Real Brokerage Eyes RE/MAX Deal as Agent Count Tops 36,000

Key Points

• Real Brokerage has surpassed 36,000 agents across the U.S. and Canada, with last-12-month revenue rising from about $500 million in Q2 2023 to more than $2.3 billion in Q2 2026 and adjusted EBITDA reaching $77 million.
• Real is pursuing its acquisition of RE/MAX Holdings, with a shareholder vote scheduled and closing expected in the second half of 2026. The combined company would have more than 180,000 agents, with Real projecting approximately $30 million in annual cost savings.
• The deal could expand higher-margin mortgage, title and fintech services, as well as provide access to RE/MAX’s roughly 92 million annual website visitors and nearly 1 million buyer leads.

Real Brokerage NASDAQ: REAX Founder and CEO Tamir Poleg said the company had grown to more than 36,000 agents across the U.S. and Canada, positioning its technology-driven brokerage model for further expansion as it pursues its acquisition of RE/MAX Holdings.

Speaking at an Oppenheimer event, Poleg said Real had increased its agent count at a nearly 50% compounded growth rate since early 2023 despite housing transaction volumes remaining near 30-year lows. The company had more than 35,000 agents at the end of the second quarter of 2026, he said.

Real’s last-12-month revenue rose from roughly $500 million in the second quarter of 2023 to more than $2.3 billion in the second quarter of 2026, according to Poleg. Over the same period, last-12-month adjusted EBITDA increased from about break-even to $77 million.

Technology and Agent Economics

Poleg attributed the company’s growth to its agent compensation structure, remote operating model and proprietary technology. Agents retain 85% of commission dollars until reaching an annual cap of $12,000 in the U.S. and CAD 15,000 in Canada. After reaching the cap, agents retain 100% of commission revenue less a $325 transaction fee, he said.

The company operates without a traditional brick-and-mortar office footprint, which Poleg said enables it to provide agents with flexibility while maintaining a lower-cost operating structure. At the end of 2025, Real had 94 agents per full-time employee, compared with 45 for the next closest public competitor cited by Poleg and 12 for the largest industry player.

Real’s technology platform, reZEN, handles transaction management, documents, commission payouts and business intelligence for all company agents, Poleg said. Its AI system, Leo, handled more than 100,000 agent questions each quarter and assists with support, compliance, production information, marketing and earnings-related questions.

The company recently beta launched Leo 2.0, which integrates with major real estate customer relationship management systems. Poleg said the new features can help agents analyze past contacts, engage leads and generate potential client opportunities. Real also offers Real Wallet, a fintech service providing agents with bank accounts, debit cards, near-instant commission payments and access to credit lines.

RE/MAX Transaction and Financial Goals

Real announced its planned acquisition of RE/MAX Holdings in April, with a security holder vote scheduled for Friday, Poleg said. The transaction is expected to close in the second half of 2026, subject to shareholder approvals and customary closing conditions.

RE/MAX has a presence in more than 120 countries and more than 145,000 agents, according to Poleg. He described its franchise-based business as complementary to Real’s cloud brokerage model, noting that about two-thirds of RE/MAX revenue comes from recurring franchise fees and annual dues.

RE/MAX generated approximately $94 million of adjusted EBITDA in 2025 at a 32% margin, Poleg said. The deal was valued at approximately seven times 2025 adjusted EBITDA on a fully synergized basis at announcement.

On a pro forma basis, the combined company would have more than 180,000 agents and would have generated $2.3 billion in 2025 revenue and $157 million in adjusted EBITDA, or $187 million on a fully synergized basis, according to Poleg. The companies would have closed nearly 1 million transactions annually in North America and 1.8 million globally.

Real expects about $30 million in annual run-rate cost savings, with most realized by the end of 2027. Planned savings include shared-services consolidation, elimination of duplicative public-company costs, vendor and systems rationalization, and optimization of the real estate footprint.

Ancillary Services and Consumer Leads

Poleg said the combination could expand Real’s ability to attach mortgage, title and fintech services to more transactions. Brokerage gross margins are about 8% to 9%, while mortgage and title-related businesses generally have materially higher gross margins, he said.

The company’s mortgage attach rate is about 1%, while its title attach rate is between 3% and 4%, according to Poleg. He estimated that a 1% mortgage attachment rate across the combined company could represent roughly $25 million in high-margin annual revenue, while a 1% title attachment rate could represent more than $10 million.

RE/MAX’s websites receive roughly 92 million annual visitors and generate close to 1 million buyer leads annually, Poleg said. Real plans to use its HeyLeo consumer-facing AI capabilities to nurture those leads, guide prospective buyers and sellers, and connect them with agents. Poleg said potential revenue opportunities from ancillary businesses and website leads were not included in the company’s stated accretion or pro forma figures.

On industry listing practices, Poleg said Real has not joined recent private-listing initiatives. He said more than 95% of surveyed Real agents indicated their clients were not interested in exclusive marketing discussions, while adding that the company’s potential combined scale would position it to respond to meaningful market changes.

About Real Brokerage (NASDAQ:REAX)

Real Brokerage Inc is a publicly traded, cloud-based residential real estate brokerage headquartered in Toronto, Canada, with operations across the United States and Canada. The company’s platform offers licensed real estate professionals a fully integrated suite of digital tools designed to streamline every phase of the property transaction process, from lead generation to closing.

Through its proprietary technology, Real Brokerage provides agents with transaction management, customer relationship management, digital marketing automation and real-time analytics in a single, user-friendly interface.

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