‘It’s a new day’ at RE/MAX, CEO declares 

The "swagger" that RE/MAX aspired to start the year with hasn't quite materialized when it comes to revenue. But CEO Erik Carlson was upbeat about the company's potential for the rest of 2025 during a first-quarter earnings call on May 2.

Revenue was up compared to the fourth quarter of 2024, but down year-over-year — an ongoing theme for the brokerage. Even so, Carlson said RE/MAX "started the year on a positive note" and ended the first quarter with revenue, margins and profits that were "higher than expected" in spite of an economy and market that remain "clouded with uncertainty."

One metric that lags behind, however, is the company's North American agent count, which fell 5% — a trend seen every quarter since late 2022 — as the U.S. continues to hemorrhage agents. As of March 31, the company had 49,854 U.S. agents; just three years ago, that figure was nearly 61,000.

"The fact is, RE/MAX broker owners have not recruited as many agents in recent years as they did in the past," Carlson said, noting that many brokers have asked for assistance in that area. To that end, RE/MAX has introduced some new initiatives, such as its Aspire onboarding program, which is designed to "help us attract and develop the next generation of top-producing RE/MAX agents," Carlson said.

While acknowledging the company's challenges, Carlson kept the focus on opportunity: "We've intentionally picked up the pace of change at RE/MAX as we see many opportunities — opportunities to improve the customer experience, to expand and elevate our value proposition, and diversify and generate more revenue," Carlson said.

"It's a new day here at RE/MAX, and we are open for business."

What RE/MAX had to say

On private listings: After NAR announced in March that it was keeping its controversial Clear Cooperation Policy, a RE/MAX spokesperson praised the decision, saying that "promoting listings to a broader audience remains in the best interest for most buyers and sellers." Carlson reiterated the company's position during Friday's call as he said the policy update "provides a balanced approach."

"It's imperative that agents ensure transparency with their clients, clearly outlining the implications of delaying the marketing of listings and helping them adjust expectations accordingly," Carlson said. 

"Ultimately, promoting listings to a broader audience remains in the best interest for most buyers and sellers — a position that RE/MAX has consistently held and still supports. We are proactively helping our network navigate this change, and we remain focused on those things within our control."

On the 'important year' ahead: "It's a year of transition, continued building, innovation, evolution and execution," Carlson told investors.

In the time since his tenure began in 2023, "we've been working on improving the strength of our foundation: people, processes, products and platforms," he added. "These efforts are positioning us for long-term success. We are focused on elevating our value proposition to help affiliates win more listings, save time and profitably build their business."

On RE/MAX's new logo: The company unveiled a new "digital-first" logo at its R4 event in February, updating its iconic balloon logo "to modernize the branding online and on social media," Carlson explained.

"The dynamic visual identity will help RE/MAX affiliates present themselves in a contemporary way across all digital platforms," he added. "We're excited to continue rolling out the refreshed brand throughout 2025 and beyond."

Key numbers

Revenue: $74.5 million in Q1 2025, a year-over-year decrease of $3.8 million, or 4.9%.

Cash and cash equivalents: $89.1 million, versus $96.6 million at the end of 2024. The company had $439.9 million of outstanding debt, down slightly from $440.8 million at the end of 2024.

Net loss: A net loss of $2 million, down from the $3.4 million net loss reported during the first quarter of 2024, but a reversal after three consecutive quarters of gains.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $19.3 million, up 1.5% from the first quarter of 2024.

Agent count: The company reported a total agent count of 146,126, a 2% year-over-year increase. The combined agent total in the U.S. and Canada decreased by 5% year-over-year to 75,010 agents, with U.S. agent count falling 7.5%.

Motto Mortgage franchises: Office count decreased 7.8% year-over-year to 224.

Notable moves

RE/MAX made a few major staffing changes during the first three months of 2025, with former President Amy Lessinger resigning days into the new year after less than 12 months in the role. Later in January, Chris Lim joined RE/MAX as its new chief growth officer and EVP, and Travis Saxton was named the company's new strategy EVP.

Days before Friday's earnings call, RE/MAX named Daniel Dennis its new SVP of sales and services. Meanwhile, Don Kottick began his new role as the president of RE/MAX Canada earlier this week.

RE/MAX also recently announced that Ward Morrison, the president and CEO of Motto Mortgage and wemlo, will retire in June, bringing his two decades with RE/MAX Holdings to an end.