Business
The Real Brokerage Inc. Announces First 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 first quarter ended March 31, 2024.\n\n\n\"Real delivered exceptional results in what is traditionally the lowest revenue quarter of the year, while setting a new quarterly record for net agent additions, which surpassed 3,000. This performance clearly demonstrates the strong appeal of our agent value proposition in the marketplace,\" said Tamir Poleg, Real’s Chairman and Chief Executive Officer. \"Despite higher interest rates and tight inventory impacting overall housing market activity, our strong start to 2024 and our robust transaction pipeline — currently at an all-time high — position Real well for continued significant revenue growth and improved profitability, irrespective of how the end market recovers.\"\n\n\n\"Our ProTeams and Private Label initiatives, which formally launched in January, have received an enthusiastic response. Over 200 agents joined Real this quarter through the Private Label program, and we expect this number to more than double in the second quarter,\" said Sharran Srivatsaa, President of Real. \"As the industry prepares for forthcoming practice changes, we expect the trend of agents migrating from traditional, high-cost brokerages to more efficient, high-value models like ours to continue.\"\n\n\n\"Real generated $21.5 million in cash from operating activities this quarter, enabling $4.6 million in share repurchases,\" said Michelle Ressler, Real’s Chief Financial Officer. \"We continue to invest strategically in our technology and infrastructure in order to support our rapid growth, while maintaining disciplined capital allocation with a focus on generating long-term shareholder value.\"\n\n\nQ1 2024 Operational Highlights\n\n\n\nThe total value of completed real estate transactions reached $7.5 billion in the first quarter of 2024, an increase of 88% from $4.0 billion in the first quarter of 2023.\n\n\n\nThe total number of transactions closed was 19,032 in the first quarter of 2024, an increase of 74% from 10,963 in the first quarter of 2023.\n\n\n\nThe total number of agents on the platform increased to 16,680 at the end of the first quarter of 2024, an increase ...