Nick Bailey Out At RE/MAX As Revenue Falls 5.7 Percent

RE/MAX is making leadership changes as its latest earnings report paints a disappointment quarter for one of the country’s largest brokerages. While reveal a 5.7 percent revenue decline in Q4, the company also said President and CEO Nick Bailey is out.

Amy Lessinger will step in as president. Lessinger currently serves as Senior Vice President of Region Development for the company. Bailey had served as President of the RE/MAX brokerage for nearly three years, which included two years as CEO.

Back to the earnings report, the company said its 2023 total revenue decreased 7.8 percent to $325.7 million. Compared to the fourth quarter of 2022, Q4 revenue was down to $76.6 million. The company also reported its operating expenses increased 18.5 percent in the quarter compared to a year earlier.

“We generated better-than-expected margins in the fourth quarter, driven by our ongoing focus on effective cost management amidst what continues to be a very difficult housing market. Despite macro conditions beyond our control, our expense discipline has allowed us to remain nimble, able to pursue and seize those growth opportunities that we identify as having the greatest potential,” said Erik Carlson, RE/MAX Holdings Chief Executive Officer. “Looking ahead to 2024, we believe there are many reasons to be optimistic – encouraging interest rate trends, improving customer sentiment, and ongoing pent-up demand bode well for progressively better housing market performance moving forward.”

Photo courtesy of RE/MAX