Real Brokerage Posts Record Revenue, Positive Net Income In Q2

Real Brokerage Inc. posted a record $540.7 million in revenue for the second quarter of 2025 — a 59% year-over-year increase — and reported its first quarter of positive net income.

The company also achieved its first quarter of positive operating income, marking a significant milestone for the cloud-based real estate platform.

“Real is a real estate technology company that is fundamentally different in our industry,” Real Chairman and CEO Tamir Poleg said Thursday during a Q2 earnings call. “Unlike traditional real estate brokerage firms, we provide real estate agents with a compelling combination of financial incentives and a proprietary, software based technology platform, which eliminates the need for an agent’s physical office space and a collaborative culture that we believe is unique in our industry.”

Net income attributable to shareholders was $1.5 million, compared to a net loss of $1.1 million in the same quarter last year.

Gross profit rose 50% to $47.9 million. Adjusted EBITDA reached $20 million, up from $14 million in Q2 2024.

Transaction volume and agent growth surge

Real closed 49,282 real estate transactions in the quarter, a 62% increase from the 30,367 closed in the year-ago period. The total value of completed transactions hit $20.1 billion, up from $12.6 billion.

Agent count grew 43% year-over-year to 28,034 as of June 30. As of Aug. 5, the company reported a total of approximately 29,200 agents on its platform.

“This sustained growth underscores the compelling strength of our value proposition,” said Poleg. “During the second quarter, we off-boarded over 1,500 agents who had either not renewed their real estate licenses or had not paid mandatory association dues. The outcome of this is clear in our performance metrics, where we saw transactions per average agent increased by 7% year-over-year, significantly outpacing industry averages.

“Moreover, our revenue churn, which remains a key indicator of our ability to retain our most productive agents, held firm at what we believe represents the best in class, 2% in the quarter.”

Operating metrics improve

Operating expenses rose 42% to $46.2 million while revenue share expense grew 41% to $17.6 million.

On a per-transaction basis, adjusted operating expenses fell 5% to $459. Real generated $41 million in cash from operations during the quarter and repurchased 700,000 shares for $2.7 million.

The company ended the quarter with $54.8 million in unrestricted cash and short-term investments and continues to carry no debt.

“Real delivered standout financial performance in the second quarter, despite a challenging macro backdrop,” said CFO Ravi Jani. “Our disciplined financial approach is clearly yielding results, and we remain focused on driving long-term shareholder value.”

Technology integration, AI focus

Real continues to expand its fintech and artificial intelligence (AI) offerings.

The company’s Real Wallet product now includes business checking accounts for U.S. agents and credit lines for Canadian agents.

As of July, more than 3,600 agents used the platform — with average account balances exceeding $14 million across all accounts.

“In the third quarter, we will begin piloting our U.S. lending product and also formally launch Real Wallet rewards points,” Poleg said. “Given our U.S. agent base is nearly 10 times larger than our Canadian agent base, we are incredibly excited for the potential to significantly increase the size and impact of the Real Wallet portfolio.”

Automation is transforming Real’s transaction processing systems, said Chief Operating Officer Jenna Rozenblat.

She said the company can now process nearly half of its transactions with minimal oversight.

“To give you some context, for a traditional brokerage to handle the same volume of transaction, it would likely require hundreds of U.S.-based employees working in a physical office space,” she said.

Looking ahead, Real is forming an in-house AI automation team to expand these efficiencies across all departments.

New training

This fall, Real will launch “Agent Breakthrough,” a free 60-day virtual productivity program open to all real estate professionals, regardless of brokerage.

Training will cover marketing strategies, practical AI skills and include guidance from industry coaches.

In-person coaching is expanding too — via the company’s “Further Together” event series. Led by agents, these sessions will focus on peer-driven strategies and collaboration.

“We believe we are making Real an even more compelling and rewarding place to build a successful and lasting real estate career,” Rozenblat said.

Revenue share program overhaul

Starting in August, Real implemented changes to its revenue share model to further incentivize production and recruiting.

Agents who hit their annual commission cap will automatically unlock up to Tier 3 in the revenue share program for the following year. “Elite Agents” will unlock up to Tier 5. Additional changes tie tier access to organization size, including:

• Tier 3: 750 agents
• Tier 4: 1,000 agents
• Tier 5: 1,500 agents

The new thresholds aim to strengthen alignment between productivity and compensation, leaders said.

Flyhomes acquisition boosts consumer offering

On July 1, Real acquired Flyhomes’ AI-powered home search portal and associated technology.

The move brings advanced MLS integrations and a user-centric interface that will power Real’s upcoming consumer-facing product, Leo for Clients.

“Our vision has always been to leverage technology to enhance every facet of the real estate transaction,” said Poleg. “The Flyhomes platform, with its deep MLS integrations, real time market insights and user friendly interface, is a perfect fit.

“This acquisition is not just about technology. It also brings a talented team of experienced engineers with deep real estate and AI expertise into Real’s [research and development] organization, bolstering our in-house capabilities.”

The company also made a minority equity investment in Flyhomes to support its transition toward wholesale mortgage lending.

Real’s mortgage subsidiary — One Real Mortgage — will offer Flyhomes’ “Buy Before You Sell” financing as part of the integration.

“The acquisition and our minority equity investment in Flyhomes was funded with cash on hand, and we expect the ongoing operating expense impact to be approximately $2 million to $3 million annually,” Poleg said. “We view this as a highly strategic investment that significantly strengthens our competitive position and accelerates our technology roadmap.”