It’s earnings report season for the real estate industry—and we’re keeping you up to date on all the latest numbers!
RE/MAX Holdings generated revenue of $81.3 million in the fourth quarter of 2022, a decrease of $7.9 million, or 8.9 percent, compared to the fourth quarter of 2021. Organic growth decreased primarily due to lower broker fee revenue, a reduction in U.S. agent count, and an increase in recruiting incentives, partially offset by Motto growth and Canadian RE/MAX agent count growth.
“Our business showed resilience during the fourth quarter while facing the strongest industry headwinds we’ve seen in more than a decade,” said Steve Joyce, RE/MAX Holdings Chief Executive Officer. “Our growth in Canadian and global RE/MAX agent counts continued, as did our Motto open office count, and we accelerated our stock buyback program.
“Our revenue decreased by less than 10 percent despite the nearly 35 percent year-over-year decline in U.S. existing home sales, highlighting the advantages and strength of our diversified franchise model,” Joyce continued. “However, continuing challenging macroeconomic conditions including higher mortgage rates and lower U.S. existing home sales reduced our broker fee revenue, pressured our U.S. agent count, slowed Motto franchise sales, and muted our top- and bottom-line performance.”
Net loss attributable to RE/MAX Holdings was $2.6 million for the fourth quarter of 2022 compared to net income of $3.1 million for the fourth quarter of 2021.
For 2022 as a whole, RE/MAX reported bringing in total revenue of $353.4 million—an increase of 7.2 percent compared to the year prior.