The Real Brokerage’s proposed acquisition of RE/MAX Holdings is nearing the finish line, bringing the company closer to controlling not only one of the world’s largest real estate networks but also a significantly larger pipeline for mortgage referrals.
Securityholders of both companies approved the proposed combination Friday, clearing a major condition of the approximately $880 million transaction. The companies expect the deal to close within the next couple of weeks, subject to a final order from the Supreme Court of British Columbia and other customary closing conditions.
Once completed, the combined company will operate as Real REMAX Group and support more than 180,000 real estate professionals across more than 120 countries and territories.
For the mortgage industry, however, the more consequential number may be the more than 1 million consumer leads that RE/MAX attracts annually through its websites.
Real has positioned the combination as an opportunity to connect those consumers and real estate professionals with a broader collection of mortgage and closing services, including One Real Mortgage, RE/MAX-owned Motto Mortgage, mortgage processor Wemlo, and One Real Title.
“The shareholder vote clears the way for the transaction. The harder work begins after closing: proving that a network of more than 180,000 real estate professionals can generate more mortgage business without creating channel conflict between independently owned Motto franchises and Real’s in-house mortgage operation.”
Shareholders Back The Deal
Approximately 99% of the votes cast by Real shareholders supported the arrangement. The proposal also received approval from 98.9% of the votes cast by Real shareholders, optionholders, and restricted share unit holders voting together as a single class.
At RE/MAX Holdings, shareholders representing approximately 78.8% of the company’s voting power approved the transaction.
The level of support was not entirely unexpected. RE/MAX co-founder and Chairman Dave Liniger, who controlled approximately 38% of the company’s voting power when the agreement was announced, had already committed to supporting the deal.
“We’re grateful for the strong support from securityholders of both companies, and appreciate the confidence this signals in our vision for a more connected, innovative real estate ecosystem,” Real Chairman and CEO Tamir Poleg said. “Together, through Real REMAX Group, we’ll have the scale, talent and resources to invest more, build faster and create even greater value for the more than 180,000 real estate professionals who choose our brands, and for the clients they serve.”
RE/MAX Holdings CEO Erik Carlson called the vote “an important milestone” for the company’s franchise owners and broader network.
“This combination provides the opportunity to strengthen the value for Broker/Owners and their agents while preserving the entrepreneurial culture, local leadership and trusted REMAX brand that have fueled success for more than 50 years,” Carlson said.
The Mortgage Opportunity Behind The Merger
The acquisition, first announced in April, would combine RE/MAX’s franchise-heavy real estate footprint and nationwide Motto Mortgage network with Real’s technology-centered brokerage, mortgage, and title operations.
Motto Mortgage operates independently owned mortgage brokerages in more than 40 states. Real operates One Real Mortgage, the mortgage brokerage business built from its 2022 acquisition of LemonBrew Lending.
Real’s investor materials indicate that the REMAX and Motto Mortgage brands will continue operating as dedicated franchise models, while Real Broker will remain an owned brokerage under the Real brand. The combined platform is expected to include One Real Mortgage, Motto Mortgage, Wemlo, and Real’s title operations.
That structure leaves an important question unanswered: How will the company distribute mortgage opportunities between independently owned Motto franchises and One Real Mortgage when both potentially have access to the same broader real estate ecosystem?
Real has told investors that RE/MAX generates more than 1 million consumer leads annually through its websites. Its strategy calls for using HeyLeo, Real’s AI-powered home-search and relationship-management platform, to improve consumer follow-up and connect more of the transaction, from property search and brokerage to mortgage, title, and closing.
Real has said that every transaction completed across the combined platform could generate proprietary data feeding a shared technology layer. The company believes that data could improve lead conversion, mortgage approval speed, and closing timelines. Those benefits remain projections until the companies complete the integration and disclose measurable results.
Another Housing Company Builds A Bigger Funnel
The transaction continues the housing industry’s push toward vertically integrated platforms that seek to control more of the consumer journey.
Rocket Companies has followed that strategy through its acquisition of Redfin and subsequent rollout of joint pricing incentives. The integration has helped Rocket expand its purchase funnel and recapture strategy, although its recent results show that building a larger mortgage flywheel can carry substantial acquisition and operating costs.
Real’s approach is different. Rather than pairing a large lender with an online home-search company, it is combining a cloud-based brokerage, a global franchise network, mortgage brokerage operations, title services, and mortgage processing.
The combined company would have generated approximately $2.3 billion in revenue and $157 million in adjusted EBITDA in 2025 before synergies, according to the companies. Real expects approximately $30 million in annual run-rate cost savings, with most expected to be realized during 2027.
Real shareholders are expected to own approximately 59% of the combined company, while RE/MAX Holdings shareholders would own approximately 41%, assuming the midpoint of the available cash consideration.
The merger may be weeks away from closing. Determining whether its enormous real estate footprint becomes an equally powerful mortgage funnel will take considerably longer.
