REMAX vows to ‘enhance our value proposition’ as revenue falls 

Earlier this year, REMAX CEO Erik Carlson rallied the troops at the franchise giant's R4 conference in Las Vegas, sharing his bold vision for the company's future. 

"We are leaning in and we are moving forward with a clear goal of being number one in every single market," Carlson told REMAX agents in February, dismissing the idea that fast-growing cloud-based brokerages were poised to take over the industry.

Just two months later, however, Carlson joined Real CEO Tamir Poleg — the leader of one of those fast-growing firms — in announcing that the legacy brand was being acquired by The Real Brokerage. 

"This can be an accelerator for both of our strategies," Carlson told Real Estate News following the April announcement. "A one plus one equals eight, nine or 10, versus one plus one equals one and a half."

For REMAX — which has continued to see revenue and U.S. agent count decline quarter after quarter — the move was "something that they had to do," industry leader Russ Cofano said on a recent webinar. 

The company's financial results, released May 8, appear to validate that assertion, with revenue dipping 5.7% year-over-year, net losses increasing and North American agent counts falling.

What REMAX had to say

Due to the pending acquisition, the company did not hold an investor call, but in a statement accompanying its Q1 financial results, REMAX acknowledged that macroeconomic headwinds continued to be a drag on performance.

Given those conditions, the franchisor pledged to "remain focused on initiatives designed to enhance our value proposition for franchisees and agents," highlighting its digital-first rebrand and new economic models for agents that launched last year. 

REMAX also talked up its participation in Zillow Preview, which allows agents to promote pre-market listings. "We believe this initiative enhances our affiliates' marketing capabilities and complements our broader focus on technology, distribution and consumer engagement," the company said.

Key numbers

Revenue: $70.2 million in Q1, down 5.7% year-over-year and a slight dip from $71.1 million in Q4.

Cash and cash equivalents: $107.1 million at the close of the quarter, down from  $118.7 million on Dec. 31.

Net income/loss: After reporting positive income of $1.4 million in Q4, REMAX posted a loss of $9.7 million in the first quarter of 2026, greater than the net loss of $2 million a year earlier.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization):  $15.6 million in Q1, down more than 19% year-over-year.

Agent count: The company had 149,192 agents globally at the end of March, an increase of 2.1% year-over-year. The combined agent count for the U.S. and Canada fell by nearly the same percentage (2.3%), however, with a net loss of 2,411 agents in the U.S. offsetting a gain of 693 agents in Canada. 

Motto Mortgage franchises: Office count decreased nearly 30% to 157 at the end of Q1.

Notable moves

While U.S. agent attrition continued to be an issue for the company, REMAX notched a number of recruiting wins during the first quarter, including the company's biggest-ever conversion — the addition of more than 1,200 agents from over a dozen offices in the Toronto area — and another significant gain in Rhode Island that added 300 agents from a former HomeSmart franchise.

In March, REMAX announced an $8.5 million settlement in the Batton commissions case — a five-year-old lawsuit brought by homebuyers — following the lead of Keller Williams, which settled in February. The deal covered all franchisees and, if approved, would close the door on commissions-related litigation for the company.

Also in Q1, REMAX promoted Chris Lim, who joined the company in early 2025 as chief growth officer and EVP, to the role of president.