Has Re/max Broken Its U.s. Agent Count Slump?

RE/MAX says it is finally turning the corner when it comes to U.S. agent count. 

“Our worldwide agent count hit a record high as of June 30, and the second quarter marked our best U.S. agent count performance since Q2 of 2022,” Erik Carlson, the CEO of RE/MAX, said during his firm’s Q2 2025 earnings call with investors and analysts Wednesday morning. “As we shared on our last earnings call, April was our strongest month for U.S. agent count in three years, and that momentum continued in May and June.”

Agent count up by quarter, down by year

At the close of the second quarter, RE/MAX’s total agent count topped out at 147,073 agents, up 2.5% compared to a year ago. However, U.S. agent count was down 7.0% annually to 49,669 agents, while Canadian agent count was down 0.9% to 24,966 and international agent count was up 11.5% to 72,438. Compared to Q1 2025, RE/MAX lost nearly 200 agents in the U.S. 

Despite the continued decline, Carlson remains optimistic about his firm’s efforts to bolster agent count in the U.S. 

“Our continued focus on enhancing our value proposition is driving strong demand for the RE/MAX brand, and we’re seeing early signs of U.S. agent count stabilization,” Carlson said. “Now this demand is showing up in our M&A efforts as well, and we’ve closed several deals this year and are increasingly excited about the pipeline our new leaders are building.”

According to Carlson, RE/MAX is investing in tools, technology and programs to help agents win more listings and improve the profitability of their personal businesses. One of these efforts is the recently launched Aspire, an onboarding program that the company says is designed to attract and develop the next generation of RE/MAX agents. This far, RE/MAX said 60% of its U.S. and Canadian firms have already signed up for the program. 

“Aspire launched in April. May and June were the first two months of 2025 with a higher U.S. recruitment rate than the same period in 2024,” Carlson said. “This trend should continue as Aspire becomes even more integrated into the DNA of our network.”

As RE/MAX looks ahead to the remainder of the year, company leaders have decided to increase their agent count expectations, which they said are primarily driven by the strength of the brand’s international agent count growth during the first six months of the year. For full year 2025, CFO Karri Callahan, told investors and analysts that RE/MAX is anticipating agent count in a range from 0% to +1.5%, instead of the original guidance of -1% to +1%.

The not so good news

But it isn’t all sunshine and roses, as Callahan also announced that RE/MAX is tightening its revenue and profit range expectations for the rest of the year, with revenue expected to be between $290 million to $296 million for the full year instead of $290 million to $310 million. 

“We’re excited about all of our ongoing initiatives and the momentum we are building. However, the existing uncertainty in the current macro environment has made forecasting future results increasingly difficult,” Callahan said. “It has also caused some of our initiatives, like our REMAX Media Network, in particular, to take longer to ramp up.”

Carlson added that while agent recruitment is improving, it will be a while before the revenue contribution of these efforts appears. 

“At scale, we think that the revenue per agent is on par or even a little bit better than what we see today, but on a near-term basis in the back half of the year, there’s a little bit of pressure as those things ramp up,” Carlson said. 

These adjustments come as revenue declined 7.3% annually in Q2 2025 to $72.8 million,  in part due to 5.7% negative organic growth revenue, which RE/MAX said was “principally driven by a decrease in U.S. agent count, lower broker fees revenue, and a decline in revenue from previous acquisitions.” 

Despite the decline in revenue, the company still managed to earn $4.7 million in net income, up from $3.7 million a year ago. 

The elephant in the room

While not a focus of the call, Carlson did address the ongoing debate over the National Association of Realtors (NAR) Clear Cooperation Policy, noting that RE/MAX’s stance on the issue remains unchanged. 

“We’re focused on driving positive outcomes for consumers, and we continue to believe that promoting listings to the broadest audience serves the best interest of buyers and sellers,” he said. “Our ongoing pursuit to deliver the best experience to consumers as well as to RE/MAX agents and franchisees has fueled countless competitive advantages.”