The Real Brokerage (REAX) Oppenheimer 27th Virtual Annual Technology, Internet & Communications Conference summary

Business overview and growth

• Achieved 84% revenue growth in Q2 2024 despite a 3% market decline, with $900M+ revenue and $23M Adjusted EBITDA over the past year.

• Operates in all 50 U.S. states and 4 Canadian provinces, with less than 2% market share, indicating significant growth potential.

• Revenue has increased 14x from Q2 2021 to Q2 2024, even as market transaction volume fell by 30%.

• Agent count grew 74% year-over-year in Q2 2024, consistently adding about 1,000 agents per month.

• Efficiency ratio improved from 1 employee per 55 agents in Q1 2022 to 1 per 138 in 2024, targeting 1 per 200.

Differentiated value proposition for agents

• Offers agents an 85/15 commission split with a $12,000 cap, significantly reducing costs compared to traditional brokerages.

• Provides a proprietary technology stack focused on productivity, marketing, community, and brokerage operations.

• Mobile-first platform enables agents to manage business on the go, with integrated tools for transactions, marketing, and support.

• Unique culture of collaboration, with nearly all agents as shareholders, fostering mutual support and retention.

• Community features and regular events (virtual and in-person) maintain engagement in a remote-first environment.

Technology and operational efficiency

• Invested $20–$30M in technology development, with a lean team of about 100 product/dev staff.

• Automation enables processing transactions in 2 minutes versus 2–3 hours at traditional brokerages.

• No physical offices, passing cost savings to agents and supporting scalable growth.