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The Real Brokerage added over 2,000 new agents between July and October and grew its total revenue by 74 percent compared to a year ago, the company reported in third-quarter earnings on Thursday.
The company posted a net loss of $2.5 million as it remained in a high-growth stance of attracting new agents by offering them financial incentives that brokerage leaders said outmatched its competitors.
Total transactions closed hit 35,832 in the quarter, 76 percent higher than a year ago. Total agents rose to 21,770, up 79 percent from a year ago and up 11 percent from the second quarter, according to the company.
In total, Real generated $372.5 million in revenue for the business from transactions valued at $14.4 billion during the quarter, the company said, adding that it didn’t see any meaningful change in agent commissions despite changes that took effect in the quarter.
“Real delivered another exceptional quarter underpinned by industry-leading growth and innovation,” said Tamir Poleg, Real CEO. “Our technology leadership was on full display at our recent RISE 2024 conference, with the official launch of Real Wallet, our first fintech product, and the announcement of Leo AI for clients.”
“These innovations reflect our ongoing commitment to creating a seamless, technology-first real estate experience that empowers both agents and their clients,” Poleg said.
Real representatives are set to release more details about the company’s performance in a call with investors Thursday morning.
This post will be updated.
