Core Insights - eXp Realty has welcomed top-producing Southern California agent Vivian Lesny to its global network, highlighting its commitment to agent-centric growth and community engagement [1][3] - Lesny achieved over $70 million in sales in 2024 and has a strong track record with more than 88 transactions in a single year, ranking highly among NAHREP's Top Latino Agents [1][3] - The company emphasizes its unique capped commission model and community support as key differentiators that attract high-performing agents like Lesny [4][5] Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS® Enterprises, operating as a cloud-based brokerage with over 82,000 agents across 28 countries [6] - eXp Realty is recognized as the largest independent real estate brokerage globally, offering agents competitive commission splits, revenue sharing, and equity ownership opportunities [6] - SUCCESS® Enterprises provides agents with resources for personal and professional development, enhancing their skills and business growth [7]

Core Insights - The Better Homes and Gardens® Real Estate brand has launched the Trendmaker℠ Accreditation program to empower affiliated brokers and agents with insights into consumer behaviors and lifestyle trends [1][2][8] - The program aims to differentiate the BHGRE® brand by providing agents with exclusive access to trend intelligence and psychological insights into buyer behavior [2][5] - The initiative is led by key executives and collaborates with People, Inc., enhancing agents' capabilities to serve clients effectively [3][4] Program Details - The Trendmaker℠ Accreditation program enables agents to become Home Trend Specialists, allowing them to tailor services based on clients' design and living preferences [2][5] - The program includes curated content from industry leaders, providing agents with practical tools to enhance service and drive business [3][4] - Agents gain insights into seasonal and emerging home design preferences, consumer psychology, and marketing applications through interactive workshops [7] Client Benefits - Buyers benefit from agents who understand evolving design preferences, impacting home selection and long-term value [5] - Sellers receive professional guidance on staging strategies that align with current trends, leading to a more personalized experience [5][6] - The program includes bi-monthly snap polls to gather frontline insights into trends, supporting client engagement [6] Brand Legacy - Since its inception in 2008, the Better Homes and Gardens® Real Estate brand has focused on providing deep consumer insights into home design [8] - The Trendmaker Accreditation program reinforces the brand's commitment to delivering meaningful value throughout the real estate journey [8] Network Overview - The Better Homes and Gardens® Real Estate network comprises approximately 11,000 independent sales associates across around 400 offices in various countries [10]

Group 1 - KE Holdings Inc. will report its unaudited financial results for Q2 2025 on August 26, 2025, before the U.S. market opens [1] - The earnings conference call is scheduled for 8:00 A.M. Eastern Time on the same day, with registration required for participants [2] - A replay of the conference call will be available until September 2, 2025, through various dial-in numbers [2] Group 2 - KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services in China [3] - The company operates Lianjia, a prominent real estate brokerage brand, and has over 23 years of experience since its inception in 2001 [3] - The success of Lianjia is seen as a foundation for the company's infrastructure and standards, driving the growth of the Beike platform [3]

Summary of The Real Brokerage (REAX) FY Conference Call - August 13, 2025 Company Overview - **Company Name**: The Real Brokerage (REAX) - **Industry**: Real Estate Technology - **Founded**: 2014 - **Headquarters**: United States - **Public Listing**: Initially listed on TSX Venture Exchange in 2020, now only on NASDAQ Key Points and Arguments Industry Context - The U.S. real estate industry has approximately **1.5 million agents**, with around **160,000 in Canada** [6] - The industry generates roughly **$100 billion** in annual revenue from commissions paid to agents [7] - Traditional brokerages dominate the market, relying on physical office spaces and charging high fees for perceived low value [8] Company Growth and Market Position - The Real Brokerage has grown rapidly, capturing less than **2%** of the overall market, indicating significant growth potential [9] - LTM revenue reached **$1.6 billion**, a **6x increase** compared to Q2 2022, despite a **25% decline** in the overall housing market [14] - The company continues to attract agents due to its unique value proposition, including freedom, flexibility, and a strong technology platform [15][19] Unique Selling Propositions 1. **Agent Freedom and Flexibility**: Agents can build their businesses independently while benefiting from Real's resources [15][16] 2. **Compensation Model**: Agents keep **85%** of their commission, with a cap of **$12,000** annually, after which they retain **100%** of their earnings [19] 3. **Technology Platform**: The proprietary software, **Rezent**, enhances productivity, marketing, and community engagement among agents [20][21] 4. **Collaborative Culture**: A culture of collaboration over competition, with approximately **50%** of agents being shareholders [31] Technology and AI Integration - The company has invested **tens of millions** in its technology platform, with **$4 million** spent on R&D in Q2 [44] - The AI-driven platform, **LEO Copilot**, assists agents by managing transactions and improving customer support efficiency [28][29] - The technology allows for significant operational efficiencies, reducing transaction processing time from **hours to minutes** [25][26] Ancillary Services and Future Growth - The Real Brokerage has expanded into title and mortgage services, which have higher gross margins (title margins over **80%**, mortgage margins **40-50%**) [34] - Current attachment rates for these services are low, at **4%** for title and **1%** for mortgage, indicating substantial growth opportunities [35][54] - The company aims to enhance the home buying experience through AI-driven consumer-facing products, such as **LEO for clients** [36] Financial Performance and Projections - The Real Brokerage is on track to generate over **$1 million** in annual revenue from its RealWallet product, which offers agents financial services [40] - The company anticipates continued growth regardless of macroeconomic conditions, supported by its technology and high-margin services [41] Market Outlook - The speaker expressed optimism about the real estate market's recovery, suggesting that existing home sales are at historic lows and likely to rise [75] - The company is well-positioned to capitalize on market recovery due to its innovative business model and technology [76] Additional Important Insights - The company has a **headcount efficiency ratio** of **1 employee for every 87 agents**, significantly better than traditional brokerages [33] - The Real Brokerage's revenue share model incentivizes agents to recruit others, creating a scalable growth mechanism [68] - The company is focused on maintaining a disciplined approach to credit extension through its RealWallet product, ensuring only qualified agents receive loans [70] This summary encapsulates the key points discussed during the conference call, highlighting The Real Brokerage's innovative approach, growth potential, and strategic focus on technology and agent support.

Financial Performance and Key Metrics - Total revenue for Q2 2025 was $121.4 million, a 36.1% increase year over year from $89.2 million in Q2 2024 [16] - Adjusted EBITDA returned to profitability, reflecting improved operating leverage and a higher proportion of revenue converting to earnings [4][16] - Gross profit margin decreased to 7.7% from 8.5% due to competitive pricing pressure and increased transaction-related costs [17] Business Segment Performance - Brokerage segment revenue was $116 million, a 39.6% increase year over year, driven by the acquisition of My Home Group [19] - Mortgage segment revenue declined to $3.3 million from $3.7 million due to lower loan origination volumes [20] - Verus Title revenue increased by 90% to $1.5 million, driven by strong organic growth and improved closing efficiency [21] Market Data and Key Indicators - Active listings in June reached 1,100,000 units, marking a 29% year over year increase [12] - Median days on market rose to 53 days, up from 48 days a year ago, indicating a slower pace of sales [13] - Approximately 20% of listings have reduced asking prices, with some markets seeing declines up to 7% [14] Company Strategy and Competitive Landscape - The Elevate program is a key differentiator, enhancing agent productivity and generating high-margin recurring revenue [5][6] - The company is focused on expanding agent count and transaction volume while increasing blended margins through ancillary services [27] - A new partnership with Sovereign Realty Partners aims to extend the reach of the IntelliAgent platform and Elevate program [9][10] Management Commentary on Operating Environment and Future Outlook - Management believes the real estate market is set for a modest recovery, despite ongoing affordability pressures [12][14] - The company is confident in its ability to grow faster than the broader market due to its agent-centric model [14][27] - Future priorities include driving revenue growth, increasing margins, and sustaining adjusted EBITDA profitability [27] Other Important Information - The company ended the quarter with $4.9 million in cash, reflecting careful balance sheet management [24] - Monthly churn rate remains low at less than 1.6%, indicating strong agent satisfaction [11] Q&A Session Summary - No questions were raised during the Q&A session, indicating a lack of immediate concerns from analysts or investors [29]

Company Overview - Coldwell Banker Warburg (CBW) is a leading brokerage in New York luxury real estate, with over 100 years of experience [1][8] - The firm has recently welcomed two high-performing teams, the Asset Advisory Team and the Waterview Advisory Group, from Elegran Real Estate [1][2] Team Contributions - The Asset Advisory Team has achieved over $250 million in lifetime sales and is led by Ashley Reidy Quinn and Nick Montalbano, focusing on operations, marketing, and client experience [2][3] - The Waterview Advisory Group also boasts $250 million in transactions and offers a range of services including residential sales, buyer representation, and property investment analysis [3][4] Strategic Goals - Both teams emphasize a commitment to client success and integrity, with a focus on maintaining a boutique approach while leveraging CBW's extensive global network [4][3] - The transition to CBW is seen as a strategic move to enhance growth and service offerings for clients [3][4] Agent Profiles - The Asset Advisory Team includes agents with diverse backgrounds, such as John David Henning, an expert in digital marketing, and Allie Dornier, who has a strong family background in real estate [5] - The Waterview Advisory Group is led by Jules Garcia, who has a 20-year background in financial services and specializes in upscale properties [3][4] Recent Developments - In addition to the two new teams, CBW has recently added three other agents from Elegran, indicating a trend of talent acquisition in the competitive New York real estate market [7]

Core Insights - Fathom Holdings Inc. is expanding its presence in the Arizona real estate market through a strategic partnership with industry leaders Jeff Hawke, Joel Moyes, and Patrick Lewis, who will operate under the name Fathom Realty Elite [1][2] - This partnership is a significant milestone in Fathom's strategy to expand its intelliAgent platform, enhancing its footprint in one of the largest and fastest-growing real estate markets in the U.S. [2][3] - The combined experience of the new partners totals 81 years in commercial and residential real estate, which aligns with Fathom's mission to provide excellent service to agents and clients [3][4] Company Strategy - The partnership is expected to be the first of many as independent brokerages seek to enhance their operations with advanced technology and a robust network [3] - Fathom's intelliAgent platform and the Elevate program are highlighted as key tools that will benefit Arizona's real estate professionals [4] - The company emphasizes its commitment to integrity, collaboration, and support for agents, aiming to build a leading real estate advisory firm in Arizona [4][5] Technology and Services - Fathom Holdings Inc. is described as a technology-driven real estate services platform that integrates various offerings, including brokerage, mortgage, title, and SaaS solutions [5] - The company leverages its proprietary cloud-based software, intelliAgent, to empower agents and enhance consumer experiences [5]

Core Insights - The company reported a total revenue of $172 million for Q2 2025, reflecting an 8.8% year-over-year increase, driven by growth in both brokerage and financing segments [4][28] - A pretax loss of $3.7 million was recorded for Q2 2025, compared to a loss of $3.4 million in Q2 2024, with a net loss of $11 million or $0.28 per share, influenced by a change in tax methodology [4][38] - The company emphasized ongoing improvements in internal metrics and a record volume of exclusive inventory, supported by enhanced marketing and client outreach efforts [5][20] Financial Performance - Brokerage revenue accounted for 82% of total revenue, increasing by 4.4% to $141 million, with a 12% growth in transaction volume to $8 billion across 1,375 transactions [28][30] - Financing revenue surged by 44% year-over-year to $26 million, driven by an 86% increase in transaction volume totaling $3.4 billion across 409 deals [32][39] - Total operating expenses reached $181 million, primarily due to higher costs associated with revenue growth and one-time reorganization expenses [8][36] Market Dynamics - Transaction activity in larger deals valued at $20 million and above declined by nearly 12% in Q2 2025, attributed to clients pausing deals following tariff announcements [4][16] - The private client business accounted for 66% of brokerage revenue, reflecting a 15% increase in volume and a 12% rise in transaction count [30][31] - The auction division sold 273 transactions over the past 12 months, representing 27% of all commercially auctioned assets in the US, establishing a new revenue stream [20][39] Strategic Initiatives - The company is focused on long-term growth in both private client and larger transactions, with a healthy pipeline and listing inventory moving forward [17][27] - A broad-based management reorganization was initiated to streamline decision-making and enhance accountability among top-performing brokerage executives [9][24] - The company remains committed to a balanced capital allocation strategy, including investments in technology, recruiting, and strategic acquisitions while returning capital to shareholders [40][60]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $172 million, representing approximately 9% growth year over year [5][19] - Adjusted EBITDA for the quarter was $1.5 million, compared to $1.4 million in the same period last year [28] - The company reported a net loss of $11 million for the quarter, or $0.28 per share, compared to a net loss of $5.5 million or $0.14 per share for the prior year [28] Business Line Data and Key Metrics Changes - Brokerage revenue grew 4% year over year, while financing revenue posted a 44% gain [6][22] - Private client brokerage business reflected revenue growth of 10.3% and transaction growth of 12% [6] - Revenue from financing business grew 44% year over year to $26 million, driven by an 86% increase in transaction volume [22] Market Data and Key Metrics Changes - Revenue from larger transactions valued at $20 million and above declined by nearly 12% for the quarter [7] - The average transaction size increased to $5.8 million, up from $5.6 million a year ago [20] - The auction division sold 273 transactions over the past twelve months, accounting for 27% of all commercially auctioned assets in the US [11] Company Strategy and Development Direction - The company is focused on long-term growth in the private client business and larger transactions through its IPA division [9] - A management reorganization was initiated to streamline decision-making and execute strategies more consistently [15] - The strategy includes investment in talent, technology, and further expansion of capital markets capabilities [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improvements in marketing timelines and a record volume of exclusive inventory [11] - The company believes the worst of the tariff-driven volatility is behind them, with investor sentiment stabilizing [12] - The recent tax package is expected to be a tailwind for commercial real estate, with favorable provisions for the sector [12] Other Important Information - The company has no debt and $333 million in cash, cash equivalents, and marketable securities [29] - A semiannual dividend of $0.25 per share was declared, payable on October 6 [30] - The company has returned a total of $190 million of capital to shareholders over the past three years [29] Q&A Session Summary Question: Can you talk about the shifting trends in transaction volume in different size segments? - Management noted that improved client outreach and realistic price expectations have led to a more successful conversion rate of client dialogues into transactions [35][36] Question: Can you discuss the dynamics affecting commission rates? - The decline in commission rates was attributed to a mix of larger transactions, particularly in the $100 million plus range, which typically have lower percentage fees [40] Question: Is the tax accounting change a one-time hit? - The tax methodology change is deemed more appropriate and will normalize in Q4, with the current year-to-date tax rate at 12.5% compared to 14.6% last year [42][43] Question: What external growth opportunities are being explored? - The company is in active discussions for potential acquisitions in its core business and advisory space, with improved attitudes toward valuations [44][46] Question: How does the company prioritize capital deployment options? - The company maintains a balanced strategy for capital deployment, including share repurchases, dividends, and pursuing M&A opportunities [48][51]

Financial Data and Key Metrics Changes - Revenue in Q2 2025 increased by 59% year-over-year to $541 million, driven by a 62% increase in the number of transactions closed, exceeding 49,000 [7][27] - Gross profit rose by 50% to $47.9 million, while operating expenses increased by 42% to $46.2 million, resulting in the first-ever positive operating income of $1.7 million and positive net income of $1.6 million [9][30] - Adjusted EBITDA improved by 43% to $20 million from $14 million in the previous year [9][31] - The total value of homes transacted increased to $20.1 billion, a 60% year-over-year increase [32] Business Line Data and Key Metrics Changes - Ancillary business lines grew by 50%, contributing approximately 1% of total revenue and nearly 5% of gross profit [10] - One Real Mortgage saw exceptional revenue growth of 80%, while One Real Title's revenue grew by 7% [11] - RealWallet generated $250,000 in revenue, with total deposits exceeding $14 million, a nearly 70% increase since the last earnings call [12] Market Data and Key Metrics Changes - The company ended Q2 with 28,000 agents, marking a 43% increase year-over-year, with the agent count exceeding 29,200 as of the call [9][10] - Revenue churn remained low at 2%, indicating strong retention of productive agents [10] Company Strategy and Development Direction - The company aims to redefine the role of real estate brokerage by providing agents with financial incentives, a proprietary technology platform, and a collaborative culture [6] - A significant part of the long-term strategy involves the growth of ancillary business lines, which have higher gross margins compared to core brokerage [10] - The acquisition of FlyHome's AI-powered consumer home search portal is expected to enhance the client experience and strengthen the company's competitive position [15] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges in the housing market but emphasized that the company's model is designed to empower agents to succeed in such environments [36] - The focus remains on building a comprehensive platform for agents to manage their businesses and provide clients with seamless services [38] Other Important Information - The company ended the quarter with unrestricted cash and investments at an all-time high of $55 million and no debt [32] - The company plans to increase share repurchases in the second half of the year under a buyback authorization [32] Q&A Session Summary Question: Impact of revenue share model enhancements - Management clarified that changes in the revenue share model would not impact financial statements but would redistribute revenue share within the agent community [41] Question: Expectations for gross margins in the second half - Management indicated that gross margins are expected to decline year-over-year in the second half due to more revenue being generated by capped agents [42][43] Question: Update on agent and team recruiting pipelines - The recruiting pipeline remains strong, with 1,200 agents added in the past five weeks, despite a significant offboarding of nonproductive agents [44][46] Question: Goals for ancillary services adoption - Management believes that meaningful adoption of ancillary services will come through product enhancements rather than traditional methods [54] Question: Utilization of contract labor - The company strategically uses a mix of contract labor and full-time employees to support growth, converting contractors to full-time roles as needed [86] Question: Goals for achieving positive earnings per share - Management aims to build on the momentum of achieving positive net income and will remain active in share buybacks and opportunistic M&A [88] Question: R&D prioritization strategy - The focus will be on strengthening core technology, leveraging AI for efficiency, and investing in the consumer roadmap [89]