The Real Brokerage posted strong gains in revenue, agent count and transaction volume in Q2 while advancing plans to acquire REMAX later this year.
Leaders reported second-quarter revenue of $700.6 million, a 30% increase from $540.7 million a year earlier, during a Thursday morning earnings call.
Gross profit rose 22% to $58.3 million, while adjusted EBITDA increased 38% to $27.6 million.
The company reported a net loss of $8 million, compared with net income of $1.6 million in the second quarter of 2025. Executives said the loss was largely driven by $11.6 million in acquisition-related expenses associated with the pending REMAX transaction.
Real finished the quarter with $86.6 million in unrestricted cash and short-term investments and no debt.
“Despite one of the most challenging housing markets in years, we again delivered significant growth, improved core profitability and further strengthened our balance sheet,” said CEO Tamir Poleg. “Those results reinforce something we’ve believed for a long time, when we consistently help great real estate professionals build better businesses, we can deliver differentiated growth, improve profitability and create long-term value.
“That’s why we believe the REMAX transaction is such an important step in our evolution. REMAX brings an iconic global brand, highly productive agents and franchise owners with deep local market expertise. Real brings a modern AI-enabled technology platform, a differentiated economic model and a track record of innovation and disciplined execution.”
Agent growth fuels momentum
Real ended the quarter with 35,348 agents, a 26% increase from a year earlier. By Aug. 5, leaders said the brokerage had surpassed 36,000 agents.
Closed transactions climbed 27% year over year to a record 62,380, while total transaction volume reached $26.3 billion, up 31%.
“A key takeaway is that Real continues to take market share and grow at a significant rate, despite a housing market that remains near historically low transaction levels,” said Chief Financial Officer Ravi Jani. “At the same time, our high-margin ancillary businesses are also delivering improved growth and profitability.”
Poleg said recruiting accelerated during the second quarter after a slower first quarter — with the pending REMAX acquisition helping generate additional interest among agents and teams.
“Q3 started very strongly, and we expect that momentum to continue through the rest of the year,” he said. “Our focus at the moment is obviously attracting agents who are not with the Real REMAX Group.”
AI platform expands agent tools
Executives said continued investment in artificial intelligence (AI) remains central to Real’s strategy.
Chief Operating Officer Jenna Rozenblat highlighted the beta launch of Leo 2.0 — the company’s AI-powered relationship management platform — which now integrates with several of the industry’s largest CRM systems.
“By helping agents respond faster, maintain more consistent engagement and identify when their clients are ready to act, we believe HeyLeo can improve agent productivity while creating a better experience for buyers and sellers,” she said. “We’re very pleased with the early results and feedback from our agents.”
Poleg said the company also plans to integrate its mortgage and title businesses directly into the AI platform so agents can more easily connect clients with additional services during the transaction process.
Ancillary businesses continue growing
Real’s ancillary businesses also posted solid growth during the quarter.
Combined revenue from Real Wallet, One Real Title and One Real Mortgage increased 28% year over year to $4.2 million.
Real Wallet revenue jumped 140% to $592,000, while One Real Title revenue rose 29% to $1.7 million and One Real Mortgage revenue increased 10% to $1.9 million.
As of August, more than 10,200 agents were using Real Wallet business checking accounts — with approximately $38.4 million in deposits and $10.8 million in outstanding business loans and lines of credit.
The mortgage platform now includes 169 loan officers, including 137 participating in the Real Originate program.
REMAX integration preparations continue
Real continues preparing for its acquisition of REMAX, which is expected to close during the second half of 2026, subject to shareholder approval and other customary closing conditions.
A security holder vote is scheduled for Aug. 14, Real leaders said during the call.
Rozenblat said integration planning is well underway, with an integration management office established, leadership teams assigned across business functions and third-party advisors assisting with day-one readiness.
The company continues to expect approximately $30 million in cost synergies within three years after closing.
“Our priority is to bring together the best of both organizations while making the transition as seamless as possible for employees, agents, franchise owners and consumers,” said Rozenblat. “Success won’t be measured by how quickly we change things; it will be measured by how effectively we strengthen the combined platform while preserving the relationships and culture that have made both successful.”
The combined company is expected to unite REMAX’s network of more than 140,000 agents with Real’s technology platform under the planned Real REMAX Group.
Poleg said each company brings complementary strengths to the transaction.
“Together, we believe we can better support real estate professionals, improve the experience for buyers and sellers and build a stronger, more profitable company for the long term,” he said.
Outlook remains positive
Looking ahead, executives expect the third quarter to follow typical seasonal patterns — with revenue and adjusted EBITDA declining from the second quarter and gross margin remaining below year-ago levels because of a higher mix of top-producing, capped agents.
If the REMAX acquisition closes as expected, the company plans to provide a combined-company operating baseline and preliminary 2027 guidance during its third-quarter earnings report in November.
Poleg said Real remains focused on executing its strategy regardless of broader housing market conditions.
“While we can’t control mortgage rates or the pace of the housing market, we can control how we innovate, how we execute and how we support the thousands of real estate professionals who trust us with their businesses. This quarter’s results reflect that focus,” he said.
