The Real Brokerage Inc. Announces Third Quarter 2025 Financial Results

Core Insights - The Real Brokerage Inc. has shown significant growth in closed transaction sides and total value of home transactions from Q3 2023 to Q3 2025, indicating a strong upward trend in business activity. Transaction Data - Closed transaction sides increased from 20,397 in Q3 2023 to 53,512 in Q3 2025, reflecting a growth of approximately 162% over the two-year period [1]. - The total value of home transactions rose from $8.1 billion in Q3 2023 to $21.4 billion in Q3 2025, marking an increase of about 164% [1]. - The median home sales price remained relatively stable, starting at $370,000 in Q3 2023 and reaching $390,000 by Q3 2025 [1]. Agent Metrics - The total number of agents affiliated with the company grew from 12,175 in Q3 2023 to 30,183 in Q3 2025, representing an increase of approximately 148% [1]. - The agent churn rate decreased from 10.8% in Q3 2023 to 4.9% in Q3 2025, indicating improved retention of agents [1]. - The revenue churn rate also declined from 4.5% in Q3 2023 to 1.4% in Q3 2025, suggesting a more stable revenue base [1]. Headcount and Efficiency Metrics - Full-time employees increased from 162 in Q3 2023 to 439 in Q3 2025, showing a significant expansion in workforce [1]. - The headcount efficiency ratio improved from 1:101 in Q3 2023 to 1:89 in Q3 2025, indicating better productivity per employee [1]. - Revenue per full-time employee fluctuated, starting at $1,789 in Q3 2023 and reaching $1,672 by Q3 2025 [1]. Operating Expenses - Adjusted operating expenses per transaction decreased from $558 in Q3 2023 to $405 in Q3 2025, reflecting improved cost management [1]. - Total operating expenses excluding revenue share increased from $14,796 thousand in Q3 2023 to $29,682 thousand in Q3 2025, indicating rising operational costs alongside growth [1].