The Real Brokerage Inc. [REAX] Q1 2024 Earnings Conference Call May 7, 2024 8:00 AM ET
Company Participants
Tamir Poleg - Chairman and CEO
Sharran Srivatsaa - President
Michelle Ressler - CFO
Ravi Jani - VP, IR, Financial Planning and Analysis
Conference Call Participants
Darren Aftahi - ROTH MKM
Stephen Sheldon - William Blair
Matthew Erdner - JonesTrading
Operator
Good morning, ladies and gentlemen, and welcome to The Real Brokerage first quarter 2024 earnings call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation.
I will now turn the call over to Ravi Jani, Vice President of Investor Relations and Financial Planning & Analysis at The Real Brokerage. Sir, the floor is yours.
Ravi Jani
Thanks, and good morning. Thank you for standing by, and welcome to The Real Brokerage conference call and webcast for the first quarter ended March 31, 2024. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer; Sharran Srivatsaa, President; and Michelle Ressler, our Chief Financial Officer. This morning, Real published an earnings press release, including our results for the first quarter ended March 31, 2024. The press release, along with the unaudited consolidated financial statements and related management's discussion and analysis for the quarter, have been filed with the US Securities and Exchange Commission on EDGAR and with the Canadian Securities Regulators on SEDAR.
Before we get started, I'd like to remind everyone that statements made in this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements. Our actual results may differ materially from these forward-looking statements, and the risk factors that could cause these differences are detailed in our Canadian continuous disclosure documents and SEC reports. Real disclaims any intent or obligation to update these forward-looking statements. except as expressly required by law.
With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, Tamir Poleg. Tamir, please proceed.
Tamir Poleg
Good morning and thank you, Ravi. I will start with an overview of our strategy and some recent business highlights. Sharran will provide an update on actions we are taking to drive agent growth and improve agent experience, and Michelle will provide a more in-depth discussion of our financial results this quarter. I'll then provide a few closing remarks before opening up the call for Q&A. To begin, 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 an unmatched combination of financial incentives, a proprietary software-based technology platform which eliminate the need for physical office space, and a collaborative culture that we believe is unique in our industry. Our vision is to simplify life's most complex transaction, that is, a purchase or sale of a home by providing agents with the tools, technology, and resources they need to grow both their businesses and as individuals, all while delivering a seamless experience for home buyers and sellers. In the short term, this vision includes the rollout of our One Real consumer-facing mobile app, which streamlines the client experience and enhances attachment of our higher margin ancillary services. In the long term, we expect our platform to encompass a holistic ecosystem of financial technology products, payments, and investment planning tools, providing agents with an avenue to build generational wealth. Ultimately, as the platform matures, we believe home buyers and sellers could also benefit from the breadth of services offering. Our goal is to redefine the role of a real estate brokerage in the lives of our agents and in the broader housing industry. Importantly, just like our institutional investors, many of our agents are also shareholders in our company, and that is why everything we do is with the intent to grow long-term shareholder value.