Real vs The Agency: Structural Comparison (2026)

Key Takeaway: The Real Brokerage is a publicly traded, cloud-based brokerage with agents as independent contractors operating under an 85/15 commission split with a $12,000 annual cap and a five-tier revenue share program. The Agency is a privately held luxury boutique franchise founded in Beverly Hills, with individually negotiated commission splits, a 5% royalty fee plus 1% marketing fee, and no standardized cap. The two differ structurally in cost architecture, ownership model, and brand positioning.

TL;DR About Real vs The Agency

• Real: independent contractor, 85/15 split with $12K cap
• The Agency: luxury franchise, individually negotiated splits, no cap
• The Agency charges 5% royalty plus 1% marketing fee per transaction
• Real operates a five-tier revenue share program
• Real awards production-based RSUs (Top Agent Bonus)
• The Agency is privately held with no agent equity program
• The Agency emphasizes luxury brand positioning and visibility

The Real Brokerage and The Agency are two structurally distinct real estate brokerages. The Real Brokerage is a publicly traded, cloud-based brokerage that classifies agents as independent contractors and operates a standardized 85/15 commission split with a $12,000 annual cap, a five-tier revenue share program, and a Top Agent Bonus RSU program. The Agency is a privately held luxury boutique franchise founded in Beverly Hills in 2011, with individually negotiated splits, a 5% royalty fee plus 1% marketing fee, no standardized cap, and luxury-segment brand positioning.

The two are sometimes compared on commission split alone, but the relevant comparison includes commission cap mechanics, the percentage-based royalty and marketing fees at The Agency, the presence or absence of a revenue share and equity program, brand positioning at the agent’s specific market, and the role of brokerage-provided technology in the agent’s workflow.

This article is part of our broader brokerage comparisons library at SmartAgentAlliance.com, built to help agents compare brokerage models, fees, caps, revenue share, equity opportunities, and support structures before choosing where to hang their license.

This article compares The Real Brokerage and The Agency across the following structural categories:

2026 Update: Real Brokerage and RE/MAX

Real Brokerage’s announced acquisition of RE/MAX is important industry news, but this article remains focused on the current agent-facing comparison.

The RE/MAX acquisition may affect Real’s scale, franchise exposure, debt profile, technology roadmap, and long-term strategy. But unless Real changes the actual terms offered to its agents, the core comparison in this article remains based on Real’s current brokerage model.

Commission Structure

The information below is provided for general comparison purposes only, based on sources available at the time of writing. Any plan summaries, figures, or calculation examples are illustrative only. Agents should verify all current terms directly with the brokerage they are evaluating before making a decision.

The Real Brokerage and The Agency operate under different commission structures. Real Brokerage uses a single, company-wide standardized split structure with an annual cap. The Agency uses a franchise model with individually negotiated splits at the office level, no standardized cap, and percentage-based royalty and marketing fees that apply across all transactions.

Real Brokerage

Real Brokerage operates under a single, company-wide commission structure:

• 85/15 split until you reach the annual cap
• $12,000 annual cap — once you have paid $12K to the brokerage, you keep 100% for the rest of your anniversary year
• No franchise or royalty fees — the 85/15 split is the only commission-based cost before capping
• Post-cap transaction fee: $285 per transaction after capping ($129 per transaction for Elite Agents)
• $750 annual fee deducted across your first three transactions ($250 each)
• $40 per transaction CBR fee (equivalent to E&O insurance coverage)
• $249 one-time startup fee for new agents

Real Brokerage’s commission structure applies the 85/15 split until the $12,000 annual cap is reached. After cap, post-cap transaction fees apply: $285 per transaction for standard agents and $129 per transaction for Elite Agents. Agents producing 20 or more transactions per year should factor post-cap transaction fees into their full-year cost projection.

Real also offers reduced cap structures for teams: $6,000 cap for team members and $4,000 for mega team members.

The Agency

The Agency operates as a franchise, which means commission structures vary by office and are not standardized company-wide:

• Estimated 70/30 to 90/10 split range depending on the franchise office, your production history, and your negotiating leverage
• No production cap — you continue paying the split on every transaction all year with no ceiling
• 5% royalty fee on every transaction, paid to The Agency corporate regardless of your split
• 1% marketing fee on every transaction — bringing the total percentage-based brokerage fee to 6% on top of your split
• Monthly fees vary by office and are set at the franchise level
• E&O insurance estimated at approximately $1,900 per year (varies by office and market)

The combined 6% royalty and marketing fee is a structural feature of The Agency’s franchise model. The fee applies to every transaction in addition to the negotiated commission split, with no cap. At $250K in GCI, the combined royalty and marketing fee equals $15,000. The total brokerage cost at The Agency reflects the negotiated split plus the 6% percentage-based fee plus office-level monthly fees.

The marketing fee funds The Agency’s brand infrastructure including social media presence, marketing materials, and luxury-segment positioning. The dollar value of brand-driven incremental business at any individual agent’s market depends on whether The Agency’s luxury positioning is recognized in that market and whether the agent’s client base aligns with that positioning.

Total Annual Cost at Different Production Levels

Real Brokerage Fee Schedule

Fee Type	Amount
Commission split	85/15 until $12K cap
Annual fee	$750/year (deducted from first 3 tx)
Post-cap transaction fee	$285/tx (standard) or $129/tx (Elite)
CBR fee (E&O equivalent)	$40/transaction
Franchise/royalty fee	$0
Startup fee (new agents only)	$249 one-time

The Agency Fee Schedule (Ranges by Office)

Fee Type	Amount
Commission split	~70/30 to 90/10 (varies by office, no cap)
Cap	None
Monthly fee	Varies by office
Royalty fee	5% per transaction
Marketing fee	1% per transaction
E&O insurance	~$1,900/year (varies)

What an Agent Producing $250,000 in GCI Actually Pays

The illustrative cost examples below model an agent producing $250,000 in GCI across approximately 25 transactions. The Agency split shown is a 75/25 mid-range estimate; actual splits at any specific Agency franchise office vary based on negotiation.

Real Brokerage (standard agent, $250K GCI, ~25 transactions):

• Commission to brokerage (15% until $12K cap, reached at ~$80K GCI): $12,000
• Annual fee: $750
• CBR fee ($40 × 25 transactions): $1,000
• Post-cap transaction fees (~15 transactions × $285): $4,275
• Total cost: $18,025
• Net to agent: $231,975

Note: Real Brokerage Elite Agents pay $129 per post-cap transaction. At that rate, post-cap fees on 15 transactions would be $1,935, reducing total cost to approximately $15,685 and net to approximately $234,315.

The Agency (estimated 75/25 split, no cap, $250K GCI, ~25 transactions):

• Commission to brokerage (25% on $250K — no cap): $62,500
• Royalty fee (5% on $250K GCI): $12,500
• Marketing fee (1% on $250K GCI): $2,500
• E&O insurance (~$1,900/year): $1,900
• Monthly office fees (varies — not included in estimate): variable
• Total cost (excluding monthly office fees): ~$79,400
• Net to agent: ~$170,600

In this illustrative example at $250,000 GCI, total brokerage cost is approximately $18,025 at The Real Brokerage versus approximately $79,400 at The Agency on a 75/25 split (excluding office-level monthly fees), a dollar-difference in total brokerage cost of approximately $61,000 in this specific example.

Revenue Share vs No Passive Income Program

The Real Brokerage and The Agency differ structurally on revenue share and passive income programs: Real operates a five-tier revenue share program; The Agency does not operate a revenue share program.

How Real Brokerage Revenue Share Works

Real Brokerage distributes 60% of monthly company revenue to its agent network through a 5-tier revenue share program. The structure rewards agents for attracting productive agents to the company.

Tier	Who Is In It	Percentage of Revenue
Tier 1	Agents you directly attract	5%
Tier 2	Attracted by your Tier 1 agents	4%
Tier 3	Third level	3%
Tier 4	Fourth level	2%
Tier 5	Fifth level	1%

Real’s program distributes 60% of monthly company revenue. The percentage-of-revenue model means payouts are tied to the company’s overall monthly results. When Real’s transaction volume is up, revenue share payments scale accordingly.

Vesting: Real’s revenue share requires 3 consecutive producing years before it becomes fully vested and willable to heirs. Before the 3-year mark, the income stream does not transfer. This vesting schedule is a structural component of the program for agents building long-term passive income — if an agent leaves Real or stops producing before year three, the revenue share network may not be transferable.

Real Brokerage’s agent base has grown since the company went public, and the revenue share program scales with company-level monthly revenue. Revenue share earnings at the individual-agent level depend on the agent’s network size, the production levels of agents in that network, and Real’s monthly company revenue.

The Agency

The Agency does not offer any form of revenue share, profit share, or passive income program tied to agent attraction or network building.

There is no mechanism at The Agency for an agent to earn ongoing income from the production of agents they helped bring to the company. Agent income is tied entirely to personal production. When the agent stops selling, income from the brokerage relationship stops.

The Agency does not operate a retirement income stream, willable income path, or agent-network-based passive income mechanism. Agents evaluating brokerage selection alongside long-term passive income and wealth-building considerations should weigh this structural difference between the two brokerages.

Real Brokerage’s revenue share program creates a structural mechanism for ongoing income tied to network production. The Agency’s compensation model is structured around commission income from personally closed transactions and the brokerage’s brand-driven business support, without an equivalent network-based program.

For more comparisons regarding revenue share, check out our revenue share brokerage comparison.

Training and Professional Development

Real Brokerage

Real has invested in building a structured training infrastructure that includes:

• Real Academy: 30+ live training sessions per week covering sales, marketing, lead generation, and business building
• Agent BreakThru: A free 8-week coaching program for agents focused on growth — structured, time-bound, and results-oriented
• On-demand content: Recorded sessions and training materials accessible anytime
• Leo AI: AI-powered concierge available 24/7 for quick answers, support, and guidance between live sessions

Agent BreakThru is a structured eight-week coaching program included at no additional cost. Real’s training infrastructure is delivered company-wide through Real Academy and is consistent across all agents regardless of location, since Real operates without franchise offices.

The Agency

Training at The Agency is handled at the franchise office level and varies significantly by location:

• Programs differ by office — some franchise owners invest heavily in agent development, others provide minimal formal training
• The luxury focus means training tends to emphasize high-end marketing, client experience, listing presentation, and brand representation
• Mentorship and coaching depend on the culture and resources of the specific franchise office
• There is no standardized corporate training platform comparable to Real Academy

The Agency’s recruiting profile centers on established producers with existing client bases and expertise, with the franchise providing brand positioning and luxury-segment market access. Training is delivered at the franchise-office level rather than through a standardized corporate program comparable to Real Academy.

Real’s training infrastructure is delivered consistently across all agents through Real Academy and Agent BreakThru. The Agency’s training is delivered at the franchise-office level and varies by office. The two brokerages structure training delivery differently, with consistency at Real Brokerage and office-level variability at The Agency.

Technology and Tools

Real Brokerage

Real positions technology as a core component of its model and has built proprietary tools around that identity:

• Leo AI: Real’s flagship technology — an AI-powered concierge that provides 24/7 support, answers agent questions, assists with transactions, and aims to reduce dependency on traditional broker availability
• Real mobile app: Purpose-built app for managing your business, reviewing transactions, and accessing support on the go
• Built-in transaction management: Deal management tools integrated into the platform
• Cloud-based infrastructure: No physical office requirements — everything accessible remotely

Leo AI is the centerpiece of Real Brokerage’s technology offering, providing 24/7 AI-powered support and information for agent questions and transaction guidance. The AI concierge model represents an alternative to traditional broker-only support availability and is a structural component of Real’s cloud-brokerage model.

The Agency

The Agency’s technology investment is concentrated on brand and marketing rather than back-end productivity tools:

• TheAgencyRE.com: A polished, visually compelling consumer website with luxury property listings and agent profiles that reflects the brand’s aesthetic
• In-house marketing and creative: Many Agency offices provide professionally designed marketing materials, listing presentations, social media content, and branded collateral
• Strong social media presence: The Agency has cultivated a notable following on Instagram and other platforms, with content that reinforces its luxury lifestyle identity
• CRM and transaction management tools vary by franchise office

The Agency’s technology offering is concentrated on consumer-facing brand assets, including the TheAgencyRE.com property platform, in-house creative and marketing services, and a developed social media presence. Agents whose clients are active on social platforms and value the luxury aesthetic in marketing may find the brand-marketing infrastructure aligns with their business approach.

On day-to-day productivity tools (CRM, transaction management, lead generation, automated follow-up), Real Brokerage’s stack is delivered consistently across all agents regardless of location. The Agency’s back-end productivity tools are delivered at the franchise-office level and vary across locations.

Culture and Work Environment

Real Brokerage: Cloud-First, Tech-Forward

Real operates as a fully cloud-based brokerage. There are no physical offices — agents work remotely and access support, training, and tools through Real’s digital platform. The culture orients toward agents who identify with a technology-forward, entrepreneurial mindset.

Real’s culture is still forming. As a company that went public relatively recently and has grown its agent base quickly, the community is building momentum but does not yet have the depth of an established brand. Agents who join earlier have the opportunity to shape that culture and benefit from earlier positioning in the revenue share program.

Real’s cloud-only operating model and shorter operating history relative to legacy brokerages mean in-person community infrastructure and physical-office networking are not part of the brokerage’s core offering. Agents who place high weight on physical-office culture and in-person networking should weigh this structural difference in brokerage selection.

The Agency: Boutique Luxury, Lifestyle Brand

The Agency has built a lifestyle brand with cultural cachet that extends beyond traditional brokerage identity. Founded in Beverly Hills by Mauricio Umansky, The Agency has gained significant public visibility through television and social media, positioning its agents as part of a luxury lifestyle ecosystem rather than only real estate professionals.

The Agency’s offices are designed to be stylish, modern environments that reflect the premium brand. Events, brand collaborations, and social media visibility are integral parts of the culture — not side benefits but core to the value proposition.

In markets where The Agency’s brand has established consumer recognition — including Los Angeles, Miami, New York, and certain resort and international markets — the brand’s cultural positioning is part of the franchise’s value proposition. The Agency offices, events, and brand collaborations form part of the brokerage’s offering in those markets.

The Agency’s brand recognition is concentrated in luxury-segment markets. In mainstream residential markets, brand-driven consumer recognition is more limited. Agents evaluating The Agency outside of established luxury markets should weigh the brand-driven incremental business in their specific market against the higher annual brokerage cost structure.

Stock, Equity, and Wealth Building

The Real Brokerage is publicly traded; The Agency is privately held. The two brokerages structure agent equity participation differently as part of their respective compensation models.

Real Brokerage (REAX)

• Top Agent Bonus: Up to $24,000 in Restricted Stock Units (RSUs) — $16,000 tied to production milestones and $8,000 for cultural contributions
• RSU vesting: Stock awards vest over 3 years — agents earn the RSUs but do not fully own them until the vesting period completes
• Elite Agent Program: Top producers qualify for reduced post-cap transaction fees ($129 vs $285) alongside additional stock incentives
• Revenue share in stock: Option to receive revenue share payments as REAX stock

Real’s Top Agent Bonus awards up to $24,000 in RSUs ($16,000 production-based and $8,000 cultural). RSUs vest over three years. Vesting timing is a structural component of the program design and affects when the agent has full ownership of the awarded RSUs.

The Agency

The Agency is privately held. There is no stock purchase program, no equity awards, and no ownership participation available to agents.

There is no path for agents to earn a financial stake in the company through production, recruitment, or tenure. The agent’s economic relationship is with their franchise office. Income from the brokerage relationship comes from commission earnings minus brokerage fees.

The Agency is privately held, so there is no public-market mechanism for agents to participate in company-level growth through equity. Agents who place weight on equity participation in their brokerage as part of brokerage selection should weigh this structural difference between the two brokerages.

Real Brokerage

Real’s support model is built around its AI infrastructure and virtual operations:

• Leo AI concierge: Available 24/7 for immediate answers and support — no waiting for a broker to return a call or email
• Virtual broker support: Access to brokers and compliance support through the platform
• Consistent support quality: Because Real operates without franchise offices, support quality does not vary by location

Leo AI provides 24/7 availability for routine questions, transaction guidance, and after-hours issues. The AI concierge model operates alongside virtual broker access through the Real platform. Glassdoor data at the time of writing shows Real Brokerage at 4.4 stars across approximately 155 reviews. Ratings and review counts change over time; current data should be verified directly before use.

The Agency

Support at The Agency is provided at the franchise office level and varies accordingly:

• Broker and manager support depends on the franchise owner and office leadership
• No standardized 24/7 support infrastructure at the corporate level
• Support quality varies significantly by location — a well-resourced franchise in a major market may offer hands-on support; a smaller franchise may not

What Agents Also Ask

Who founded The Agency?

The Agency was founded in 2011 in Beverly Hills by Mauricio Umansky and others. The brokerage operates a luxury boutique franchise model with offices across the United States and select international markets. The brand has expanded its consumer recognition through television exposure and a developed social media presence.

Is The Real Brokerage publicly traded?

The Real Brokerage is publicly traded on NASDAQ. The company’s Top Agent Bonus program awards production-based RSUs (up to $24,000) with three-year vesting. The Agency is privately held and does not operate a comparable public stock or RSU program for agents.

What are The Agency’s royalty and marketing fees?

The Agency charges a 5% royalty fee plus a 1% marketing fee on every transaction, totaling 6% per deal paid to The Agency corporate. These fees apply on top of the negotiated commission split with no annual cap. At $250,000 in GCI, the combined royalty and marketing fees alone equal $15,000 before the commission split is applied.

Does Real Brokerage have a team-specific cap structure?

Real Brokerage operates reduced-cap structures for team members ($6,000 cap for team members and $4,000 cap for mega team members) in addition to the standard $12,000 cap for individual agents. Specific eligibility for the team caps depends on team structure and Real’s team-classification criteria.

Why This Matters

Many agents comparing Real Brokerage and The Agency are also evaluating how both models compare with eXp Realty’s cloud-based structure, standardized cap, revenue share, equity opportunities, and sponsor ecosystem. For that comparison, see eXp Realty vs Real Brokerage and eXp Realty vs The Agency.

To compare additional brokerage models, return to the brokerage comparisons library.

Frequently Asked Questions

How do The Real Brokerage and The Agency compare on cost structure?

Real Brokerage operates a capped commission structure (85/15 with $12,000 cap) plus revenue share and RSU programs. The Agency operates an uncapped percentage-based model with a negotiated split plus 5% royalty plus 1% marketing fee. The two structures produce materially different annual brokerage cost outcomes at the same production level. Brand-driven incremental business at The Agency’s specific markets and the value of luxury positioning are part of the overall comparison alongside commission retention.

How much more does The Agency cost compared to Real Brokerage?

In the illustrative example at $250,000 GCI on 25 transactions, total brokerage cost is approximately $18,025 at The Real Brokerage versus approximately $79,400 at The Agency on a 75/25 split (excluding office-level monthly fees), a dollar-difference in total brokerage cost of approximately $61,000 in this example. The gap scales with production level because The Agency’s cost structure is percentage-based with no cap, while Real’s split-based cost is capped at $12,000.

Does The Agency or Real Brokerage have a passive income program?

The Agency does not operate a revenue share, profit share, or passive income program. There is no agent-network-based income mechanism, no willable income stream from the brokerage, and no retirement income path tied to brokerage participation. Real Brokerage operates a five-tier revenue share program distributing 60% of company monthly revenue to agents through their sponsor networks.

How does The Agency’s royalty and marketing fee structure work?

The Agency charges a 5% royalty fee plus a 1% marketing fee on every transaction, totaling 6% per deal paid to The Agency corporate. The royalty plus marketing fee applies on top of the negotiated commission split and applies to every transaction with no annual cap. At $250K in GCI, the combined royalty and marketing fees equal $15,000 before the commission split is applied. 

How do Real Brokerage agents operate in luxury markets compared to The Agency?

Real Brokerage agents operate in luxury markets through their personal brand, marketing infrastructure, and reputation rather than through brokerage-level luxury brand recognition. The Real platform provides standard cloud-brokerage technology and 24/7 support; specific luxury-segment brand positioning is the agent’s responsibility rather than a brokerage-provided asset. In markets such as Beverly Hills and South Beach where specific brokerage brand affiliations carry weight with high-net-worth clients, agents at brokerages with established luxury brand recognition (such as The Agency) operate from a different brand baseline.

Does Real Brokerage offer stock to agents?

Real Brokerage (REAX) is publicly traded and offers a top agent bonus of up to $24,000 in Restricted Stock Units. RSUs vest over 3 years. Agents can also receive revenue share payments in REAX stock. The Agency is privately held and offers no stock program or equity participation of any kind. Real Brokerage’s Top Agent Bonus program structure is a defined component of the agent compensation package; the program criteria and award amounts should be verified directly with Real before relying on the program for compensation planning.