The publicly traded real estate brokerage reached the milestone on its 10th anniversary and plans to hold a closing celebration Tuesday afternoon on the Nasdaq exchange.
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The Real Brokerage has grown to more than 20,000 brokers, marking its growth from a technology-savvy independent gaming company to a mature national gaming company.
The brokerage will add 1,000 agents per month by 2024, executives said Tuesday ahead of an appearance on the Nasdaq stock exchange that will include a closing bell, agent seminars and receptions.
While The Real Brokerage still lags behind eXp Realty (85,000 agents), Anywhere (56,000 agents) and Keller Williams (174,000 agents), it is now comparable to Compass, which currently has about 29,000 broker.
Real Chairman and CEO Tamir Poleg thanked his agents and employees for helping the brokerage reach the 20,000-agent milestone.
“Without you, this wouldn’t be possible,” Poleg said. “From the beginning, our North Star has been to make agents’ lives better, and that has never changed. Our growth demonstrates that we have filled a gap in the industry, which makes me even more determined to pursue our mission to transform our The real estate experience of agents and the clients they serve.
Real’s revenue grew significantly in the first quarter of 2024 while setting a new quarterly hiring record, according to May profit data. The brokerage also reported revenue of US$200.7 million, an increase of 86% from the first quarter of last year, and gross profit of US$20.8 million, an increase of 92% from the same period last year.
The company’s rapid growth is due in part to its software resources, which, with the exception of the Lofty partnership, are sourced internally. Through artificial intelligence to support agent services and transaction coordination, most of the typical agent’s “busy work” can be solved through some queries and commands.
A company-wide operating system ensures every agent is operating at the same speed, removing the burden of learning a new third-party system or complying with the technical whims of a team leader or office manager. This kind of uniformity is rare in real estate, where most brands integrate a series of optional technology initiatives that require waves of expensive adoption efforts, due diligence periods and apathetic internal users.
“RealTrends ranks RealTrends as the top driver of deals and volume in 2023, and Real is the only publicly traded brokerage firm to report growth in agent count, deal count and revenue in 2023 and the first quarter of 2024,” the release said.
Real also relies on its flexible affiliation model to recruit teams and top producers. It launched two new forms of collaboration at the beginning of this year: Private Label and ProTeams, and said in the announcement that it simply wanted to “make it easier for more than 100,000 independent brokerages and team leaders across the country to join Real.”
“‘We’ are bigger than ‘I,'” Real President Sharran Srivatsaa said in a press release.
“As we continue to grow, we will continue to focus on what sets Real apart – an entrepreneurial spirit that supports our agents, celebrates differences and unites us as OneReal.”
“OneReal” is a company vision divided into two parts, one to provide end-to-end resources for consumers, and the other as the guiding principle for its remote, network-based operating model.
Real’s 20,000 agents are located in all 50 states and four Canadian provinces.
Email Craig Rowe
