In an environment where the housing market is cooling, The Real Brokerage Inc. (NASDAQ: REAX) continues to challenge gravity. In Q3 2025, Real reported 53% year-over-year revenue growth, reaching $568.5 million, and Adjusted EBITDA surged by 54% to $20.4 million.
Even more impressive, Real surpassed 30,000 active agents, signaling that its agent-first, tech-driven brokerage model is not only sustainable but thriving. Despite macroeconomic headwinds, Real’s performance underlines how technology, efficiency, and scalability can drive profitability in real estate.
Real’s financial metrics paint a powerful growth story.
This trajectory shows that Real is balancing aggressive top-line growth with operational discipline. The brokerage’s ability to nearly eliminate net losses while scaling its revenue base proves its operating leverage is strengthening.
Operational Efficiency and Expense Management
A standout metric this quarter is the 13% reduction in adjusted operating expense per transaction, now at $405. Despite handling 53,512 transactions (+49% YoY), Real maintained tight control over costs, showcasing scalability in its digital infrastructure.
The 31% rise in operating expenses was outpaced by revenue growth, confirming improved efficiency. This is a significant win for a brokerage scaling rapidly across North America.
Real added over 2,100 new agents in Q3 alone, reaching 30,183 agents by September 2025 and surpassing 30,700 by October.
Even more telling is the multi-year low in churn, signaling high agent satisfaction. Real’s blend of competitive revenue sharing, equity incentives, and robust technology tools has created a sticky ecosystem where agents thrive.
This network expansion doesn’t just add volume—it adds value. Each agent brings transactions, client networks, and recurring revenue, fueling Real’s compounding growth.
Real Brokerage is evolving from a single-line brokerage to a multi-vertical real estate platform.
North American Brokerage Strength
Real’s brokerage arm remains the powerhouse, contributing $565.3 million in revenue (+53% YoY) and facilitating $21.4 billion in transaction volume. This robust foundation gives Real the stability needed to invest in emerging verticals.
One Real Mortgage: Early Momentum
Mortgage revenue surged 47% YoY to $1.8 million, with over 100 licensed loan officers onboarded. While still small, this vertical shows strong potential as Real continues to integrate financing services into its agent workflow.
Real Wallet: Fintech Innovation in Progress
Real Wallet’s early revenue of $0.2 million (adjusted for a contra-entry) masks its long-term potential. With $20 million in deposits across 4,600+ accounts, Real Wallet is emerging as a fintech ecosystem for real estate professionals.
The launch of Real Wallet Rewards adds a sticky retention layer and opens doors to future financial services like lending, tax management, and investment tools.
Tech Investments and Ecosystem Expansion
Real continues to invest in automation, AI-driven analytics, and mobile-first tools, creating a seamless experience for agents and clients. These investments enhance agent productivity while reducing operational friction —fueling scalability.
Share Repurchase and Capital Confidence
Real’s $15.5 million share buyback demonstrates strong capital confidence. With $55.8 million in unrestricted cash, Real is signaling that it believes in its long-term value propositionan uncommon move among fast-growing tech brokerages.
Market Expansion into Canada
Real’s recent entry into Saskatchewan expands its presence to five Canadian provinces, reinforcing its North American footprint. This expansion aligns with its strategy of controlled international growth.
Long-Term Fintech Potential
Real Wallet’s evolution could redefine how real estate professionals manage finances. The integration of payments, deposits, and rewards creates a blueprint for a broader agent-centric fintech ecosystem.
The Real Brokerage Inc. (REAX) stands at the intersection of real estate and technology innovation. Its rapid agent growth, expanding fintech capabilities, and disciplined financial management position it as a leader in digital brokerage transformation.
If Real continues this trajectory balancing growth with capital efficiency it could evolve into one of the most scalable, tech-enabled real estate ecosystems in North America.Get more information
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