BrokerageIndustry News

Re/Max agent count, earnings were up in third quarter of 2016

The company's latest earnings report was filed this week

Last quarter, despite making gains in agent count, real estate franchisor Re/Max reported that its revenue was slightly down. Was the company able to make up for some of those lost financial gains in the third quarter of 2016? The latest quarterly financial report from the franchisor suggests so, thanks to agent-count growth, a reduction in operating expenses and a boost from franchise acquisitions made earlier this year. Total revenues at Re/Max increased 1 percent year-over-year to $45.6 million. Adjusting for the sale of company-owned brokerages, revenue increased 7.9 percent over the third quarter of 2015 to $2.9 million. Operating expenses fell 1.2 percent compared to the same quarter of last year to $24.2 million resulting from the sale of company-owned brokerages, but this reduction was partially offset by an increase in professional fees and bad debt expense. Selling, operating and administrative expenses fell 1.9 percent year-over-year to $20.3 million, repres...