Core Viewpoint - The court ruled in favor of the agency, stating that the clients must pay a commission fee for the services provided, despite their argument that no agreement was reached on the terms of the contract [1][2] Group 1: Court Ruling - The court determined that the clients, Ms. Jiang and Mr. Gu, signed a contract based on the intermediary services provided by the agency, thus the agency has the right to claim the corresponding commission fee [1][2] - The final judgment required both clients to pay 25,000 yuan each to the agency [1][2] Group 2: Agency's Claims - The agency claimed that it provided continuous consultation and communication regarding the property, and facilitated meetings between the clients [1] - The agency argued that the clients had refused to pay the commission fee after the property was sold through another company [1] Group 3: Clients' Defense - The clients contended that no agreement was reached on the main terms of the intermediary service contract, and thus no contractual obligations existed [1][2] - Mr. Gu asserted that he never authorized the agency to sell the property and that the agency only contacted him after seeing the property listed on other platforms [2]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $73.3 million, with adjusted EBITDA of $25.8 million and an adjusted EBITDA margin of 35.2%, an increase of 40 basis points compared to Q3 2024 [17][19] - Revenue excluding marketing funds was $55.1 million, a decrease of 5.6% year-over-year, primarily due to a decline in organic revenue of 5.4% and adverse foreign currency movements of 0.2% [17][18] - Adjusted diluted EPS was $0.37, reflecting the company's profitability despite a challenging housing market [17] Business Line Data and Key Metrics Changes - The agent count reached over 147,500, marking a record high, with the U.S. agent count showing the best performance in three years [6][4] - The Aspire program has seen approximately 1,500 agents benefiting, contributing to higher retention rates and recruitment of newer agents [9][38] - The RE/MAX Marketing as a Service platform is expected to generate a seven-digit revenue contribution, indicating strong engagement and effectiveness [11][27] Market Data and Key Metrics Changes - Inventory in the housing market increased by 20% year-over-year, marking the 21st consecutive month of growth [5] - New listings rebounded in September, growing 4.5% over August, which is seen as a positive sign for transaction activity [5] - Canadian agent count saw a slight year-over-year decline but modest sequential growth, indicating resilience in a challenging market [8] Company Strategy and Development Direction - The company is focused on enhancing its value proposition through innovation and operational excellence, aiming to drive profitability and margin performance [4][6] - RE/MAX is strategically reinvesting in the business while evaluating opportunities for share repurchases, indicating a shift towards returning capital to shareholders [19][57] - The introduction of new economic models like Aspire, Ascend, and Appreciate aims to attract a diverse range of agents and improve retention [39][40] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term potential of their initiatives despite the current housing market challenges [12][20] - The company is tightening its revenue and adjusted EBITDA guidance for the full year 2025, reflecting a pragmatic approach to the market conditions [20] - Management highlighted the importance of operational efficiencies and the cash-generative nature of the business, with a total leverage ratio now below 3.5 times [19][57] Other Important Information - The company is expanding its marketing services and leveraging AI to enhance customer experience and operational efficiency [10][14] - New leadership appointments, including a President of Mortgage Services, are expected to drive growth in the mortgage business [12][13] Q&A Session Summary Question: Can you provide more detail on the expected incremental revenue from the marketing and Aspire programs in 2026? - Management indicated that the RE/MAX Marketing as a Service platform is showing strong engagement and is expected to contribute significantly to revenue in 2026, with a margin profile differing from the core business [25][28] Question: What are the implications of M&A activity in the sector on recruitment rates? - Management noted that ongoing consolidation in the market presents opportunities for RE/MAX, with increased inbound interest from potential franchisees [31][33] Question: How are the Aspire, Ascend, and Appreciate models being received by franchisees? - The models are resonating well with the network, with Aspire showing higher retention rates and incremental recruitment of newer agents [38][39] Question: What is the outlook for Motto and its profitability? - Management is optimistic about the mortgage opportunity and is exploring changes to the business model to enhance profitability, though specifics will be shared later [46][48] Question: Will there be share buybacks by year-end? - With the total leverage ratio now below 3.5 times, management is considering share repurchases as an attractive use of capital [19][57]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 8.17 billion yuan for the first three quarters of 2025, a year-over-year decrease of 6.81%, while achieving a net profit attributable to shareholders of 42.33 million yuan, reflecting a significant year-over-year increase of 398.8% [2][4] - The strong growth in net profit is attributed to an increase in transaction volume in the brokerage business and a reduction in related operating costs [2][4] - The company’s total Gross Transaction Value (GTV) for the first three quarters reached 196.2 billion yuan, up 5.2% year-over-year, indicating a steady increase in market share across various business segments [3][4] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 81.7 billion yuan, down 6.81% year-over-year, primarily due to the accounting treatment of the new product "Xiangyu Preferred" in the asset management business [2] - The net profit attributable to shareholders was 42.33 million yuan, with a significant increase of 398.8% year-over-year, driven by improved transaction volumes and reduced costs [4] Market Position - The company’s GTV for the first three quarters was 196.2 billion yuan, with the brokerage business contributing 156.6 billion yuan (up 5.1% year-over-year), asset management at 13.7 billion yuan (down 3.5%), and new housing at 25.9 billion yuan (up 9.3%) [3] - The brokerage business saw a transaction volume of 54,626 units, an increase of 5.6% year-over-year, while the new housing business recorded a transaction volume of 8,150 units, up 0.4% year-over-year [3] Cost Management and Receivables - The company achieved a gross margin of 9.08%, an increase of 1.72 percentage points year-over-year, due to effective cost control measures [4] - Accounts receivable decreased to 327 million yuan, down 177 million yuan from the beginning of the year, with an accounts receivable turnover period of 13.74 days, a reduction of 1.91 days [4] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 11.91 billion yuan, 12.36 billion yuan, and 12.86 billion yuan, respectively, with net profits expected to be 970 million yuan, 1.41 billion yuan, and 1.93 billion yuan [4]

Core Insights - The introduction of the "Quality Consultant" certification system by Beike aims to enhance the online consultation experience for home buyers, addressing issues such as slow response times and varying levels of professionalism [1][6] - The certification serves as a "trust filter" for consumers, allowing them to easily identify reliable real estate agents and significantly reduce the cost of choosing the right consultant [1][5] Summary by Categories Certification Standards - The "Quality Consultant" certification is based on three rigorous standards: "Service Guarantee," "Rapid Response," and "Patient Service" [3][5] - "Service Guarantee" requires agents to have no complaints or negative reviews in the past 90 days, ensuring that only responsible and reliable agents are certified [3][4] - "Rapid Response" mandates that agents respond to initial inquiries within 23 seconds and limit the number of delayed responses to no more than three in a 30-day period [3][4] - "Patient Service" allows for a maximum of three instances in which agents request contact information more than three times in a single conversation, promoting a smooth and user-centered communication experience [4][5] Implementation and Impact - Beike's "Quality Consultant" certification will undergo monthly rolling assessments, with over 1,500 agents expected to achieve certification each month based on their service performance [6] - The initiative reflects Beike's commitment to customer-centric values and aims to lower decision-making costs for consumers while enhancing service quality through technology and data-driven approaches [6]

Core Viewpoint - The Federal Reserve has once again cut interest rates, prompting major banks in Hong Kong to follow suit with a reduction of 0.125%, bringing the Hong Kong best lending rate (P) down to 5%-5.25% [1] Group 1: Market Predictions - Hong Kong Property has revised its forecast for new residential transactions in 2023 to 19,000 units, marking the highest level since the implementation of the "Residential Property Sale Regulations" in 2013 [1] - The forecast for second-hand residential transactions has also been increased to 45,000 units, representing a four-year high [1] - Hong Kong property prices are expected to show low single-digit growth, reversing the downward trend observed over the past three years [1] Group 2: Consumer Sentiment - A recent survey conducted by Hong Kong Property collected 327 valid responses regarding consumer property purchasing intentions [1] - The survey results indicate that 56% of respondents are considering entering the market within the next 12 months, the highest level in three quarters and the fourth highest since the second quarter of 2016 [1] - Approximately 44% of respondents stated they are not currently considering entering the market [1]

Core Viewpoint - Beijing Lianjia is actively engaging in community service aimed at the elderly, addressing common issues such as social disconnection due to smartphone usage, fall risks, and loneliness in empty-nest situations [1][3]. Group 1: Elderly Care Services - The company has established a comprehensive elderly care service system covering three dimensions: convenient living, health care, and mental companionship, enhancing the quality of life for seniors [3]. - A significant statistic indicates that the fall incidence rate among seniors aged 65 and above is as high as 30%, highlighting a critical health risk for this demographic [3]. Group 2: Community Engagement and Initiatives - Beijing Lianjia has conducted over 1,000 community classes and related activities for the "I Teach You to Prevent Falls" initiative, focusing on various aspects of fall prevention, including awareness, exercise, disease management, and home environment improvement [3][4]. - The company has signed co-construction agreements with over 1,300 communities and has more than 2,800 party members actively involved in community service, creating an efficient response network for elderly care [4]. Group 3: Future Plans - Looking ahead, the company aims to continuously optimize elderly care services, strengthen collaboration with streets and communities, and introduce more initiatives tailored to the needs of the elderly, contributing to the creation of an age-friendly community [4].

Core Viewpoint - The traditional "Golden September and Silver October" cycle in the real estate market is nearing its end, but the demand for second-hand homes, particularly new second-hand homes, remains strong due to increased supply and improved services from real estate agencies [1][2]. Group 1: Market Dynamics - The second-hand housing market in Beijing is experiencing a surge in new second-hand homes, particularly in areas like Daxing and Chaoyang, as owners list their properties for sale following the delivery of new homes [2][3]. - The proportion of second-hand homes older than 20 years exceeds 50%, while those less than 5 years old account for only 1.5% to 2% of listings, indicating a scarcity of new second-hand homes [2][3]. - The upcoming release of nearly 10,000 new second-hand homes in the Daxing area, as properties reach the end of their five-year sales restrictions, is expected to further impact the market [3]. Group 2: Buyer Preferences - New second-hand homes are favored for their better hardware facilities and lower aging risks compared to older properties, making them a more attractive option for buyers [3][4]. - The demand for new second-hand homes is driven by buyers looking for improved living conditions, with many opting to sell their properties before they exceed 10 years in age to maintain value [3][4]. Group 3: Service Enhancements - Real estate agencies are enhancing their services to attract buyers, such as offering car rides for property viewings and providing warm items during colder weather, which has led to an increase in viewing numbers [6][7]. - Improved service quality from agencies is expected to boost market activity and shorten transaction cycles, thereby stabilizing prices [6][7].

Core Insights - The traditional "Golden September and Silver October" real estate cycle is nearing its end, with high customer viewing volumes maintained in various districts of Beijing, particularly in the secondary housing market [1][3] - The influx of new homes delivered in the past year has increased the supply of "new second-hand" homes, providing buyers with more options and enhancing market activity [1][4] Group 1: Market Dynamics - The secondary housing market is experiencing a surge in the availability of new second-hand homes, particularly in areas like Daxing, where recent new home deliveries have led to an increase in listings [3][4] - New second-hand homes, characterized by better layouts and facilities, are becoming a competitive alternative to older properties, which constitute over 50% of the listings in Beijing [3][4] Group 2: Buyer Preferences - Buyers are increasingly favoring new second-hand homes due to their modern features and lower risk of aging compared to older properties, which may lose value as they age [4][6] - The demand for new second-hand homes is particularly strong among buyers looking to upgrade their living conditions, as these properties often meet their needs for space and quality [7][9] Group 3: Service Enhancements - Real estate agencies are improving their services to adapt to changing buyer behaviors, such as offering car services for property viewings to counteract the impact of colder weather on buyer enthusiasm [9][10] - Enhanced service quality is expected to increase viewing volumes and improve market conditions, potentially leading to shorter transaction cycles and more stable pricing [9][10]

Core Viewpoint - The second-hand housing market in Beijing is experiencing a surge in the supply of "new second-hand" homes, driven by an increase in new home deliveries over the past year, which has expanded buyers' options and boosted market activity [3][4][6]. Group 1: Market Dynamics - The traditional "golden September and silver October" period is nearing its end, yet the customer viewing volume in various districts remains high, indicating sustained interest in the second-hand market [3]. - The influx of new second-hand homes, characterized by shorter ages and better layouts, is effectively broadening the choices available to homebuyers [3][4]. - The supply of second-hand homes aged over 20 years exceeds 50%, while those under 5 years account for only 1.5% to 2%, highlighting the scarcity of new second-hand homes [4]. Group 2: Characteristics of New Second-hand Homes - New second-hand homes are seen as more competitive due to their superior hardware and design compared to older properties, making them attractive to buyers [4][6]. - The market for new second-hand homes is expected to grow significantly as many properties will become available after the expiration of their five-year sales restrictions in 2025-2026 [6]. - The current market dynamics suggest that new second-hand homes are becoming a vital link between the new and second-hand housing markets, effectively redistributing buyer demand [6][8]. Group 3: Buyer Behavior and Preferences - The increase in new second-hand home listings has led to a rise in transaction volumes, with a notable shift towards these properties among buyers [7]. - Buyers are increasingly favoring new second-hand homes due to their immediate availability and perceived value, which aligns with market expectations for quality housing [7][8]. - The demand for larger, better-located new second-hand homes is particularly strong among buyers looking to upgrade their living conditions [8]. Group 4: Service Enhancements by Agencies - Real estate agencies are enhancing their services to adapt to changing buyer behaviors, such as offering private car viewings to counteract the impact of colder weather on property viewings [10][11]. - Improved service quality is expected to increase viewing volumes and positively influence market expectations, potentially shortening transaction cycles [10][11]. - The focus on service optimization is seen as a necessary step to maintain buyer interest and stabilize prices in the current market environment [10][11].

Core Points - The Daya Bay Real Estate Agency Association issued a notice regarding two real estate brokerage firms, Huizhou Yijuzhijia Real Estate Agency Co., Ltd. and Huizhou Yijuzhijia Commercial Management Co., Ltd., which had serious violations harming the rights of homebuyers [2][3] - The notice highlighted that these firms' employees engaged in misleading marketing practices, such as offering "high commissions" and "cash back on purchases," which led to frequent disputes and disrupted the normal order of the real estate market [2] - The association decided to cancel the registration qualifications of the mentioned companies and recommended caution to other real estate developers and agencies when engaging in business activities with them [3] Summary by Sections Violations and Consequences - Four employees from the two companies were reported for inducing clients to purchase homes through false promises of rebates and property fee returns, later refusing to fulfill these commitments [2] - The companies failed to manage their employees effectively, resulting in negative social impacts and numerous complaints from clients [3] Regulatory Actions - The Daya Bay Real Estate Agency Association received a work reminder from the regulatory authority, prompting the issuance of the notice to strengthen industry self-regulation and enhance social responsibility awareness among real estate agencies [2] - The decision to publicly criticize the companies serves as a warning to the industry and aims to restore the integrity of the real estate brokerage sector [3]