Real Brokerage is a cloud-based residential real estate brokerage operating across all 50 U.S. states, Washington D.C., and five Canadian provinces, with roughly 31,700 affiliated agents as of end-2025. Rather than running physical offices, Real gives agents a cloud-based transaction management platform (reZEN) that handles deal processing, compliance, and commission disbursement. Real's customers are independent agents, not homebuyers or sellers directly. Real earns revenue from the spread between gross commissions collected and net commissions paid out to agents — agents keep 85% of commissions until hitting an annual cap (~$12,000), after which they pay only a flat ~$285 per transaction. Beyond economics, Real attracts agents through its reZEN platform, an AI assistant (Leo CoPilot), and a revenue share program that lets agents earn a cut of commissions generated by agents they recruit. That revenue share program drives roughly 85% of agent growth organically, with a dedicated growth team of just four people. Real's cost structure is lean — no physical offices, roughly one corporate employee per 89 agents, and automation handling about half of all transaction closings. Real is also building ancillary services — One Real Mortgage, One Real Title, and Real Wallet (agent fintech including banking and working capital lending) — which management estimates carry 5–8x higher gross margins than core brokerage, though these remain a small fraction of revenue today. Real also acquired consumer home search assets from Flyhomes to build HeyLeo, an AI-powered consumer product intended to drive attachment of ancillary services.