The Real Brokerage, Inc. (REAX) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Let me spend a moment on how each of our businesses performed. Brokerage revenue grew 53% to $565 million, driven by both agent growth and higher productivity. We ended the quarter with over 30,100 agents, up 39% from a year ago, and as of today, our agent count stands at approximately 30,700. Real agents closed more than 53,500 transactions, totaling over $21 billion, up 49%. That performance speaks to the strength of our attraction flywheel and the quality of the agents who continue to choose real. Our brokerage business was once again profitable on a net income basis, and we continue to reinvest these earnings back into our ancillary businesses, which typically generate gross margins that are five to eight times higher than brokerage. In one real title, revenue was $1.3 million as we continued transitioning from team-based to state-based joint ventures, a shift designed to enhance scalability and long-term profitability. Under our new title, Leadership, we expect this structure to begin contributing more meaningfully in the quarters ahead, and we are encouraged that attach rates among our JV partners exceeded 35% in the quarter. One Real Mortgage delivered another strong quarter, with revenue up 47% year-over-year to $1.8 million. Growth was driven by the addition of productive loan officers and the launch of our inside sales team earlier this year. As of now, the business included approximately 100 loan officers, more than 60 of whom are participating in our Real Originate program. Lastly, RealWallet, our financial technology platform, continues to scale quickly and is deepening engagement with our agents. Quarterly revenue reflects the launch of our RealWallet Rewards program, a new benefit that we believe will further accelerate adoption. As of today, more than...