BrokerageIndustry News

Re/Max boosts agent count, nets $4.9M in first quarter

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Re/Max reported a strong first quarter, as revenue and agent count climbed and more affiliates set up mortgage brokerages under the company's new Motto Mortgage franchise. The real estate franchisor posted net income of $4.9 million for the first quarter of 2017, "essentially in-line with the first quarter of 2016," along with a 6.6 percent rise in agent count and a 12.4 percent year-over-year boost in revenue to $48.2 million. Building on previous momentum, the results come after the company announced its largest annual agent gain in a decade and a bank account that was $22.7 million in the black for full year 2016. Re/Max added about 7,000 agents from the first quarter of 2016 to the first quarter of 2017, bringing its agent count to 114,000 agents. 83,000 of those agents operated in the U.S. and Canada, up 3.9 percent year over year. "We started 2017 strong, underpinned by increasing agent count and double-digit revenue growth year-over-year," CEO and co-founde...