RE/MAX Holdings, Inc. has announced several initiatives to help RE/MAX affiliates navigate their businesses through the ongoing challenges of the global coronavirus (COVID-19) pandemic. The initiatives the company is offering include financial support (for example, the deferral of certain fees) and productivity tools at a full or partial discount, along with enhanced training and other tools to be rolled out to help affiliates optimize their business for the current environment.
RE/MAX Holdings also provided an update on its previously issued guidance for the first quarter and full year of 2020.
“Our priority continues to be the health and safety of our agents, franchisees, employees, homebuyers and sellers and the communities in which they live,” says Adam Contos, RE/MAX Holdings CEO. “While circumstances related to COVID-19 vary by location and are evolving quickly, we remain committed to providing best-in-class solutions to assist our affiliates at a time when they need to pivot and adjust quickly to the challenging environment. We are actively monitoring the situation and evaluating the best way to support our affiliates and their businesses during this time.”
RE/MAX Holdings encourages its networks to support government and health agency guidelines to help stem the spread of COVID-19. The company has advised its networks to adhere to conditions set forth in their communities, including, for RE/MAX affiliates, considering not holding open houses for the time being.
The magnitude and duration of the impact from COVID-19, especially on consumer behaviors, are unknown and therefore cannot be reasonably estimated. Given the constantly changing environment and uncertainty stemming from this global health crisis, RE/MAX Holdings is withdrawing the first quarter and full-year 2020 guidance that it provided on Feb. 20, 2020.
The company’s 100-percent franchised business model, primarily recurring revenue streams from dues and fees and strong balance sheet provide financial flexibility to navigate challenging conditions. The company will continue to manage its expenses and capital expenditure programs judiciously.
Continues Contos, “We have over 45 years of experience operating through many business cycles driven by the strength and geographic breadth of our professional and entrepreneurial networks. Now is the time help our brokers and agents so they can continue helping their communities, and we will do that through kindness, caring and empathy until this storm too has passed.”
For more information, please visit www.remax.com.
