Remax faces continued pressure ahead of Real takeover

Remax Holdings CEO Erik Carlson and Real Brokerage CEO Tamir Poleg (contributed images).

Remax Holdings Inc. reported softer financial results Friday, highlighting the market pressures facing the company ahead of its planned acquisition by The Real Brokerage.

First quarter revenue fell 5.7 per cent year over year to US$70.2 million. 

Revenue excluding the marketing funds was $53.4 million in Q1, a decrease of $2.2 million, or four per cent, compared to the same period in 2025. The company attributed this to a decline in organic revenue, driven mainly by changes to its standard fee models and a decrease in U.S. agent count, it said. However, these factors were partially offset by an increase in broker fees. 

Recurring revenue streams, which consist of continuing franchise fees and annual dues, decreased $3.8 million, or 10.2 per cent. 

The Denver-headquartered company is carrying more than $400 million in outstanding debt.

The company provided virtually no context or colour for the earnings results. CEO Erik Carlson was not quoted in the press release, and Remax said it is suspending earnings calls and guidance while the Real transaction is pending.

International agents carry network growth

Total agent count increased 2.1 per cent to 149,192 agents.

Remax counted 2,400 fewer agents in Q1 compared to the same period in 2025, a decline of five per cent to 47,443. 

In Canada, the company gained almost 700 agents, ending the quarter at 25,849, up 2.8 per cent.

Outside North America, 4,784 new agents were added, bringing that total to 75,900, up 6.7 per cent. 

Real’s balance sheet improves

Miami-based Real is set to acquire Remax in a deal worth $880 million later this year, bringing together a cloud-based, tech-forward brokerage with one of the industry’s oldest legacy brands. 

Real, in its Q1 earnings also released this week, reported a 32 per cent revenue increase to $466 million. It reported a net loss of  $3.4 million, an improvement of $1.8 million compared to last year. 

Agent count ended the quarter at approximately 33,500, and Real closed nearly 42,000 transactions, a 25 per cent increase year-over-year.

During the earnings call, Real CEO Tamir Poleg said the combination of Real and Remax is purpose-built to be an industry leader for the next generation of real estate professionals and entrepreneurs. 

“Real has built the platform, the technology and the agent-aligned community and economics,” he said. “Remax has the brand recognition, the global network and decades of trust with some of the most productive agents in the business.”

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