Here are 1-3 brief analogies for Real Brokerage (REAX):

• Think of it as the Robinhood for real estate agents – a tech-first platform designed to empower agents with better commission splits and stock ownership compared to traditional brokerages.

• It's like the Tesla of real estate brokerages – a tech-forward company disrupting traditional models like RE/MAX by offering agents superior tools, high commission splits, and stock incentives through a cloud-based platform.

• Imagine a Zoom for real estate brokerages – a virtually-operated company that leverages technology to enable agents to work flexibly and efficiently without traditional physical offices, allowing for higher agent compensation.

• Real Estate Brokerage Service: Facilitating residential property transactions by providing licensed agents with the necessary infrastructure and legal framework.
• Agent Productivity Platform: A technology suite offering tools for lead management, transaction coordination, and marketing support to real estate agents.
• Agent Equity & Revenue Share Programs: Incentive programs allowing agents to earn equity in the company and participate in revenue sharing from agent recruitment.

The Real Brokerage (symbol: REAX) operates a technology-powered real estate brokerage platform primarily serving individual real estate agents.

The company sells primarily to individuals, specifically licensed real estate agents who choose to affiliate with Real to operate their businesses. These agents are not "customers" in the traditional sense of buying a product from Real, but rather independent contractors utilizing Real's platform and services. Based on Real's value proposition and target market, its individual agent "customers" can be categorized as follows:

1. Experienced and High-Producing Agents: These agents typically have an established client base and significant sales volume. They are attracted to Real's competitive commission splits (often 100% after a cap), revenue share program, and stock opportunities, which allow them to maximize their earnings and build long-term wealth.
2. Growth-Oriented Agents and Teams: This category includes agents and small teams looking to efficiently scale their real estate businesses. They benefit from Real's technology platform, collaborative environment, and tools designed to streamline operations and expand their reach. The revenue share model also provides an incentive for team building and recruitment within the brokerage.
3. Tech-Savvy Agents: Agents who prioritize modern, cloud-based tools and a mobile-first approach to real estate. They value Real's integrated platform for lead generation, transaction management, marketing, and communication, which enhances their productivity and client service in a digitally evolving market.

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Tamir Poleg Co-Founder, Chairman and Chief Executive Officer

Tamir Poleg is the Co-Founder, Chairman, and Chief Executive Officer of Real, a role he has held since 2014. Prior to launching Real, Poleg was the Founder and CEO of Optimum RE Investments, an investment firm focused on multi-family real estate and technology ventures. Earlier in his career, he held various leadership roles in the real estate and technology sectors across multiple continents. He has 15 years of experience in real estate. Under his leadership, Real achieved 4,062% revenue growth from 2020 to 2023, earning recognition on Deloitte's Fastest-Growing Companies list. He also led the acquisition of Flyhomes' AI-powered search platform and launched Real Wallet in 2024.

Ravi Jani Chief Financial Officer

Ravi Jani is the Chief Financial Officer of Real, where he is responsible for the company's financial strategy, accounting, financial reporting, capital allocation, investor relations, and long-term planning.

Sharran Srivatsaa President and Director

Sharran Srivatsaa is the President and a Director of The Real Brokerage, Inc., though he will transition from his role as President to join the company's Board of Directors effective June 1, 2025. He is a 4x Inc. 500 Entrepreneur with five successful exits in the last 20 years. Prior to Real, he grew Teles Properties by tenfold in five years to $3.4 billion in sales, ultimately selling the business to Douglas Elliman. He previously worked as a banker at Goldman Sachs and Credit Suisse. Srivatsaa also serves as the Chairman of the private equity firm Highland Prime and the Chairman of ARC Multifamily Group. He joined Real's leadership team in late 2022, contributing to more than a doubling of the company's revenue and agent count.

Pritesh Damani Chief Technology Officer

Pritesh Damani is the Chief Technology Officer at Real, where he has developed an industry-leading proprietary platform. He joined Real's senior leadership team in January 2021 following the company's acquisition of RealtyCrunch, a company he founded and served as Chief Executive Officer since 2019.

Jenna Rozenblat Chief Operating Officer

Jenna Rozenblat is the Chief Operating Officer at Real, overseeing daily operations, implementing efficiency strategies, and ensuring the execution of the company's vision. She brings over 15 years of experience in operations, program management, and customer service within the real estate industry. She was recognized as a 2024 Inman Future Leader in Real Estate and a 2024 Rising Star by HousingWire.

The Real Brokerage (REAX) faces several key risks, primarily stemming from the cyclical nature of the real estate market and challenges related to maintaining consistent profitability amid an aggressive growth strategy.

1. Real Estate Market Sensitivity: The company's performance is highly susceptible to fluctuations in the broader real estate sector. Factors such as elevated mortgage rates, sustained high-interest rates set by the Federal Reserve, and a general decline in real estate transactions can significantly impede sales and reduce revenue. Although the company demonstrated growth in a challenging market, the overall sentiment among its agents indicates that affordability, driven by mortgage rates, remains a significant hurdle for prospective homebuyers.
2. Achieving and Sustaining Profitability: Despite reporting its first profitable quarter in Q2 2025, Real Brokerage has historically experienced operating losses and net losses. Concerns exist regarding the company's ability to maintain this profitability, given its substantial expense base and the potential impact of agent incentives on gross margins. Analysts have noted a history of negative operating margins and a decline in earnings per share over the past five years, raising questions about the efficiency of its cost structure and profitable growth.
3. Intense Competition and Agent-Centric Growth Model: The real estate brokerage industry is highly competitive, with many established players and new technology-driven firms. Real Brokerage's business model heavily relies on attracting and retaining a growing number of real estate agents through its technology platform, competitive commission splits, and equity incentives. While the company has shown strong agent growth, the sustainability of this rapid expansion could be challenged as competitors adapt and the market normalizes, potentially impacting its ability to continuously draw agents away from traditional and other tech-focused brokerages.

The addressable markets for The Real Brokerage Inc.'s (REAX) main products and services in 2025 are detailed below, specifying the relevant regions:

• Real Estate Brokerage Services:
  • U.S. Market: The Real Estate Sales & Brokerage industry in the United States is projected to be approximately $241.3 billion in 2025.
  • Canada Market: The Real Estate Sales & Brokerage industry in Canada is estimated at $19.0 billion in 2025.
• Mortgage Services:
  • U.S. Market: The total mortgage origination volume in the United States is expected to reach $2.3 trillion in 2025.
  • Canada Market: The Mortgage/loan Brokers Market in Canada is projected to be approximately $778.56 million (USD) in 2025.
• Title Services:
  • U.S. Market: The Title Insurance industry in the United States is estimated at $17.1 billion in 2025.
  • Canada Market: The Canada Title Insurance market had a market size of approximately $2.74 billion (USD 2744.70 million) in 2024.

Expected Drivers of Future Revenue Growth for The Real Brokerage (REAX)

1. Sustained Agent Growth

2. Expansion of Ancillary Services

3. Technology and AI Integration

Share Repurchases

• The Real Brokerage authorized a $150 million share repurchase program on May 28, 2025.
• During the third quarter of 2025, the company deployed $15.5 million towards share repurchases.
• As of September 30, 2022, Real Brokerage repurchased 7.8 million Common Shares for $19.4 million under its Normal Course Issuer Bid.

Share Issuance

• The number of shares outstanding for Real Brokerage increased by 14.66% in the year ending November 2025, reaching 214,787,000 shares.
• There has been ongoing issuance of shares primarily through restricted stock units and stock option exercises to employees and insiders, as indicated by various Form 144 filings over the past few years.

Outbound Investments

• On July 1, 2025, The Real Brokerage acquired Flyhomes Consumer Home Search Technology and made a strategic investment.
• The company's strategy includes building, acquiring, or partnering to offer additional ancillary services, aiming to create a comprehensive "one-stop shop" experience.

Capital Expenditures

• In the last 12 months, capital expenditures for Real Brokerage were -$1.02 million.
• A primary focus of capital allocation is investing in the company's technology platform and supporting the expansion of ancillary services.
• Ongoing capital is directed towards AI-driven automation and digital platforms to enhance efficiency, reduce costs, and scale margin expansion across core and ancillary businesses.