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The Real Brokerage (REAX) investor relations material
The Real Brokerage Oppenheimer 28th Annual Technology, Internet & Communications Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Industry overview and market position
Operates in a fragmented real estate market with 1.5 million agents in the US and 160,000 in Canada, generating $100 billion in annual commissions.
Holds less than 2% market share, indicating significant growth potential.
Offers agents compelling economics, proprietary technology, and a collaborative culture.
Provides continuous training and access to high-performing peers through REAL Academy.
Ancillary services like title, mortgage, and fintech are early-stage but expected to drive future margins.
Growth trajectory and financial performance
Went public in 2020 with $15M revenue, now listed solely on NASDAQ.
Achieved 6x revenue growth since Q2 2022, despite a 25% market decline.
Confident in continued growth through 2025 and beyond, regardless of mortgage rate trends.
Fixed cash operating expenses as a percentage of revenue have declined year over year.
Headcount efficiency ratio is 1 employee per 87 agents, far surpassing industry norms.
Agent value proposition and recruitment
Four main draws: freedom/flexibility, superior economics, advanced technology, and collaborative culture.
Private label and pro teams programs allow independent brokerages to retain branding and compensation models.
15% of new agents joined via private label in the last 18 months.
Agents keep 85% of commissions up to a $12,000 cap, then 100% with a flat transaction fee.
Revenue share model incentivizes agent recruitment and retention, with up to 5% of recruits' gross commission income.
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