Business
The Real Brokerage Inc. Announces Second Quarter 2024 Financial Results
TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (NASDAQ: REAX) (“Real” or the "Company"), a technology platform reshaping real estate for
About this update from The Real Brokerage, Inc.
[{"type":"text","content":" TORONTO & NEW YORK--(BUSINESS WIRE)--\nThe Real Brokerage Inc. (NASDAQ: REAX) (“Real” or the \"Company\"), a technology platform reshaping real estate for agents, home buyers and sellers, announced today financial results for the second quarter ended June 30, 2024.\n\n\n“Real achieved outstanding results in the second quarter, surpassing our own expectations and achieving new highs in Revenue and Gross Profit,\" said Tamir Poleg, Real’s Chairman and Chief Executive Officer. “Our performance underscores the resilience and attractiveness of our business model, combined with the efficiencies enabled by our differentiated technology platform.”\n\n\n“We were thrilled to announce the launch of the Real Luxury division and the Real Partners program this quarter,” said Sharran Srivatsaa, President of Real. “These initiatives, along with our ProTeams and Private Label programs, were designed to attract even more agents to Real and to provide them with access to vetted vendors and partners, elevating the service we can offer our clients. As the industry prepares to implement practice changes, we are doubling down on training and equipping our agents with the tools and skills they need to thrive in any market condition.”\n\n\n“We look forward to building on our strong first half results to deliver continued significant year over year growth and improved profitability in the balance of the year,” said Michelle Ressler, Real’s Chief Financial Officer. “We will continue making necessary investments in our people and platform to support our rapidly growing agent base, deliver an exceptional experience, and ensure Real’s long-term success.”\n\n\nQ2 2024 Operational Highlights1\n\n\n\nThe total value of completed real estate transactions reached $12.6 billion in the second quarter of 2024, an increase of 80% from $7.0 billion in the second quarter of 2023.\n\n\n\nThe total number of transactions closed was 30,367 in the second quarter of 2024, an increase of 73% from 17,537 in the second quarter of 2023.\n\n\n\nThe total number of agents on the platform increased to 19,540 at the end of the second quarter of 2024, an increase of 70% from the second quarter of 2023. As of August 7, 2024, over 20,000 agents are now on the Real platform.\n\n\n\nQ2 2024 Financial Highlights\n\n\n\nRevenue rose to $340.8 million in the second quarter of 2024, an inc...