Real Brokerage Tops $2 Billion in Revenue as Its Tech-First Model Gains Ground

Real Brokerage crossed the $2 billion revenue mark in 2025, giving the cloud-based firm another data point in its argument that a lower-overhead, tech-heavy model can keep winning agents even in a choppy housing market. According to Real’s fourth-quarter and full-year 2025 financial results, the company reported full-year revenue of $2.0 billion, up 56% year over year, along with 185,314 closed transactions and $75.3 billion in transaction value.

Real is continuing to grow by pairing agent recruiting with platform tools, AI support, and ancillary services that make the brokerage more useful — and potentially harder to leave.

Growth that outpaced the market

Real said in its earnings announcement that it ended 2025 with 31,739 agents, up 31% from a year earlier, and by early March had surpassed 33,000 agents. Fourth-quarter revenue reached $505.1 million, up 44% year over year, while adjusted EBITDA rose 56% to $14.2 million. Full-year adjusted EBITDA climbed to $62.9 million, and net loss improved to $8.1 million from $26.5 million in 2024.

Those numbers matter because they suggest Real is not simply growing headcount. It is also showing improving operating leverage, a key test for any brokerage pitching itself as a scalable tech platform.

Leo is becoming a bigger part of agent support

One of the clearest signs of that strategy is Leo, Real’s AI assistant, which is embedded in the company’s reZEN transaction platform. During the March 2026 earnings discussion, executives said Leo had answered more than 20,000 support inquiries and was handling about 46% of support volume. Leo’s share of support calls rose sharply during the second half of 2025 as the company pushed more automation into agent operations.

For agents, that matters less as a flashy AI headline and more as an operational one. Faster answers on commissions, transaction questions, and platform issues can improve the day-to-day experience inside the brokerage. For Real, automation also offers a way to serve a larger agent base without adding overhead at the same pace. 

Real Wallet and ancillary services are expanding

Real is also trying to build out a broader financial ecosystem around its agents. In the company’s March 2026 financial release, Real said Real Wallet generated $889,000 in revenue in 2025 at a 77% gross margin. As of February 2026, more than 7,000 agents were using Real Wallet business checking accounts, with about $22.5 million in deposits and $8 million in extended credit outstanding. Executives also said the product was running at an annualized revenue pace of more than $1.5 million.

Its other ancillary businesses also grew. According to the company’s earnings call transcript, One Real Mortgage generated $6 million in 2025 revenue, up 50% year over year, while One Real Title produced $5 million, up 5%. Altogether, ancillary revenue reached $11.9 million for the year.

These businesses are still small compared with Real’s brokerage revenue, but they point to where the company is heading: not just recruiting agents, but layering on services that support commissions, transactions, financing, and business banking in one ecosystem.

What this means for traditional brokerages

Real’s results do not mean traditional brokerages are finished, and the claim that the brokerage wars are already over goes much too far. But as Real Estate News reported, the company’s growth does reinforce a real industry pressure point: agents are increasingly comparing brokerages not just on splits and brand, but on the usefulness of the platform behind them.

That puts more pressure on legacy firms to show they can deliver strong technology, smoother transaction support, and valuable add-on services without burying agents in complexity or cost. Real’s model is one version of that playbook, and so far, the numbers suggest it is resonating.

The bigger picture

Real still has work to do. The company remains unprofitable on a net-income basis, and housing activity remains far from easy. But by hitting $2 billion in annual revenue while continuing to grow agent count, transactions, and platform usage, Real has made a stronger case that its tech-first model is more than a recruiting pitch. It is becoming a central part of how the company differentiates itself in a crowded brokerage market.