
Cash and cash equivalents: $73.8 million by the end of the quarter, up from $46 million at the end of March.
Gross profit: $58.3 million, up 22% from $47.9 million at the same time last year.
Net loss: A loss of $8 million, compared to a net income of $1.6 million in Q2 of 2025.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $27.6 million, up from $20 million the year before.
Transactions: Closed transactions for the quarter increased 27% year-over-year to 62,380.
Agent count: 35,348 by the end of Q2, up 26% year-over-year. As of Aug. 5, agent count was over 36,000.
Notable moves
On April 27, Real announced that it had entered into an agreement with REMAX to acquire the legacy franchise network. A securityholder vote on the transaction is scheduled for Aug. 14, at which time the transaction is expected to be approved.
Over the past few months, Real has welcomed several new teams and brokerages into the fold, including The Solutions Group, a Central Florida team that Real said brings in over $300 million in annual sales volume. The company also added the New York City-based NŌVEM Real Estate and Creativ Realty, based in New Brunswick, Canada, in Q2.
JP Piccinini, founder of the Texas-headquartered JPAR Real Estate, also joined Real in June as a growth leader, with Real Chief Growth Officer Jason Cassity saying at the time that Piccinini "understands what it takes to grow from agent to operator to organization builder."