For a couple years now, RE/MAX has publicly stated that it is focused on reversing a trend of shrinking agent count in the U.S.—even as the brokerage touts overseas growth.
That still hasn’t happened, with the company reporting a 6.9% year-over-year drop in U.S. agents for Q3 2025, and lowering its top-end revenue projections from $296 million to $294 million as the brokerage continues to grapple with a down market and nimble competition.
The company reported $73.3 million in revenue this quarter, down 6.7% from last year. The company’s stock was down sharply in early trading after the report.
“Although we’re not where we want to be, the underlying agent fundamentals are encouraging,” said Erik Carlson, RE/MAX Holdings CEO, on a call with investors this morning. “We said last quarter that May and June were the first two months of the year where our agent recruitment rate increased year-over-year. This positive momentum carried into Q3.”
RE/MAX reported 49,178 agents at the end of Q3 this year, down from 52,808 the same time last year. An addition of 6,067 agents outside of the U.S. and Canada offset this, leaving the company with a net 1.4% increase in agents.
While many brokerages have struggled in the post-pandemic market as home sales fell and macro conditions shifted, RE/MAX has especially found it difficult to establish its footing, with its stock down almost 80% from pandemic heights and a handful of leadership shakeups at the brokerage.
Carlson and CFO Karri Callahan pointed to new agent and tech programs, including Aspire (which has agents pay 5% of their GCI in lieu of fixed monthly fees) and “Marketing as a Service,” both of which Carlson claimed have been successful early on.
“We are building the plumbing, we’ve got good infrastructure in place,” he said.
Carlson said that initial metrics around these programs could add a “seven figure” contribution to revenue. Asked what the timeline is for that, Carlson said this year, but that agent productivity from these tools might take longer.
“I think it is a long sales cycle. Some days you wish you were kind of like a consumer good company, you’re selling a bar of soap, but that’s not the case,” Carlson said.
In the end, the idea is that new tools will drive more engagement on listings, while also providing “a different story about revenue diversification.”
Asked about where recent industry consolidation might benefit RE/MAX in the recruitment sector, Carlson mostly deferred and pointed to the company’s overall value proposition, while still noting the brokerage was receiving more “inbound requests.”
“Obviously since the last time we spoke, there’s been a big announcement. We think that that just brings additional opportunity for us and could help accelerate our strategy—obviously we are open for business,” he said.
