According to its earnings report, the franchisee reported that its U.S. agent count fell 6.3% in the second quarter and revenue fell 4.8% annually.
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RE/MAX announced Thursday that its revenue has declined in each of the past two years as a depressed market continues to cut into the company’s earnings and agent count.
The franchise reported losing nearly 1,000 agents in the second quarter of the year, down 0.7% to 143,542 agents. In North America, the decline was even steeper, with RE/MAX reporting a 4.4% agent loss in the U.S. and Canada, where it had 78,599 agents as of the third quarter.
Franchisees reported revenue was down 4.8% from a year earlier and expected to continue falling.
RE/MAX Holdings CEO Erik Carlson called second-quarter results “better than expected” in a statement.
“We continue to operate our business as efficiently as possible, which contributed to better-than-expected financial results in the second quarter,” Carlson said. “During and following the quarter, we are pleased to announce significant brokerage and team growth The switch to RE/MAX is a testament to our brand’s strong reputation and value proposition in the market.”
The company reported a profit of $3.7 million for the quarter, according to its earnings report.
According to the RE/MAX report, the number of agents in the United States fell the most this quarter, down 6.3% to 53,406. Outside the United States and Canada, growth was 4.2% to 64,943. The company said it does not expect to lose any agents next quarter. The company said it expects to lose up to 1.5% of its agents in the worst-case scenario.
Overall, the company’s second-quarter revenue was $78.5 million, down $4 million from the same period last year.
The company has been aggressively taking steps to rein in expenses even as revenue declines. The company reported a 10.1% reduction in expenses in the quarter compared with the same period last year.
As of June 30, the company reported having $66.1 million in cash and cash equivalents, a decrease of $16.6 million from December 2023.
RE/MAX said it expects revenue next quarter to be between $75 million and $80 million. Compared with the third quarter of 2023, this represents a decrease of 1.5% to 8.3%.
RE/MAX is scheduled to hold a conference call with investors on Friday morning.
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