The industry landscape breaks down into three primary categories:
1. The “Big Two” National Giants
These are the only cloud-based brokerages currently operating at a massive scale across all 50 states with a public presence.
- eXp Realty: The pioneer and largest by agent count (approx. 82,000+ agents).
- REAL Brokerage: The primary challenger, currently growing rapidly with approx. 33,000 agents.
- Note: In early 2026, REAL announced a proposed $880 million acquisition of RE/MAX Holdings to form the “Real REMAX Group,” a move that would merge its cloud tech with traditional franchise infrastructure.
2. High-Growth “Next-Gen” Challengers
A second tier of companies has gained significant traction by offering alternative fee structures or specific niche benefits (like healthcare or lower caps).
- LPT Realty: Marketed as a low-cost alternative to eXp, gaining momentum with a focus on marketing and “rev-share” partnerships.
- Fathom Realty: A publicly traded firm that utilizes a flat-fee model rather than a traditional split, emphasizing its cloud-based efficiency.
- Epique Realty: Known for its aggressive inclusion of benefits (like insurance and AI tools) within its monthly fees.
3. The Virtual-First & Regional Tier
Beyond the top five, there are dozens of smaller “cloud-lite” or purely virtual brokerages. These firms lack the national brand recognition of eXp or REAL but operate without physical office overhead.
- United Real Estate: While they have some physical hubs, they utilize a heavily cloud-integrated, transaction-fee-based model.
- Local Virtual Brokerages: In many states, independent brokers are increasingly abandoning brick-and-mortar leases to operate 100% cloud-based models using tools like SkySlope or Lofty.
Market Context (2026)
While the National Association of REALTORS® (NAR) reports over 300,000 real estate firms in the U.S., the vast majority are small, traditional local shops. The cloud sector is currently consolidating. The shift is moving away from just “having no office” toward providing “integrated tech stacks” (AI-driven CRMs, digital wallets, and automated transaction management) that traditional models struggle to replicate at scale.