Miami-based Real REMAX Group on Thursday announced its third-quarter 2026 earnings, its first as a combined company, and CEO Tamir Poleg said it is “preparing for another very challenging year” in 2027.
The company generated revenue of $727.9 million, up 28 percent year over year, including about five weeks of REMAX results. Pro forma revenue, which assumes the companies were already combined, rose 20 percent to $770 million.
Net loss was $67.2 million, compared with a $0.3 million loss a year earlier, as the company recorded $52.3 million in acquisition-related expenses and $26.4 million in accelerated stock-based compensation tied to employee terminations, according to its earnings release.
Forecasting a weaker market in 2027
The company’s outlook assumes U.S. existing-home sales will fall 5 percent to 10 percent in 2027 and home prices will fall 3 percent to 4 percent. CFO Ravi Jani said that sales decline would bring transactions to their lowest level in more than 30 years.
The company forecast 2027 revenue of $2.6 billion to $2.8 billion and adjusted EBITDA of $175 million to $190 million.
“I think we want to be prudent in our outlook and not plan for a recovery,” Jani said during the company’s earnings call Thursday. He said adjusted EBITDA would likely be about $200 million in a flat market.
“The recent increase in mortgage rates has further delayed the recovery that many, myself included, had anticipated,” Poleg said.
Agent counts fall at Real, REMAX North America
Real ended the third quarter with 36,610 agents, up 21 percent year over year, according to the company.
The company said October departures included more than 500 agents it removed for unpaid dues or expired real estate licenses. Poleg said Real has offboarded more than 1,000 agents over the past two months and is reviewing another 300 to 400.
“Beginning in September, we saw an uptick in the number of agents leaving the industry altogether,” Poleg said. He said the departing agents contributed little revenue.
REMAX agent count in the U.S. and Canada fell 3 percent year over year to 72,118, while its count elsewhere rose 4 percent to 75,970, according to the company.
“We don’t expect an immediate reversal in agent attrition in a franchise business,” President Jenna Rozenblat said.
Job cuts and Motto closures
The company said it has actioned more than $40 million in annualized gross cost savings since the deal closed, including about $28 million that benefits adjusted EBITDA. Rozenblat said combined headcount is down more than 14 percent, or more than 150 positions.
The company is also winding down Motto Mortgage and wemlo. Rozenblat said 104 of Motto’s 151 offices have closed since the end of August and 92 percent of the network is moving toward termination.
“We understand these are difficult decisions, but given the legacy REMAX mortgage businesses generated a combined $5 million adjusted EBITDA loss in 2025, these actions are necessary to build a more focused, efficient and profitable organization,” Rozenblat said.
Leo Pro and Open Real Estate
Poleg said about 5,600 agents are using Leo Pro, the AI platform Real launched Oct. 20, and about 3,500 are paying for it. He said the company plans to offer it to the full REMAX network within weeks.
“Obviously, historically there’s been a lot of disappointment with what REMAX has been offering their agents and brokers,” Poleg said.
On Oct. 26, the company joined AGNT Inc., formerly eXp World Holdings, HomeServices of America and Keller Williams as a founding member of Open Real Estate, a broker-led listing data initiative. Poleg declined to discuss specific products or revenue opportunities, saying it is “still very, very early.”
Real REMAX’s 4th-quarter forecast
The company expects fourth-quarter revenue of $575 million to $625 million and adjusted EBITDA of $32 million to $38 million. Jani said that outlook assumes a high-single-digit to low-double-digit year-over-year decline in transactions per agent at Real and a low- to mid-single-digit decline in REMAX’s North American agent count.
Earlier this year
In Q2 2026 earnings, Real reported $700.6 million in revenue, up 30 percent year over year, and an $8 million net loss that included about $11.6 million in acquisition costs.
Real completed its $880 million acquisition of REMAX Holdings on Aug. 24, after announcing the deal in April.
Real REMAX Group now encompasses Real’s brokerage, the REMAX franchise network and ancillary businesses including One Real Title, One Real Mortgage and Real Wallet. The company said it supports about 185,000 real estate professionals in more than 120 countries and territories.
