CEO

Erik
Carlson
acknowledged
the
issues
facing
brokerages,
including

tariffs,
high

mortgage
rates,
a
possible
recession
and
the
evolving
environment
around
things
like
the

Clear
Cooperation
Policy
(CCP).
But
he
remains
optimistic
that
RE/MAX
can
weather
the
storm.

“Overall,
real
estate
has
some
pressure
on
us,”
Carlson
said.
“We’re
better
positioned
than
others
because
of
the
professionalism,
the
productivity
of
our
agents
and
the
trust
factor
that
they
bring.

“It’s
hard
times
with
consumer
demand
a
bit
low,
but
our
network
is
poised
to
be
more
successful
than
not.
Do
I
think
that
we
can
stabilize
agent
count
and
get
back
to
growth?
Absolutely
I
do.”

The
good
news
for
RE/MAX
is
that
its
operating
activities
continue
to
generate
positive
cash
flow.
In
the
first
quarter,
that
number
sat
at
$5.7
million,
but
it’s
a
mammoth
40%
decline
relative
to
the
same
period
last
year.

Agent
count
in
the
U.S.
continues
to
sink
as
well,
dropping
7.5%
year
over
year
to
49,854.
The
brokerage’s
U.S.
agent
count
is
down
20%
since
2021,
and
it
has
experienced
15
straight
quarters
of
annualized
declines..

Overall
agent
count,
however,
has
increased
2%
compared
to
a
year
ago
due
to
international
agent
growth
of
10.5%.
That’s
up
2.3%
year
over
year,
although
the
figure
dropped
marginally
compared
to
Q4
2024.

The
real
estate
industry
is
embroiled
in
a
debate
over
the


National
Association
of
Realtors‘
(NAR)
controversial
CCP,
which
requires
Realtors
to
place
a
listing
on
a
NAR-affiliated
MLS
within
24
hours
of
marketing
a
home
publicly.

Compass
has
largely

instigated
the
debate,
as
CCP
stands
as
an
obstacle
to
its
mission
to
build
an
inventory
of
exclusive
listings.

On
its

Q3
2024
earnings
call,
RE/MAX
said
it
supported
CCP.
Since
then,
NAR
has

tweaked
the
rule
to
allow
for
some
private
listings,
and


Zillow
has
announced
a

similar
rule
to
CCP
under
which
a
listing
cannot
appear
on
its
platform
without
being
placed
on
the
MLS
within
24
hours
of
outside
marketing.

Carlson
reiterated
RE/MAX’s
previous
stance
on
CCP
during
Friday’s
call.

“Ultimately,
promoting

listings
to
a
broader
audience
remains
in
the
best
interest
for
most
buyers
and
sellers,
a
position
that
RE/MAX
has
consistently
held
and
still
supports,”
he
said.
“We
are
proactively
helping
our
network
navigate
[the
new
rules],
and
we
remain
focused
on
those
things
within
our
control.”

The
firm’s
revenue
declined
to
$29.4
million
in
Q1
2025,
down
from
$31.1
million
in
Q1
2024.
Its
adjusted
net
loss
was
$3.2
million,
although
that’s
an
improvement
from
the
same
period
last
year,
when
the
loss
totaled
$5.6
million.

RE/MAX
also
disclosed
that
chief
financial
officer
Ward
Morrison
will
leave
next
month,
and
the
company
is
conducting
a
search
for
a
replacement
that
includes
internal
and
external
candidates.

“Ward
is
just
irreplaceable,
I’ll
say
that,”
Carlson
said.
“With
the
mortgage
market,
there’s
a
lot
of
great
candidates
out
there,
and
so
we’ll
look
both
within
the
walls
and
outside
the
walls,
and
we’ll
have
an
announcement
on
that.”