REAL BROKERAGE INC Oppenheimer 29th Annual Technology, Internet & Communications Conference
Review the key takeaways and the transcript of this earnings call.
- At the end of Q2 2026, The Real Brokerage had over 36,000 real estate agents across the US and Canada, growing at nearly a 50% compounded annual growth rate since early 2023.
- LTM revenue increased from $500 million in Q2 2023 to over $2.3 billion in Q2 2026, with adjusted EBITDA growing from break-even to $77 million over the same period.
- The Real Brokerage operates a fully remote virtual brokerage model, offering agents 85% commission with a $12,000 annual cap in the US and $15,000 in Canada, plus revenue share and equity opportunities.
- The company’s proprietary technology platform, Reason, and AI layer, Leo, support 100% of agents’ transactions and inquiries, enabling high operational efficiency with 94 agents per full-time employee at the end of 2025.
- Real’s fintech business, Real Wallet, provides agents with bank accounts, debit cards, near-instant commission payments, and access to credit lines underwritten using transaction data.
- The Real Brokerage’s gross margins are around 8-9%, while mortgage and title insurance businesses carry much higher margins; attach rates for these ancillary services are currently low but expected to increase.
- In April 2026, The Real Brokerage announced its acquisition of RE/MAX Holdings, pending shareholder approval, combining Real’s high-growth cloud brokerage with RE/MAX’s global franchise network of over 145,000 agents.
- Pro forma, the combined Real RE/MAX Group would have over 180,000 agents, $2.3 billion in 2025 revenue, and $157 million in adjusted EBITDA, or $187 million on a fully synergized basis.
- The acquisition price was approximately seven times 2025 adjusted EBITDA on a fully synergized basis, with expected $30 million annual run-rate cost synergies by end of 2027.
- RE/MAX will continue to operate under its brand, with Real providing technology and back-office infrastructure.
- The combined company aims to increase mortgage and title attach rates and monetize nearly one million annual RE/MAX website leads using AI.
- Real has grown agent count and revenue despite a near 30-year low in housing transaction volume, driven by agent freedom, compelling economics, technology, culture, and monetization opportunities.
- Real has increased pricing three times in the past three years due to enhanced value and technology evolution.
STOCKNOW INSIGHTS
Continue with outlook and guidance.
Log in to unlock executive comments and Q&A highlights.
Log in for the full summaryStockNow uses AI to translate and summarize earnings calls. Accuracy and completeness are not guaranteed.
Transcript
Preview the first five paragraphs, organized by speaker.
All right. Good morning, everyone, and thanks for joining. My name is Chad Larkin, and I am on the internet team here at Oppenheimer, and we are very pleased to have Tamir Poleg, founder and CEO of The Real Brokerage, with us this morning. He is going to go through a presentation followed by some Q&A. If you have any questions after the presentation, feel free to ask them in the chat function below, or you can email me directly at chad.larkin@opco.com. With that, Tamir, the floor is yours.
Thank you, Chad. Hi, everyone. Good morning. My name is Tamir, and I am the co-founder and CEO here at Real. I want to, first of all, thank Oppenheimer for the opportunity to speak to you today. For those of you who attended the conference last year, you may know The Real story. We are a fast-growing, technology-based real estate brokerage with a very differentiated growth trajectory, especially given the current housing market. A lot has changed over the past 12 months, and I want to spend some time today talking about both what we have built and what we think the next chapter looks like, because we think that the next chapter will be even more exciting than it has been so far. Before I get into it, our presentation contains forward-looking statements, so please review the full disclaimer in our slides and in our public filings.
Let me ground everyone with where Real is today. At the end of the second quarter of 2026, we had over 35,000 real estate agents across the U.S. and Canada, and that number is now over 36,000. We have been growing agents at a nearly 50% compounded growth rate since early 2023, which has translated to significant revenue and adjusted EBITDA growth over that same period. I want to put that in context because the housing market over the same period has been near a 30-year low in terms of transaction volume. We are growing our agent count 50% in a market that is basically flat to down.
The way we have done that is by building a platform that agents genuinely want to be a part of, not because the market is so great, but because our economics and our technology are just fundamentally better than what is available today by other brokerages. Our business model is pretty simple. At Real, agents keep 85% of every commission dollar they generate with a $12,000 annual cap in the U.S. and a CAD 15,000 annual cap in Canada. Once they hit the cap, they keep 100% of their commission, less a $325 transaction fee. On top of that, agents can earn revenue share income by attracting other agents to the platform. They can earn equity in the company through various agent equity programs, and there are a few more ways that they can monetize their businesses.
So there are multiple ways, as I said, for agents to build wealth on our platform, not just from transactions that they close. The reason we can offer agents such compelling economics is because instead of operating a traditional brick-and-mortar offices like most traditional brokerages, which has been the industry norm for many, many decades, we are a fully remote virtual brokerage, giving agents significant freedom and flexibility to run their businesses their own way. Looking at the next chart or the next slide with the four charts, the numbers here speak for themselves. Since the second quarter of 2023, we have grown our LTM revenue from $500 million to over $2.3 billion in the second quarter of 2026. LTM adjusted EBITDA has grown from pretty much breakeven to $77 million over the same period.
FULL TRANSCRIPT
Continue the full translated transcript in StockNow.
Log in to unlock every statement, the English original, and speaker-by-speaker history.
Log in for the full transcriptCall participants
2 people spoke on this call — only 1 are shown here.
PARTICIPANT LIST
View participant details in StockNow.
Log in to see executives and analysts, their roles, and complete speaking history.
Log in to view all participantsKeep exploring