The cloud-based brokerage, which is celebrating its 10th anniversary in operation this year, saw fourth-quarter revenue surge 89% and its agent count surge 66%, according to earnings data Thursday.
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The Real Brokerage, a cloud-based company poised for strong growth in 2023, lowered analyst forecasts on Thursday as fourth-quarter revenue surged 89% while attracting thousands of new agents last year.
The cloud-based brokerage’s fourth-quarter revenue rose to $181.3 million, an 89% increase from the same period last year, according to an earnings report released Thursday. Data show that in 2023, the 10-year-old brokerage achieved revenue of $689 million, an increase of 81% from $381.8 million in 2022.
“Despite a challenging industry backdrop, Real Madrid set another record high in 2023,” Real Madrid Chairman and CEO Tamir Poleg said in a statement. “Our results for the current season and full year are a testament to our Unique agency value proposition, scalable technology platform and efficient operating model.”
Net loss in the fourth quarter rose to $12 million, nearly double the $6.8 million loss in the fourth quarter of 2022. Losses also increased in 2023, with a net loss of $27.5 million compared with $20.6 million in 2022.
The company completed a total of 17,749 transactions in the fourth quarter, an 82% increase from the 9,745 transactions in the fourth quarter of 2022. For the full year, the company completed 66,646 transactions, a 78% increase from 37,45 transactions in the fourth quarter of 2022. 2022.
While transaction volume increased, so did the total value of those transactions. The total value of Real’s completed transactions in the fourth quarter reached $6.8 billion, a 92% increase from the fourth quarter of 2022. For the full year, Real completed $25.9 billion in real estate transactions, an 80% increase from the $14.4 billion recorded for the full year 2022.
As of the end of the fourth quarter, the total number of agents using the Real platform increased to 13,650, a 66% increase from the fourth quarter of 2022.
Real executives used the earnings call to tout its new private-label recruiting program, which has helped Real grow its agent count to about 16,000 since its launch in January. The program allows independent brokerages to join the Real platform without being forced to rebrand their brokerage firms, allowing them to retain their local brand recognition.
“We are very excited about the momentum in our agent base, which has now reached the 16,000 agent milestone,” said Sharran Srivatsaa, president of Real Brokerage. “With the official launch of our Private Label and ProTeams programs in January, independent brokerages and teams are now It’s easier than ever to join Real and experience all the benefits that come with being part of the fastest-growing publicly traded brokerage firm.”
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