New Listings Soar Higher as Spring Ramp-Up Approaches DENVER, Feb. 15, 2024 /PRNewswire/ -- In what could be a good sign for buyers, the number of newly listed homes in January was a whopping 66.3% higher than in December and 21.5% higher than January 2023 across the 50 metro areas surveyed. The 21.5% year-over-year increase in new listings reversed a multi-year January trend, as new listings dropped 5.1% from January 2022 to January 2023 and 8.1% from January 2021 to January 2022. The dramatic 66.3% month- ...

The real estate brand's biggest event of the year – March 25-28 in Las Vegas – will help affiliates prepare for the market ahead. DENVER, Feb. 6, 2024 /PRNewswire/ -- RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, will hold its annual R4® convention in Las Vegas, March 25-28, 2024. Thousands of RE/MAX agents from dozens of countries will gather at the Mandalay Bay Resort & Casino to share ideas, sharpen their skills, discover new tools, and build referral connections ...

Consumers trust RE/MAX professionals most – and have for several years – according to a leading independent survey DENVER, Jan. 25, 2024 /PRNewswire/ -- RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, today announced that consumers voted RE/MAX as the brand with the #1 Most Trusted Real Estate Agents in the USA* and Canada**. In an independent annual survey conducted by BrandSpark International, in collaboration with Newsweek magazine in the U.S., more than 26,000 Amer ...

DENVER, Jan. 24, 2024 /PRNewswire/ -- RE/MAX Holdings, Inc. (NYSE:RMAX), parent company of RE/MAX, one of the world's leading franchisors of real estate brokerage services, and Motto Mortgage, the first and only national mortgage brokerage franchise brand in the U.S., will release financial results for the quarter and full year ended December 31, 2023, after market close on Thursday, February 22, 2024, and will host a conference call and webcast for interested parties on Friday, February 23, 2024, at 8:30 a ...

New data reveals property and financing options prospective homebuyers are willing to consider. DENVER, Jan. 23, 2024 /PRNewswire/ -- From purchasing multi-family properties to co-owning with friends and family, prospective buyers are willing to get creative to become homeowners in the next 12 months, new data reveals. In a consumer survey, released today, RE/MAX, the #1 name in real estate1, showcases Americans' plans for achieving homeownership in 2024. The housing market has experienced a few years of r ...

Home stretch of 2023 features familiar end-of-year dynamics DENVER, Jan. 17, 2024 /PRNewswire/ -- December 2023 exhibited a traditional end-of-year slowing in housing market activity, punctuated by many similarities to December 2022. Three metrics showed no change year over year: Homes sold were on the market an average of 47 days in both Decembers – seven days longer than in November 2023 December 2023 sales averaged 98% of the listing price, the same as the prior year and slightly down from 99% in Novemb ...

New offices, conversions and expansions in the U.S. bring nearly 330 agents into network, strengthening brand presence  DENVER, Jan. 8, 2024 /PRNewswire/ -- RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, celebrates the addition of 24 RE/MAX offices in its U.S. company-owned regions between Oct. 2 and Dec. 31, welcoming nearly 330 agents to the brand. The recent additions, which are a mix of new offices, conversions of formerly unaffiliated brokerages, and expansions o ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 was $81.2 million, a decline of 8.7% year-over-year, with adjusted EBITDA of $26.7 million and an adjusted EBITDA margin of 32.9% [38][60] - Excluding marketing funds, revenue was $60.4 million, down 8.8% compared to the same period last year, driven by an 8.2% organic growth decline and adverse foreign currency movements of 0.6% [38][39] - The total leverage ratio as of September 30, 2023, was seven to one, expected to persist for the next four quarters before moderating significantly [43] Business Line Data and Key Metrics Changes - The mortgage segment continued to grow, with Motto's office count increasing nearly 15% year-over-year [54] - Franchise sales in U.S. owned regions were up 35% year-over-year through September 30, 2023 [51] - The company recorded a reduction in selling, operating, and administrative expenses by 13.3% to $43.1 million, primarily due to lower severance and reorganization charges [40] Market Data and Key Metrics Changes - The agent count is expected to increase by 0.25% to 1.25% over Q4 2022, with full-year 2023 guidance also reflecting a similar increase [19][20] - The overall decline in existing home sales has negatively impacted broker fees and transactions per agent, contributing to organic growth decline [39] Company Strategy and Development Direction - The company remains focused on long-term growth initiatives, including increasing U.S. agent count and expanding its mortgage business [74] - A significant settlement of $55 million was agreed upon to resolve industry class-action lawsuits, which the company believes was the best decision for all stakeholders [41][49] - The company has suspended its quarterly dividend to preserve capital in light of the recent settlement and challenging market conditions [44][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current challenges and anticipates growth when industry conditions improve, citing historical patterns [60] - The management team noted that many franchisees are pleased with the actions taken to settle litigation and protect the company [25][26] - There is an expectation of continued pressure on commission rates driven by supply and demand dynamics in the market [32][36] Other Important Information - The company has implemented a reduction in force, streamlining operations and reducing workforce by approximately 7%, expected to yield annual cash savings of about $6.5 million [40][49] - The company has seen positive trends in franchise sales and agent recruitment, with a notable increase in team formations [76] Q&A Session Summary Question: What are the conversations with broker customers looking like today? - Management noted that agent count follows market conditions, with a contraction in the number of agents as the real estate market faces pressure [4][5] Question: What are the implications of the settlement and industry lawsuits? - Management believes the settlement will not materially affect business practices or profitability, as many changes were already adopted [25][26] Question: What is the outlook for agent count and revenue? - The company expects a slight increase in agent count and has narrowed revenue guidance for Q4 2023 [19][20] Question: How is the company managing its capital allocation? - The company has suspended its dividend to preserve capital and is focused on long-term growth opportunities [44][75] Question: What is the impact of the current market conditions on agent attrition? - Attrition is attributed to a combination of retirements, competitive dynamics, and overall market conditions [87][92]

Financial Performance - Total revenue for Q3 2023 was $81.2 million, a decrease of 8.7% compared to $88.9 million in Q3 2022[5, 7, 8] - Revenue excluding the Marketing Funds was $60.4 million in Q3 2023, down 8.8% from $66.207 million in the same period in 2022[8, 80] - Adjusted EBITDA for Q3 2023 was $26.7 million, a 15.0% decrease compared to $31.5 million in Q3 2022[5, 69, 71] - Adjusted EBITDA margin was 32.9% in Q3 2023, compared to 35.4% in Q3 2022[5, 48, 71] - Selling, operating, and administrative expenses decreased by 13.3% to $43.1 million in Q3 2023[19, 20, 38] Agent Network - Total agent count increased by 1,009 agents, or 0.7%, year-over-year to 145,309 agents[5, 45, 47] - Agent count in the U S and Canada combined decreased 3 9%[13] Recurring Revenue - Recurring revenue decreased by $1.9 million, or 4.6%, compared to Q3 2022[17] - Recurring revenue accounted for 66.7% of Revenue excluding the Marketing Funds in Q3 2023, compared to 63.8% in the prior-year period[17] Q4 and Full Year 2023 Outlook - The company expects agent count to increase 0.25% to 1.25% over Q4 2022[40] - Revenue is projected to be in the range of $74.0 million to $79.0 million for Q4 2023[40] - Adjusted EBITDA is expected to be in the range of $20.5 million to $23.5 million for Q4 2023[40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023. OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 001-36101 RE/MAX Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...