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

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.

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.

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 app...