Real Brokerage’s Q3 Surge Signals a Turning Point for Brokerage Tech & Agent Choice

Real Brokerage just delivered a standout quarter, and the results are prompting questions about the future of brokerage models in real estate

 In Q3 2025, the tech-centric brokerage reported $568.5 million in revenue, up 52.6% year over year, easily beating Wall Street estimates. Adjusted EBITDA came in at $20.37 million, and closed transactions rose nearly 49% compared to last year.

These results build on Real’s standout Q2, where transaction volume jumped 62% and total deal value climbed to $20.1 billion. Together, they signal momentum that’s reshaping both the financial story and the agent experience behind one of real estate’s fastest-growing brokerages.

Why Real’s Growth Matters Now

Real’s growth trajectory could highlight a major shift in how brokerage models will compete and scale in the future.

Founded in 2014, The Real Brokerage (NASDAQ: REAX) operates on a cloud-based, tech-forward structure with a focus on agent ownership, revenue share, and low overhead.

Still, Real’s footprint is small relative to incumbents like Keller Williams or RE/MAX, with less than 2% of the U.S. market share. But that small base makes the company’s pace of growth all the more notable — and a potential blueprint for what the next-gen brokerage could look like.

Agents Are Voting With Their Feet

If Q3 proved anything, it’s that Real is attracting both investors and agents. A 2025 Agent Migration and Brokerage Model Performance Report found that 13% of active agents switched brokerages last year — an unusually high churn rate that reflects changing expectations in the industry.

Agents are increasingly prioritizing:

• Technology that simplifies transactions and client management
  
• Flexible compensation structures with higher take-home splits
  
• Company culture and autonomy over brand recognition
  

Real’s cloud-based model offers all three. For experienced or self-driven agents, it can be a clear upgrade.

But the Model Isn’t for Everyone

Despite its appeal, Real’s setup may not fit every stage of an agent’s career.

Agents who thrive on in-office mentorship, daily coaching, or a traditional team environment might find the independence of Real’s structure challenging. The model also varies by state and sponsoring broker, which can influence onboarding and local support quality.

As a review by Speicher Group puts it, “A cloud-based brokerage is right for independent operators comfortable with virtual collaboration, but new agents who thrive on in-person oversight may feel isolated.”

The Bigger Industry Picture

Real’s growth represents a broader shift that’s dividing the brokerage landscape into two camps:

1. Tech-driven, agent-centric brokerages
   
   • Cloud-based infrastructure
     
   • Revenue sharing/stock ownership
     
   • Scalable support through digital tools
     
2. Traditional brokerages
   
   • Physical office networks
     
   • Branded training programs
     
   • Fixed commission splits and regional oversight
     

While legacy firms still dominate in scale, Real’s performance proves that the first group’s model can be both profitable and sustainable in today’s housing market.

What It Means for Agents & Brokerages

For agents: The choice between traditional and cloud-based brokerages is increasingly about personal business style. If you’re tech-savvy, self-motivated, and growth-oriented, Real’s structure offers flexibility and upside. If you’re newer or prefer in-person mentorship, a traditional setup might still provide more stability.

For traditional brokerages, the challenge is clear — evolve or risk losing agents (especially high performers) who will gravitate toward models aligned with their business goals.

The Bottom Line

Real’s Q3 surge is a case study in how fast brokerage models are evolving. With its mix of profitability, tech adoption, and agent-first economics, Real is proving there’s room to rethink how modern brokerages grow, and how agents choose to build their careers within them.

For agents deciding where to hang their license — or brokerages deciding how to compete, Real’s growth may be less a surprise than a sign of where the industry is heading next.