RE/MAX reported “very encouraging” financial results for the third quarter for its real estate and mortgage brokerage service arms.
“The continued execution of our strategy, coupled with the U.S. housing market’s remarkable run, drove our very encouraging results for the third quarter,” stated Adam Contos, RE/MAX Holdings Chief Executive Officer.
RE/MAX reported the following results for RE/MAX real estate brokerage and Motto Mortgage brokerage:
- Total revenue of $71.1 million, with revenue excluding marketing funds increased 0.5% percent to $53.8 million.
- Net income attributable to RE/MAX Holdings, Inc. of $3.6 million and earnings per diluted share (GAAP EPS) of $0.19.
- Adjusted EBITDA of $30.3 million, Adjusted EBITDA margin of 42.7% and Adjusted earnings per diluted share (Adjusted EPS) of $0.64.
- Total agent count increased 5.1 percent to 134,769 agents, while decreasing 0.3 percent in the United States and Canada to 83,802 agents.
- Total open Motto Mortgage franchises increased 27.9 percent to 133 offices.
“Many of our RE/MAX agents and brokers are reporting their best years ever, and our Motto Mortgage business also continues to show impressive growth, as its franchise sales through the first nine months of 2020 nearly matched the full-year total for 2019,” Contos said.