REAL Broker is on Fire

When we joined REAL as our broker two years ago, we were around the 3,000th agent. In just a short time, REAL has grown to 16,000 agents.

 

As I write this post, the stock is up 20% today alone. 

 

We believe that the real estate industry is ready for a change. Black Canyon Homes definitely does things differently. In 2023, our first full year, we did over $16,000,000 in sales. We chose REAL because they too do it diffently.

 

Times are changing, indeed.

 

Here are some of their stats:

 

Key Highlights from our Q4 2023 Earnings Release:   Record Year: Despite a challenging industry backdrop, 2023 was a record year for Real across all key metrics, showcasing our strong agent value proposition, differentiated technology, and efficient operating model. Outperforming the Industry by 100% (!) For the full year, Real agents closed over $25 billion of transaction volume across 66,000 transactions, a 78% increase from 37,500 transactions in 2022 – this compares to an existing home sales market in which industry transactions declined by nearly 20% in 2023. During Q4 2023 Real closed 17,750 transactions, an increase of 82% compared to Q4 2022 – truly remarkable. Explosive Agent Growth: The total number of agents on our platform increased by 66% to 13,650 at the end of 2023, but as you all know, agent growth has accelerated since the start of the year and we announced that as of today, 16,000 agents are part of the Real platform. Impressive Financial Results: Full year 2023 revenue reached a record $689 million, an increase of 81% from $382 million in 2022. Q4 2023 revenue of $181 million increased 89% versus Q4 2022. Full year adjusted EBITDA was $7.6 million, marking our first full year of positive adjusted EBITDA. Q4 2023 adjusted EBITDA was $2.3 million, a significant improvement from negative ($0.1) million in Q4 2022. (Note these amounts exclude the benefit of a balance sheet adjustment recorded in the quarter and discussed in our press release). Bullish Outlook in 2024: Given the strength in our pipeline and the momentum we are seeing across the business, we expect to deliver year over year improvements across all key metrics in the year ahead.