After its earnings tumbled for the sixth consecutive quarter, RE/MAX has given the boot to President and CEO Nick Bailey.
The Denver-based real estate franchisor announced it would replace Bailey while reporting that its revenues fell 5.2 percent in the fourth quarter year-over-year, Inman reported.
Bailey had served as president of the RE/MAX brokerage arm for nearly three years, which included two years as CEO of one of the nation’s largest franchisors. Earlier in his career, he’d served in numerous positions at RE/MAX World Holdings.
Amy Lessinger will succeed Bailey as president and will report to RE/MAX Holdings CEO Erik Carlson, according to the firm. She now serves as senior vice president of region development.
The date of Lessinger’s promotion was not disclosed.
The C-suite shakeup comes on the same day that RE/MAX announced its earnings had fallen 5.2 percent to $76.6 million last quarter.
The company’s revenue was down all year as the industry floundered with sluggish home sales caused by low inventory, high interest rates and high home prices.
RE/MAX’s revenue for the year fell 7.8 percent from 2022, to $325.7 million, the company said. Earnings for the franchisor peaked in the second quarter of 2022 before its long descent.
In September, RE/MAX agreed to pay $55 million to extricate itself from two class-action lawsuits over agent commission payments in Kansas City and Chicago.
— Dana Bartholomew
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