The Real Deal New York

Re/Max took in $53M in revenue during 2018’s first quarter

Operating expenses, agent count and earnings were all higher than in 2017
May 04, 2018 10:00AM

Re/Max’s Adam Contos

Re/Max Holdings Inc. took in $52.6 million of revenue in the first quarter of 2018, an 11 percent increase from the first quarter of 2017.

The company’s agent count rose as well to 120,821, a 6.2 percent boost, according to Inman. Its growth was anchored by higher revenue from its annual agent conference, increasing home prices and an expansion of its mortgage franchise Motto. The firm also acquired the real estate tech company booj.

Operating expenses at Re/Max went up in the first quarter of 2018 as well, rising 19.3 percent to $38.9 million due largely to higher operating, administrative and selling expenses.

Re/Max CEO Adam Contos told Inman that the company’s “network of highly productive agents combined with our differentiated business model gave us a built-in and unique competitive advantage.”

Realogy Holdings yesterday announced a $67 million loss, which executives attributed to a slowdown in new development sales and higher commissions at its NRT division. [Inman]Eddie Small