RE/MAX HOLDINGS, INC. - RMAX STOCK NEWS

RE/MAX, , a global real estate leader, is expanding its strategic partnership with Inside Real Estate to enhance its MAX/Tech platform. The expansion will introduce the BoldTrail platform to RE/MAX brokerages across the U.S. and Canada, starting in fall 2024. This upgrade adds comprehensive back-office capabilities to the existing front-office tools, creating an end-to-end solution for RE/MAX affiliates.

Key features include:

• BoldTrail BackOffice for streamlined operations
• BoldTrail Recruit for talent acquisition
• CORE Home mobile app for client engagement
• Folio, an AI-powered productivity tool

RE/MAX Holdings, Inc. (NYSE:RMAX) has announced the appointment of Cathleen Raffaeli to its Board of Directors, effective August 19, 2024. Raffaeli, who brings over 25 years of board leadership experience in financial services, technology, and education, will serve on the Compensation and Audit Committees. She succeeds retiring board member Kathleen Cunningham.

Raffaeli currently serves as CEO and Managing Director at Hamilton White Group and Soho Venture Partners Inc., focusing on financial strategies and investments. She is also involved with Abrdn PLC, overseeing a $500 billion asset manager. Her early career at Merrill Lynch Realty provided important experience in real estate finance and brokerage operations.

Dave Liniger, Chairman of the Board, expressed confidence in Raffaeli's ability to contribute significantly to the company's growth and strategic goals.

The RE/MAX National Housing Report for July 2024 reveals a 3.8% increase in home sales compared to June, while the median sales price dropped 1.2% to $425,000. Year-over-year, sales were up 6.7% and prices increased 3.7%. Inventory grew 1.8% from June and 36.7% year-over-year, despite a 9.4% decline in new listings from June.

Key highlights include:

• Buyers paid 99% of asking price, down from 100% in June and July 2023
• Days on market increased to 36 days, up 2 days from June and 5 days from July 2023
• Months' supply of inventory rose to 2.2, up from 2.1 in June and 1.7 in July 2023

Amy Lessinger, President of RE/MAX, , noted the market's resilience and improved inventory levels, emphasizing the importance of trusted advisors for buyers and sellers navigating industry changes.

RE/MAX Holdings reported its Q2 2024 results, showing a 4.8% decrease in total revenue to $78.5 million. The company's Adjusted EBITDA increased by 5.4% to $28.1 million, with a margin of 35.8%. Net income attributable to RE/MAX Holdings was $3.7 million, with earnings per diluted share of $0.19. The total agent count decreased by 0.7% to 143,542, with a 4.4% decrease in U.S. and Canada combined. Motto Mortgage franchises increased by 2.6% to 241 offices. For Q3 2024, RE/MAX expects agent count to change between -1.5% to 0%, revenue between $75.0-$80.0 million, and Adjusted EBITDA of $24.5-$27.5 million. The company slightly reduced its full-year 2024 agent count guidance and narrowed its Revenue and Adjusted EBITDA ranges.

RE/MAX's recent consumer survey reveals that 63% of Gen Z and Millennials are eager to become homeowners despite market challenges. Key findings include:

1. 65% of Gen Z and 61% of Millennials are interested in homeownership but have concerns about affordability and maintenance costs.

2. 56% are willing to compromise on factors like price, location, or size to achieve homeownership.

3. Top reasons for pursuing homeownership include providing a stable place for family (66%) and having a place to call their own (59%).

4. 57% of Millennials feel financially ready to purchase a home, compared to 47% of Gen Z.

5. 90% of respondents are likely to work with a real estate agent when buying or selling a home.

The RE/MAX National Housing Report for June 2024 reveals a 7.2% decline in home sales from May and an 11.6% decrease year-over-year. Despite this, inventory rose 6.7% from May and 38.1% year-over-year, reaching 2.1 months of supply. The median sales price increased to $431,000, up 1.4% from May and 4.6% from June 2023.

Key findings include:

• New listings were down 5.2% from May but up 8.3% year-over-year
• Days on market shortened to 33 days
• Buyers paid 100% of list price for the third consecutive month
• Trenton, NJ saw the highest year-over-year increase in median sales price at 17.7%
• Hartford, CT and Trenton, NJ had the highest close-to-list price ratio at 105%

RE/MAX President Amy Lessinger noted that rising inventory provides more options for buyers, but lower interest rates are needed to stimulate significant market growth.

RE/MAX Holdings, parent company of RE/MAX and Motto Mortgage, will release its Q2 2024 financial results on August 8, 2024, after market close. A conference call and webcast discussing the results will be held on August 9, 2024, at 8:30 a.m. Eastern Time. Interested parties can join the webcast via the company's investor relations website, with an archived version available for a time. Participants can also register for a telephonic version of the call in advance to receive dial-in details.

RE/MAX has partnered with BOSSCAT to offer its agents advanced online tools for instant estimates, online ordering, and pre-list renovation services. This collaboration is set to benefit 75,000 agents across the U.S. and Canada. BOSSCAT's CEO, Min Alexander, emphasized that their technology streamlines the repair pricing process, enabling real estate professionals to focus on adding value for clients. BOSSCAT's platform, HOMEBASE, automates repair pricing from inspection reports and provides a lifecycle dashboard for maintenance and equity growth. RE/MAX's Madeline Hammer highlighted the partnership as a means to further innovate and support their network’s success.

RE/MAX has opened registration for the 2024 Broker Owner Conference (BOC) scheduled from August 19-21 at the Marriott Marquis in San Diego. This event will gather RE/MAX Broker/Owners and Managers worldwide to discuss real estate best practices, innovations, and trends. Notable speakers include Brian Buffini, Inky Johnson, and Dave Liniger. Sessions will cover leadership, luxury appeal, broker profitability, business growth strategies, and technology adoption. Attendees will gain insights on business growth, conversions, mergers, acquisitions, and market strategies. RE/MAX affiliates and their guests are invited to register.