Real Brokerage Inc (NASDAQ: REAX)

Real Brokerage Inc operates as a real estate technology company, providing licensed residential real estate brokerage services across all 50 U.S. states, the District of Columbia, and five Canadian provinces. The company leverages a digital platform to offer brokerage services, supported by proprietary technology designed to enhance agent productivity and operational efficiency. Unlike traditional brokerages, Real Brokerage Inc operates without a network of physical branch offices, relying instead on a scalable, low-cost structure facilitated by AI and automation.

The company generates revenue primarily from commissions earned on residential real estate transactions completed by agents affiliated with its platform. In addition to core brokerage operations, Real Brokerage Inc offers ancillary services, including mortgage brokerage, title and escrow services, and financial technology products under the Real Wallet brand. These services complement the brokerage platform and provide additional revenue streams. The company's customer base consists of real estate agents and consumers involved in residential real estate transactions.

• Real Estate Brokerage: Real Brokerage Inc's core business segment involves providing licensed residential real estate brokerage services. The company's platform, reZEN, supports key brokerage functions, including end-to-end transaction management, automated compliance and brokerage oversight, integrated payment and financial services, and AI-powered agent support through Leo CoPilot. The platform also offers an open API for customization, allowing agents to integrate certain third-party tools. This segment caters to real estate agents and consumers across all 50 U.S. states, the District of Columbia, and five Canadian provinces.

• Ancillary Services: This segment includes mortgage brokerage services through One Real Mortgage, title and escrow services through One Real Title, and financial technology products under the Real Wallet brand. One Real Mortgage operates as a licensed mortgage broker in Washington D.C. and 25 states, offering mortgage brokerage services in connection with residential real estate transactions. One Real Title provides title and escrow services in 17 states. Real Wallet offers financial tools and services to affiliated agents, centralizing access to certain financial products. This segment caters to the same market as the core brokerage segment, providing complementary services to enhance the real estate transaction process.

Real Brokerage Inc operates in a competitive industry, facing competition from traditional real estate brokerages, online real estate platforms, and other technology-driven brokerages. Key competitors include companies like Zillow Group, Redfin, and Compass. The company's competitive advantages lie in its digital operating model, which reduces overhead costs and enhances scalability. Additionally, the integration of AI and automation through platforms like reZEN and Leo CoPilot differentiates Real Brokerage Inc by improving agent productivity and operational efficiency. The company's focus on agent support and flexibility, along with its revenue share and equity-based incentive programs, helps attract and retain agents.

The company's customer base includes real estate agents affiliated with its platform, as well as consumers involved in residential real estate transactions. As of December 31, 2025, 31,739 real estate agents were affiliated with Real Brokerage Inc or its subsidiaries. The company's consumer-facing platform, HeyLeo, extends its reach to consumers, providing them with access to property information, communication tools, and brokerage and ancillary services.