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RE/MAX announced on Thursday that its revenue has fallen each quarter for the past two years as the down market continued to cut into the company’s earnings and agent count.
The franchisor reported losing just under 1,000 agents in the second quarter of this year, dropping 0.7 percent to 143,542 agents. In North America, the drop was even steeper as RE/MAX reported losing 4.4 percent of its agents in the U.S. and Canada, where it had 78,599 agents to start the third quarter.
Revenue fell 4.8 percent compared to a year earlier, the franchisor reported, and it expects it to keep falling.
In a statement, RE/MAX Holdings CEO Erik Carlson called the second quarter results “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 said. “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 company reported earning $3.7 million in profit for the quarter, according to its earnings report.
Agent count fell sharpest in the U.S. during the quarter, dropping by 6.3 percent to 53,406, RE/MAX reported. It grew by 4.2 percent outside the U.S. and Canada, to 64,943. At best, the company said it expects to lose none of its agents next quarter. At worst, it said it’s anticipating losing up to 1.5 percent of its agents.
Overall, the company generated $78.5 million in revenue during the second quarter, which was down $4 million from a year earlier.
The company has been aggressively moving to control its expenses at the same time it has watched revenue drop. It reported cutting 10.1 percent of expenses in the quarter compared to a year earlier.
As of June 30, the company reported having $66.1 million in cash and cash equivalents, down $16.6 million from December 2023. RE/MAX has $442.7 million in outstanding debt, down slightly from the end of last year.
RE/MAX said it expects to pull in between $75 million and $80 million next quarter. That would represent a drop between 1.5 percent to 8.3 percent compared to the third quarter of 2023.
RE/MAX is set to hold a call with investors on Friday morning.
