Real revenue up 32% as firm champions ‘platform of the future’ 

The Real Brokerage Chairman and CEO Tamir Poleg marked "a defining moment" in the firm's history while reporting first-quarter earnings on Thursday.

The company's report came close on the heels of its announced plans to acquire REMAX Holdings — and executives were riding high on the news.

Real saw positive movement across most metrics during Q1 even as the industry faced "one of the softest markets we've seen in years," Poleg said during a May 7 call with investors. At $465.6 million, revenue was up 32% compared to one year earlier and net loss improved from $5 million in Q1 of 2025 to $3.4 million.

Meanwhile, Real's total agent count increased 25% year-over-year to 33,510 agents by the end of Q1 — and had increased further to 33,900 as of May 6. The brokerage's total number of transactions also increased by 25% year-over-year, while total transaction value grew by 24%.

"Real delivered another quarter of significant growth, with revenue increasing 32% year-over-year, demonstrating the continued strength of our platform and agent value proposition," Poleg said in a news release.

The cloud-based brokerage's plans to acquire REMAX "represents a defining moment in our history and in our industry — by combining Real's technology-driven brokerage with one of the industry's most iconic and trusted brands we will create the preeminent real estate platform of the future," he added.

What Real had to say

On the Real ecosystem: In addition to year-over-year upticks in agent and transaction counts, the company's three ancillary businesses — One Real Title, One Real Mortgage and Real Wallet — all posted strong revenue growth compared to the same time last year in a sign that agents and clients "are adopting the full Real ecosystem," Chief Operating Officer Jenna Rozenblat noted.

"The platform is working, and the combination with REMAX provides a step-change in the scale through which we can deliver it," Rozenblat said.

On cutting losses: The firm's ability to grow revenue and gross profit faster than operating expenses also helped Real improve its net loss, according to Chief Financial Officer Ravi Jani. This puts the brokerage in a good position with "solid momentum" for the spring selling season, Jani added.

On REMAX: During Thursday's call with investors, Poleg told agents that Real and REMAX "will continue to operate as separate brands with separate and distinct value propositions," while REMAX agents in particular can look forward to accessing Real's tech and services.

"At its core, Real REMAX Group will unite an iconic real estate brand and franchise network with our innovative technology and the fastest-growing major public real estate brokerage," Poleg said.

"Together, we believe we can create a platform that is genuinely differentiated and purpose-built to be a leading presence in this industry for the next generation of real estate professionals and entrepreneurs."

The REMAX transaction will also provide the combined company with "the network and reach" to bring Real's vision — of creating one integrated platform where an entire transaction can occur — to fruition "at a scale that we believe can transform how people buy and sell homes," Poleg said.

Key numbers

Revenue: $465.6 million, up 32% year-over-year from $354 million in Q1 of 2025.

Cash and cash equivalents: $46 million at the end of March compared with $33.2 million at the end of 2025.

Net loss: A loss of $3.4 million, an improvement from the $5 million net loss reported one year earlier.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $14.9 million in Q1 compared to $8.3 million in the first quarter of 2025.

Agent count: 33,510 by the end of the first quarter, up 25% year-over-year.

Transactions closed: 41,882 transactions in the first quarter, up 25% from 33,617 transactions in Q1 of 2025.

Transaction value: $16.8 billion, up 24% from $13.5 billion in the first quarter of 2025.

Notable moves

Less than two weeks before Real released first-quarter earnings, the firm announced its $880 million planned acquisition of REMAX. The deal came at an opportune time for each company, the firms said, with Real poised to gain REMAX's well-known global brand and franchise network while REMAX will get access to Real's tech platform and growth model.

Several weeks before the announcement, Real promoted team leader Jason Cassity to serve as its first-ever chief growth officer. Since Cassity took on the role (and in the months immediately preceding his appointment), Real has welcomed a number of notable teams into the fold, including a $300 million group in Florida.