Franchisor reported its U.S. agent depend fell 6.3 % through the second quarter as income fell 4.8 % in comparison with a 12 months earlier, based on its earnings report.
Inman Join is shifting from Las Vegas to San Diego in 2025 and it’ll be greater, higher and bolder than ever earlier than. Be a part of us for Inman Join San Diego on July 30-Aug. 1, 2025 with the brightest minds in actual property to form the way forward for the trade. Reserve your spot right now for an unique low cost.
RE/MAX introduced on Thursday that its income has fallen every quarter for the previous two years because the down market continued to chop into the corporate’s earnings and agent depend.
The franchisor reported dropping just below 1,000 brokers within the second quarter of this 12 months, dropping 0.7 % to 143,542 brokers. In North America, the drop was even steeper as RE/MAX reported dropping 4.4 % of its brokers within the U.S. and Canada, the place it had 78,599 brokers to begin the third quarter.
Income fell 4.8 % in comparison with a 12 months earlier, the franchisor reported, and it expects it to maintain falling.
In a press release, RE/MAX Holdings CEO Erik Carlson referred to as the second quarter outcomes “better than expected.”
“We continue to operate our business as efficiently and effectively as possible, which contributed to better-than-expected second-quarter financial results,” Carlson stated. “Both during and after the quarter, we were pleased to announce notable brokerage and team conversions to RE/MAX, testament to our brand’s strong reputation and value proposition in the market.”
The corporate reported incomes $3.7 million in revenue for the quarter, based on its earnings report.
Agent depend fell sharpest within the U.S. through the quarter, dropping by 6.3 % to 53,406, RE/MAX reported. It grew by 4.2 % exterior the U.S. and Canada, to 64,943. At finest, the corporate stated it expects to lose none of its brokers subsequent quarter. At worst, it stated it’s anticipating dropping as much as 1.5 % of its brokers.
General, the corporate generated $78.5 million in income through the second quarter, which was down $4 million from a 12 months earlier.
The corporate has been aggressively shifting to manage its bills on the identical time it has watched income drop. It reported chopping 10.1 % of bills within the quarter in comparison with a 12 months earlier.
As of June 30, the corporate reported having $66.1 million in money and money equivalents, down $16.6 million from December 2023. RE/MAX has $442.7 million in excellent debt, down barely from the tip of final 12 months.
RE/MAX stated it expects to tug in between $75 million and $80 million subsequent quarter. That might signify a drop between 1.5 % to eight.3 % in comparison with the third quarter of 2023.
RE/MAX is ready to carry a name with buyers on Friday morning.
