The publicly traded real estate brokerage reached the milestone on its 10th anniversary and set its sights on a closing-bell celebration at the Nasdaq exchange Tuesday afternoon.
This article originally appeared in Inman on July 9th, 2024
The Real Brokerage has surpassed an agent count of 20,000, turning the tassel on its graduation from tech-smart indy to full-fledged national player.
The brokerage has been adding 1,000 agents each month in 2024, according to executives Tuesday ahead of an appearance at the Nasdaq stock exchange today that will include ringing the closing bell, an agent seminar and reception.
While still lagging behind eXp Realty (85,000 agents), Anywhere (56,000) and Keller Williams (174,000), The Real Brokerage is now within reach of Compass, which currently boasts approximately 29,000 agents.
Real Chairman and CEO Tamir Poleg thanked his agents and staff for helping the brokerage reach the 20,000-agent milestone.
“It wouldn’t be possible without you,” Poleg said. “From the very beginning our north star has been to make agents’ lives better, and that hasn’t changed. Our growth demonstrates that we’ve filled a void in our industry, and it makes me even more determined to pursue our mission of changing the real estate experience for our agents and the clients they serve.”
Real posted a sharp increase in revenue during the first quarter of 2024 while setting a new quarterly record for recruitment, according to earnings data in May. The brokerage also reported revenue of $200.7 million, an increase of 86 percent from the first quarter of the prior year, while gross profit reached $20.8 million, a 92 percent increase from a year earlier.
The company’s rapid growth is due in part to its software resources, which outside of its Lofty partnership, were derived in-house. With artificial intelligence supporting agent services and transaction coordination, the majority of the typical agent’s “busy work” can be addressed with a few queries and commands.
The company-wide operating system ensures every agent operates at the same pace out from under the burden of learning a new third-party system or adhering to the technology whims of a team leader or office manager. Such uniformity is rare in the real estate space, where most brands integrate a range of optional technology initiatives requiring waves of expensive adoption efforts, due diligence periods and apathetic internal users.
“RealTrends named Real the top mover of 2023 by both transaction sides and volume, and Real was the only publicly traded brokerage to report growth in agent count, transaction count and revenue throughout 2023 and in the first quarter of 2024,” the release said.
Real also relies on its flexible affiliation models to recruit teams and top producers. It released two new forms of partnership, Private Label and ProTeams, at the start of the year, saying in the announcement that it simply wants it to be “easier for the nation’s 100,000+ independent brokerages and team leaders to join Real.”
Sharran Srivatsaa, President of Real, said in the release that “‘we’ are bigger than ‘me.’”
“As we continue to grow, we’ll continue to focus on what differentiates Real — an entrepreneurial spirit that supports our agents, celebrates differences and comes together as OneReal.”
“OneReal” is a company vision with two tranches, one referring to its provisioning of end-to-end resources for the consumer, the other meant as a guiding principle for its remote, web-based operating model.
Real’s 20,000 agents can be found in all 50 states and in four Canadian provinces.
Written By: Craig C. Rowe
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