Real estate franchise giant Re/Max LLC, which completed a $225 million initial public offering in October, grew both its agent count and revenue in 2013, according to the company’s first full-year earnings report as a publicly traded company.
Re/Max grew its agent count 4.7 percent, to 93,228, and revenue by 10.6 percent, to $158.9 million, from 2012. The company attributed the jump in revenues to increase in agents, who pay an annual membership fee of $390 to Re/Max, and to increased commission-related fees that its broker affiliates pay the firm.
In addition, Re/Max revealed that more than half of its 2013 revenue — $64.5 million — came from fees regional franchise owners pay based on the number of Re/Max agents in their region.
Re/Max reported a profit of $28.2 million in 2013, a 15.2 percent dip from 2012, which it attributed to $13.7 million in increased operating expenses related to its IPO.
The firm grew its agent count in the U.S. and Canada 3.9 percent to 73,413 in 2013 while its agent ranks outside of those two countries grew 8 percent to 19,815 over the course of the year.
Source: Re/Max
