On AGNT’s Q3 2026 call, CEO Leo Pareja said the housing market remains difficult but is resetting to normal. AGNT reported revenue up 6% to $1.4 billion, a $4.3 million net loss, and 131,546 sides, up 8%. AI Summary
Executives at AGNT, the parent company of eXp Realty and NextHome, two RealTrends Verified firms, are not beating around the bush when it comes to their thoughts regarding the current state of the U.S. housing market.
“To be direct, [the market] remains challenging, and we’re planning accordingly,” Leo Pareja, AGNT’s newly appointed CEO, said on the firm’s third quarter 2026 earnings call with investors and analysts Thursday evening.
Pareja said that while company executives expect the market to stay “difficult” for a while, they do not feel that the market is “broken.”
“It’s a market that’s resetting to normal after two record booms or warped expectations. Life events still force people to move, and in a market that requires real skill, the agents who are doing the work are taking the share,” said Pareja, a 2026 HousingWire Vanguard. “That’s where we’re well positioned. We have scale. We have a value stack for agents that we believe is unmatched. We have a competitive compensation structure and a strong agent base that’s increasingly productive, and we’re up for the challenge.”
As it looks to tackle this challenge, Pareja said the firm is focusing on four key targets for the rest of the year: agents, innovation, operating efficiency and margin expansion.
When it comes to agents, executives said this is where the acquisition of real estate franchisor NextHome comes in, as it has allowed the company to create a multimodal platform. “Independent agents, team leaders and franchise owners can all find a home built for the way they want to grow,” Pareja said.
In addition, executives also highlighted the tools and technology AGNT provides agents and brokers with to run their businesses.
“The goal is simple: help agents sell and manage their business, get paid smoothly, and provide better training and support at every step,” Pareja said. “Our intention is to earn the right to continue to be the most agent-centric brokerage on the planet.”
As for innovation, company executives highlighted their recent launches of MCP First AI of Choice and AGNT OS.
“Our stock ticker AGNT represents where the company is going. It’s a full modernization of how eXp runs, agent first from the ground up, built for a world you’re actually operating in today. MCP is the front door; AGNT OS is the whole house. It’s the full modernization of how we run. From how agents get paid to how a transaction moves to how they’re supported from day one,” Pareja said.
Finally, when it comes to margin expansion, executives highlighted some of their ancillary services efforts, including LUXVT, Revenos and the recently announced Revenos Mortgage joint venture with Newrez. Additionally, Pareja said that in the future, the company believes the NextHome franchise system will be a contributor to overall gross margin.
An improved gross margin is something the firm is looking for after it recorded a net loss of $4.3 million in Q3 2026, compared to net income of $3.5 million a year ago. This loss came despite a 6% year-over-year increase in revenue to $1.4 billion. Of note, however, is a 7% annual increase in operating expenses to $87.9 million.
While the financial results may not have been as strong as the company would have hoped for, the firm did see an 8% annual increase in transaction side count to 131,546 transactions, totaling $59.3 billion in sales volume, which was up 10% from a year ago.
In addition to this, the company closed Q3 with 87,457 agents and brokers on its platform, up 5% year over year, with 44% of the new additions joining teams. Executives noted that over 90% of the firm’s agent attrition came from the “less productive cohort” of agents, with nearly 50% of the nonproductive agents to leave the firm in the U.S. also leaving the industry.
AGNT also addressed the recent announcement of Open Real Estate, a national residential real estate data-sharing initiative, which it helped found alongside HomeServices of America, Keller Williams Realty and Real REMAX Group, all RealTrends Verified firms.
“The idea is simple. A brokerage or an agent would create a listing once using a minimum set of standard fields, and it would be shared with participating members and distributed to local MLSs, home search sites, and other platforms,” Pareja said.
“When listings are fragmented or kept out of view, buyers can miss homes and sellers can reach fewer potential buyers. Open Real Estate is designed to work alongside MLSs to combat market fragmentation, and it’s open to every brokerage in America as a free participating member.”
Pareja clarified that while AGNT is one of the four founding equity members, Open Real Estate is not a consolidating subsidiary of AGNT; it’s a standalone company that will have its own board of managers and leadership, which will be assembled in the coming months.
“AGNT shares Open Real Estate’s conviction that access, information and transparency should be a benefit, not a barrier, to both buyers and sellers,” Pareja said.
So far, Pareja said the startup costs for Open Real Estate experienced by AGNT have been “very modest and not material.”
“Going forward, costs will be borne by all the founding members, not just AGNT alone. As the venture builds out key leadership and moves ahead with platform development, we expect costs to increase over the next two quarters,” Pareja said. “We don’t expect that increase to be material to AGNT’s results.”
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