RE/MAX has acquired one of its last and largest independently-owned regions for $235 million, according to an announcement on Thursday, which also included news that Chief Customer Officer Nick Bailey is being promoted to president, effective immediately.
RE/MAX Integra’s North American regions, which includes 19,000 agents and 1,100 offices across Canada and the United States, will operate as a company-owned region once the deal closes during the third quarter of 2021.
RE/MAX Integra North America covers five Canadian provinces (New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Prince Edward Island) and nine U.S. states (Connecticut, Indiana, Maine, Massachusetts, Minnesota, New Hampshire, Rhode Island, Vermont and Wisconsin).
“Frank [Polzler] and I knew RE/MAX was special from the very beginning in 1980,” RE/MAX Integra President and Co-Founder Walter Schneider said in a prepared statement. “We were excited about taking an incredibly solid concept that we could help build from the ground up.”
“It’s been a wonderful journey and the friendships we’ve made along the way will last a lifetime,” he added. “We are confident in the leadership of Adam Contos, Nick Bailey, and the entire RE/MAX, LLC team, as well as in their ability to facilitate a smooth transition and ensure a bright future for our Affiliates in North America.”
RE/MAX Holdings CEO Adam Contos said the acquisition of RE/MAX Integra is “the most significant in the history of [the] company” and a crucial part of the brokerage’s long-term growth strategy. Since its IPO in 2013, RE/MAX has purchased 15 independent regions across the United States.
Only 11 states and regions remain in independent regions in the U.S. and Canada, according to a company map.
“The addition of these strategic and geographically desirable regions enhances our ability to continue to scale, brings many attractive growth opportunities, and simplifies our operational structure by creating greater efficiencies,” Contos said in a prepared statement. “I wish to thank RE/MAX Integra co-founders Frank Polzler and Walter Schneider – and their amazing families – for their dedication and passion in growing the RE/MAX brand over the 40-year tenure with our network.”
Contos explained Polzler and Schneider will continue to own and manage Integra’s European operations, RE/MAX Europe, which includes 29,000 agents across six countries. “Their RE/MAX story moves forward with Integra’s RE/MAX Europe region, where they’ll continue to have a positive impact on region owners, franchisees, sales associates and consumers,” he said.
In addition to the acquisition of RE/MAX Integra, RE/MAX also announced a c-suite shakeup, with Chief Customer Officer Nick Bailey being promoted to president of RE/MAX. Bailey will be in charge of RE/MAX’s domestic and international growth strategy.
“Adding almost 19,000 agents to our company-owned regions gives us the opportunity to scale faster than we have been able to in the past,” Bailey said. “It means more agents on the same systems, using the same products, combining resources, and delivering a more consistent customer experience.”
“This, coupled with our revamped technology stack, which is just beginning to gain traction, creates the perfect time to bring our biggest client back under the tent so that even more RE/MAX agents will have unfettered access to our tools, training and technology,” he added.