Re/Max’s profits rise on agent and real estate market improvement

A strong housing market and agent count growth nudged Re/Max’s profits higher while in the second quarter when compared to the previous year, the real estate franchisor reported.

Re/Max’s profits rise on agent and real estate market improvement

Re/Max posted net income of $7.5 million inside the second quarter, up 8.2% annually, as revenue rose by 12.5% to $48.8 million.

Revenue growth was “primarily due to contributions from the acquired independent regions, agent count growth and fee increases in the Company-owned regions,” Re/Max said in a statement.

The company is up to 116,270 agents worldwide, up by 5.7% year over year. Its U.S. and Canada combined agent count rose by 2.8% to 84,302 agents.

Looking ahead, Re/Max raised its 2017 agent growth forecast, anticipating an increase 4.5% to 5.5% over 2017, “driven by agent count growth outside the U.S. and Canada.” That’s up from its previous guidance of 4% to 5%.

Total operating expenses came in at $26.0 million for the quarter, up 14.6% in comparison to a last year.

“This increase was due to additional amortization expense from the acquired independent regions as well as increased selling, operating and administrative expenses, many of which related to the acquired independent regions and the initial investment in Motto,” Re/Max said.

Motto Mortgage is Re/Max’s new mortgage brokerage franchise. Co-CEO Adam Contos cited Motto Mortgage, an initiative that Re/Max has expressed high hopes for, being a lever of growth – together with Re/Max’s capacity to expand its network and reacquire independent regions.

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