The Real Brokerage reported a 53% year-over-year revenue increase in the third quarter of 2025 — reaching $568.5 million — as the company continues to grow its agent base and expand transaction volume despite broader housing market headwinds.
Amid strong results, Real Chairman and CEO Tamir Poleg said the company is preparing to unveil a major technology initiative.
“I think that we are approaching a point where we have a critical mass of features and incentives and alignment with our agents in order to drive massive adoption to our ancillary services,” Poleg said during a Q3 earnings call. “Next week, we have our annual RISE conference, where we will be announcing what I believe is the biggest tech innovation that we have announced since starting the company.
“That innovation will have massive impact on our ability to attach title, mortgage, Wallet and insurance later on. I think that we’re very close to seeing a meaningful change in the adoption of our ancillary services.”
Real closed 53,512 transactions in the third quarter — up from 35,832 a year earlier — with total transaction value rising 49% to $21.4 billion.
As of late October, the company reported more than 30,700 agents on its platform.
“There’s volatility in the agent trend,” Poleg said. “Having said that, I do think that the platform delivers more and more value as we continue to progress. I think that the lower (agent churn) numbers reflect the value and the fact that the platform just becomes more and more sticky.
“I also think that if agents think about some alternatives out there, I don’t think that there’s any better alternatives in terms of a brokerage. And that’s probably what those numbers signal.”
Automation and AI
Chief Operating Officer Jenna Rozenblat highlighted the company’s increasing reliance on automation and artificial intelligence (AI) to improve operations.
“In September, we launched Real’s dedicated AI automation team focused on using AI and workflow automation to reduce manual or low-value processes across the organization,” Rozenblat said. “In just the first few weeks, the team delivered more than a dozen live automations collectively saving the business more than 10,000 hours annually, equivalent to multiple full-time roles.”
Rozenblat said these automation initiatives have also improved agent satisfaction and retention.
“Importantly, these improvements are translating into stronger agent retention, evidenced by our revenue churn, which declined to 1.4% in the third quarter — the lowest level in more than two years,” she said.
Title and mortgage operations
One Real Title generated $1.3 million in revenue, down slightly from $1.4 million a year earlier.
Leaders attributed the decline to the wind-down of several joint ventures (JV) as it transitions to state-based partnerships.
“We’re putting a lot of emphasis and focus on ancillary services — and title primarily, I would say,” Poleg said. “At the beginning of the year, our attach rates were in the range of 2.4% to 3% overall. Then we transitioned from the team-based JV to state-based JVs, and that transition created headwinds, about minus 50% for us as a business.
“In September, we had attach rates of 3.7%, so I think that we’re making some progress in terms of attach rates. The attach rates on the new JVs are at around 35%, and I think that we can get much higher, but we’re seeing great momentum in some states.”
One Real Mortgage revenue rose 47% year-over-year to $1.8 million. The division now includes roughly 100 loan officers — with more than 60 participating in the Real Originate program.
Fintech expansion through Real Wallet
As of October, more than 4,600 agents were using Real Wallet business checking accounts, holding about $20 million in total deposits, Poleg said.
Real Wallet Capital — a new lending product that gives the company’s U.S. real estate agents access to working capital directly through its digital platform — was launched earlier this month.
The program operates within Real’s proprietary software platform reZEN and uses agent performance data to determine credit eligibility and loan amounts.
“($20 million) is up from approximately $14 million at the time of our last earnings call,”he said. “With Real Wallet Capital, we can extend credit based on an agent’s production history and projected income, offering financing that many banks could not. We believe Real is the only major brokerage offering agents this kind of embedded access to capital and doing so often same day.”
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