RE/MAX Q2 2025: Unpacking Contradictions in Agent Count, Revenue Guidance, and Recruitment Strategy

Agent count and recruiting strategy, agent count growth and recruitment strategy, revenue guidance and revenue streams, agent churn and recruitment strategy, impact of the MAX/Tech Lead Concierge Program are the key contradictions discussed in RE/MAX Holdings, Inc.'s latest 2025Q2 earnings call



Agent Network Growth and Stabilization:
- RE/MAX Holdings ended Q2 with over 147,000 agents in its global network, achieving an all-time high.
- The U.S. agent count showed signs of stabilization, with strong momentum since April, driven by demand for the RE/MAX brand and new value proposition enhancements, including Aspire.

Financial Performance and Margin Improvement:
- The company reported total revenue of $72.8 million and adjusted EBITDA of $26.3 million for Q2, with an improved margin of 36.1%.
- This was due to better-than-expected expense management and ongoing operational efficiencies, despite a sluggish spring housing market.

International Agent Count and Global Expansion:
- RE/MAX Holdings experienced strong international agent count growth in the first half of 2025, which was the primary driver for the increase in its agent count guidance for the full year.
- The company's global footprint and strategic initiatives, such as the MAX referral program, contributed to this growth and expansion.

Aspire Program and Agent Recruitment:
- The Aspire program, launched in April, saw nearly 60% of eligible brokerages in the U.S. and Canada sign up, leading to higher recruitment rates in April, May, and June compared to the same period in 2024.
- The program's combination of education and technology helped attract younger agents and those transferring books of business, enhancing onboarding and productivity.