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The stagnant housing market has brokerages across the country on their knees, but The Real Brokerage isn’t waiting for market conditions to improve to grow its business. Instead, it’s continuing to add agents at an explosive rate.
On its earnings call for the fourth quarter of 2024, the company disclosed that its agent count was 24,140 at the end of the year. That’s an astonishing 77% year-over-year increase, although it is a slower pace of growth than what it experienced in 2023.
Real credited its technology offerings and business model for the explosive growth in agents.
“More agents are choosing Real because they see a company that is forward-looking, tech enabled and fully aligned with their success,” Real President Sharran Srivatsaa said. “We believe our agent attraction pipeline is strong, and we are confident in continuing this momentum into 2025 regardless of broader market conditions.”
Another factor is Real’s private-label program, which launched in 2024 and allows brokerage affiliates to keep their branding. The company said about 40 independent brokerages with about 2,200 agents in total joined under these terms.
Real also added head count to its nascent mortgage business. It started 2024 with 18 loan officers and finished the year with about 90. This allowed the company to grow its mortgage revenue from $1.2 million in 2023 to $4 million in 2024.
Despite the growth, Real still isn’t turning a profit, although as a young company it is still in growth mode. It posted a net loss of $26.5 million last year, roughly in line with 2023. Its revenue was $1.3 billion, almost double its figure in 2023.
Net cash provided by operating activities — a measure of how the business is performing outside of investing and financing activities — was $48.7 million, more than double the $18.9 million in 2023.
That’s reflected in Real’s transaction numbers, which grew by 81% in 2024 to more than 120,000. The firm generated $49 billion in total volume, up 90% year over year.
Real CEO Tamir Poleg also provided an update on the company’s technology offerings. The AI agent assistant Leo has been fully integrated across the brokerage’s tech platform and handled more than 2,000 daily interactions in 2024 as it automates workflows.
The company also anticipates launching a version of Leo for clients later this year.
Its fintech platform, Real Wallet, is expanding, allowing agents to apply for business checking accounts through Real’s partnership with Thread Bank. The company said that roughly 2,500 agents use Real Wallet accounts, accounting for $7 million in deposits.
The company also touted its title insurance business as high margin and rapidly growing, with revenue reaching $4.8 million after accounting for just under $3 million in 2023.
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