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RE/MAX Holdings, Inc. (NYSE: RMAX) is a global leader in real estate franchising and mortgage brokerage services. Founded in 1973 by Dave and Gail Liniger, RE/MAX operates with an innovative and entrepreneurial spirit, allowing agents and franchisees considerable autonomy in their operations. With over 140,000 agents in nearly 9,000 offices across more than 110 countries, the company's global reach is unmatched in the real estate sector.
RE/MAX Holdings operates through several key segments: Real Estate, Mortgage, Marketing Funds, and Others, with the Real Estate segment generating the majority of its revenue. The company’s subsidiary, RE/MAX, LLC, is renowned for having the most productive agents in the industry, as evidenced by its repeated recognition for excellence and industry leadership. In recent achievements, RE/MAX was celebrated for its executive leadership and industry influence, securing spots on various prestigious rankings, including the Swanepoel Power 200 and RISMedia's Real Estate Newsmakers.
In addition to its substantial contributions to the real estate market, RE/MAX has a strong community presence. The company has raised over $130 million for Children's Miracle Network Hospitals® and other charitable organizations, emphasizing its commitment to making a positive impact in the communities it serves.
RE/MAX's operational strategy includes global expansion and the continuous enhancement of its technology platforms. Recent initiatives include the launch of Motto Mortgage, the first and only national mortgage brokerage franchise in the U.S., which has expanded to over 225 offices across almost 40 states since its inception in 2016. Furthermore, RE/MAX is dedicated to providing top-tier support and resources to its franchisees and agents, driving both brand growth and agent success.
Financially, RE/MAX Holdings has shown resilience and strategic cost management amid market fluctuations. The company reported first-quarter 2024 revenue of $78.3 million, with significant contributions from recurring revenue streams. Despite a slight decrease in revenue compared to the previous year, the company's focus on high-quality service and efficient operations positions it well for future growth.
RE/MAX continues to innovate and adapt to changing market conditions, maintaining its status as the #1 name in real estate1. For the latest updates and more information, visit their official website at www.remax.com.
In May 2024, RE/MAX reported a significant increase in housing inventory, with a 40% year-over-year rise, coupled with a 5% increase in home prices. Sales also outpaced 2023 numbers. New listings were up 15.1% over May 2023, driving a 22-month high. The median sale price hit $435,000, marking a 2.4% increase from April and a 4.8% rise from May 2023. Key metrics include a steady close-to-list price ratio of 100%, an average days on market of 34 days, and a months' supply of inventory at 1.9. Metro areas like San Diego, Phoenix, and Seattle saw the highest jump in new listings, while Cleveland led in median price increase at 18.9%.
RE/MAX has announced that nearly 2,500 of its agents and team leaders have been recognized for their exceptional productivity in the 2024 RealTrends Verified Top Agents and Teams rankings. This list highlights the top-performing agents and teams based on transaction sides and sales volume in 2023. Among the nearly 22,000 participants, RE/MAX affiliates made up a significant portion, reinforcing the brand's high standards and productivity.
Additionally, 138 RE/MAX professionals were honored in the exclusive RealTrends + Tom Ferry 'The Thousand' rankings. The performance of RE/MAX teams was particularly noteworthy, with significant averages in transaction sides per agent across multiple team categories.
RE/MAX President Amy Lessinger emphasized the dedication and expertise of RE/MAX agents, underscoring their commitment to providing unparalleled service. The company continues to lead the industry by equipping its agents with advanced tools and educational programs.
In April 2024, home sales rose for the third consecutive month, increasing by 11.2% over March and 9.0% compared to April 2023. New listings were also up by 6.3% month-over-month and 18.2% year-over-year, leading to a 28.8% increase in the number of homes for sale over last April. The median sale price reached $437,000, a 2.9% increase over March, fueled by buyers paying 100% of the list price.
The report highlights Bozeman, MT for the largest year-over-year increase in new listings at 38.9%. Other notable metrics include a decrease in the average days on market to 34 and an increase in months' supply of inventory to 1.7. Successful markets for closed transactions include Coeur d'Alene, ID and Minneapolis, MN, both with a 25.5% increase year-over-year.
RE/MAX, , the leading name in real estate, is hosting the 2024 RE/MAX Global Commercial Symposium from June 10-12 in Tampa, aimed at enhancing the skills of commercial brokers. With over 11,000 brokers in the network closing over $17.5 billion in commercial sales in 2023, the event offers valuable insights, networking opportunities, and cutting-edge technology for attendees.
RE/MAX Holdings, Inc. reported total revenue of $78.3 million and adjusted EBITDA of $19.0 million for the first quarter of 2024. Total revenue decreased by 8.3% compared to the same period last year, driven by negative organic growth. The net loss attributable to RE/MAX Holdings was $3.4 million, with a loss per diluted share of $0.18. Total agent count decreased by 236 agents to 143,287 agents. U.S. and Canada combined agent count decreased by 4.3% to 78,955 agents. Operating results reflect the company's focus on cost management amidst market uncertainties.
RE/MAX, the No. 1 name in real estate, is hosting The RE/MAX Collection Luxury Forum on June 18-19 at The Ritz-Carlton, Lake Tahoe. The event offers luxury real estate agents networking opportunities, insights from industry leaders, and cutting-edge strategies to elevate their business in the luxury segment. Attendees can expect feature presentations, panel discussions, breakout sessions, and networking opportunities.
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