RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

RE/MAX Hits Q2 Targets, But Softens 2022 Guidance

Home Agents
By Jesse Williams
August 5, 2022
Reading Time: 2 mins read
RE/MAX Hits Q2 Targets, But Softens 2022 Guidance

Real estate mega franchisor RE/MAX posted solid revenue growth for Q2 2022, hitting its targets as the company brought in $92.2 million, but also saw fractional year-over-year loss in its United States agent count—even as it continues to make significant gains internationally.

With 1.7% organic growth, net income coming in at $5.8 million and total agent count growing 2.7%—also in line with projections—RE/MAX Holdings CEO Steve Joyce said the company is showing “strength and resilience” against “shifting housing market conditions.”

“We intend to leverage these strengths to actively seek the best opportunities that will support our future growth,” said Joyce, who took over as CEO at the beginning of this quarter, in a statement.

RE/MAX also announced a cash dividend of $0.23 per share earlier this week.

At the same time, however, the company adjusted its full year guidance down “to reflect current housing market conditions.” As sales and home price growth have slowed across the industry, RE/MAX is among many real estate companies that have been hunkering down, preparing for a broad market pullback.

The firm’s full year 2022 outlook for agent count was adjusted to 1% – 2.5%, down from 2% – 4%. Revenue projections were moved to between $354 million and $364 million, down from $366 million – $376 million.

RE/MAX stock was down sharply in early trading, losing over 5% at the opening bell Friday—though by around 10:30 a.m ET, it had rebounded and was trading close to flat.

Despite this, Joyce claimed that RE/MAX’s model has positioned the company to succeed in “virtually any kind of market,” specifically touting contributions from RE/MAX Integra, acquired last summer, and Motto Mortgage, which opened its 205th office this quarter. He also highlighted strategic initiatives announced last month, investing in the mortgage side of the business, building incentives to attract top teams and switching up the company’s tech stack (while also laying off a significant number of workers mostly from tech-related jobs).

“We believe that these initiatives, coupled with our strong business model, will position us well to generate profitable growth over the long term and should help mitigate the impact of additional market volatility,” Joyce said.

Joyce had previously said he was aiming to amplify growth, particularly in the United States. The company still lost 1,603 net agents in Q2 2022, or 2.6%, while gaining a significant share in Canada—1,788, or 7.8%. RE/MAX’s agent count across the rest of the world grew 6.5%, or 3,553 agents.

Revenue from franchise fees and annual dues was up significantly in Q2, $7.3 million, or 20.4%.

“Our strong second quarter results demonstrate the strength and resilience of our 100%-franchise model,” Joyce said.

Looking ahead, RE/MAX’s outlook for Q3 remained steady, with the firm aiming to increase agent count by 1.5% – 2.5% year-over-year, and revenue in a range of $87 million – $91 million.

Tags: profitable real estate companiespublic real estate companiesRE/MAXreal estate companiesreal estate franchisesReal Estate Markets
ShareTweetShare

Jesse Williams

Jesse Williams is RISMedia’s senior editor. Email him your real estate news to jwilliams@rismedia.com.

Related Posts

4 Talking Points for Frustrated Buyers in Today’s Market
Agents

4 Talking Points for Frustrated Buyers in Today’s Market

August 14, 2022
Thoughts on Leadership: Leadership Lessons from ‘Ted Lasso’
Agents

Thoughts on Leadership: Leadership Lessons from ‘Ted Lasso’

August 14, 2022
How to Handle Tech Overload and Choose What Will Work for Your Agents
Agents

How to Handle Tech Overload and Choose What Will Work for Your Agents

August 13, 2022
Would Student Loan Forgiveness Impact the Housing Market?
Agents

Would Student Loan Forgiveness Impact the Housing Market?

August 12, 2022
The Mortgage Mix: Big Lenders Buckling and a Market Hitting Milestones
Agents

The Mortgage Mix: Big Lenders Buckling and a Market Hitting Milestones

August 12, 2022
Opportunity Zones Keep Pace with Nationwide Home-Price Growth in Second Quarter
Agents

Opportunity Zones Keep Pace with Nationwide Home-Price Growth in Second Quarter

August 12, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

There’s Gold in Them There Leads. HomeKeepr Can Help.

Does your brokerage have leads no one is working? Let’s put those leads to work! Our Moover Intelligence feature identifies... Learn more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • 4 Talking Points for Frustrated Buyers in Today’s Market
  • Thoughts on Leadership: Leadership Lessons from ‘Ted Lasso’
  • How to Handle Tech Overload and Choose What Will Work for Your Agents

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

RISMEDIA PREMIER CONTENT

INSIGHTS THAT ELEVATE YOUR VALUE

logo-rismedia-white
x
X