Tamir Poleg, chairman and CEO of The Real Brokerage, closed out the prepared remarks section of his firm’s first-quarter 2025 earnings call by addressing the “transformative technological era” the industry is currently operating in.
The catch was, listeners thought it was Poleg, but it wasn’t.
“The rise of AI is not just another tool but a fundamental shift that, in our view, will reshape industries, professions and entire business models. Our industry is no exception. And what gives us confidence is that Real was built for moments like this,” a voice identical to Poleg’s said.
“While others break for change, we lean into it. That’s why, despite the noise, we continue to invest in innovation, expand our model and deliver value for our agents by embracing the future — not resisting it. In fact, as a small but meaningful signal of where we’re headed, I’ll let you in on something: My prepared remarks today, including this section, were read entirely by Leo AI.”
While the real Poleg did grace listeners with his presence during the Q&A portion of the call, for nearly seven minutes, Real had listeners hoodwinked as Leo AI, the firm’s AI-powered agent assistant, read Poleg’s remarks in the executive’s voice.
“It’s not a gimmick,” Poleg’s voice said. “It’s a reflection of how far we’ve come and a hint of where we’re going. At this time, Leo is able to have real-time voice conversations and we are planning to test these capabilities with our agents in the coming weeks.”
According to Poleg — the real Poleg —even his mother was unable to distinguish between his actual voice and his AI voice.
Growth game
During the first quarter of the year, Real posted impressive growth, recording a 76% annualized jump in revenue to $354 million. The firm’s sales volume rose 80% year over year to $13.5 billion and the number of transactions closed during the quarter jumped 77% to 33,617.
Additionally, as of early May, the company said it had approximately 27,700 agents, which is a further increase over the 61% annual agent count growth recorded at the end of Q1 2025.
While this growth did not result in Real turning a profit, its net loss for the quarter came in at $5 million, down from $16.1 million a year ago.
Real executives attributed much of the company’s financial growth to a combined 50% annual growth rate in its ancillary services sector — which includes mortgage, title and Real Wallet. The firm attributed much of this momentum in growth to the rapid evolution of Leo CoPilot.
The company said it transitioned all inbound agent support calls to Leo, which now handles thousands of agent interactions daily.
“This represents a meaningful step forward in our vision to build a scalable intelligent brokerage platform that increases agent productivity while driving efficiency across our operation,” the Leo AI Poleg said in prepared remarks.
“Real is a real estate technology company that is differentiated in our industry. Unlike traditional real estate brokerage firms, we provide real estate agents with a compelling combination of financial incentives, a proprietary software-based technology platform, which eliminates the need for an agent’s physical office space and a collaborative culture that we believe is unique in our industry.”
As the company looks to leverage this technology to help agents be more efficient, the real Poleg told investors and analysts that it is currently testing real-life conversations between Leo and potential buyers and sellers.
“Leo can now have a conversation about what is your desired property, what are you looking for, what’s your financial situation? If you want to schedule a showing at a specific house, Leo can already do that, which is extremely impressive,” Poleg said.
“So I think that, moving forward, we will continue to expand Leo capabilities with supporting our agents internally and just saving us a lot of overhead and human capital when it comes to internal support.”
Eventually, Real hopes to equip its agents with a phone number where they can train AI to use their own voice, take their clients’ phone calls and answer questions.
Ancillary services
While technology and AI are top priorities at Real, the company is also looking to continue growing its ancillary services.
One Real Title generated $1.03 million in revenue in Q1 2025, up from $795,000 a year ago. As they look to grow the title operation, executives said Real is no longer expanding via individual team-based joint ventures. Instead, the firm is now creating statewide joint ventures. Its first three JVs launch this month, with three more expected to come online in June.
One Real Mortgage also saw a jump in revenue, rising from $696,000 in Q1 2024 to $1.08 million in Q1 2025. The company now has 97 loan officers, half of whom are also licensed real estate agents who originate loans.
According to Poleg, this helps agents deliver “a more connected, transparent financing experience for clients.”
Staying out of the CCP fray
Real executives also addressed the debate over the National Association of Realtors‘ Clear Cooperation Policy (CCP). But unlike other publicly traded firms, they did not offer any thoughts on the merits or drawbacks of private listings.
“While the industry debates, we stay focused. Now, I’ve been in this industry for nearly two decades and the narrative is always shifting from lawsuits and commission rates to today’s focus on exclusivity and listing access,” Real President Sharran Srivatsaa said.
“It’s important to understand that at Real, we don’t chase headlines. We stay focused on building a model that works in any market.”
Despite not taking a stance on CCP, Srivatsaa told investors and analysts on the call that if Real felt it was in the best interest of its agents and their clients, the firm has the skill to launch “a massive exclusive listing network.”
“We know there is no one-size-fits-all approach in real estate,” Srivatsaa added. “Our job is to empower agents and their clients with flexibility and not force them into any single playbook. That’s how we continue to grow by getting grounded in what actually helps agents succeed.”
Real believes that any changes in how homes are listed and discovered should ultimately benefit the consumer, Poleg added.
“Some companies are approaching this from a lens of trying to gain a competitive advantage, but we’re focused on what delivers the best possible experience for buyers and sellers. The reality is, the more exposure a listing has, the better the outcome,” Poleg said.
“This is what we believe in and that’s the foundation of an efficient marketplace. So while the MLS conversations will likely continue here at Real, we will stay focused on building for the future.”
First Time Home Buyer FAQs - Via HousingWire.com
