RMAX - Earnings call transcript Q1 2021

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Operator

Good morning and welcome to RE/MAX Holdings First Quarter 2021 Earnings Conference Call and Webcast. My name is Megan and I will be facilitating the audio portion of today's call. At this time, I would like to turn the call over to Andy Schulz, Senior Vice President of Investor Relations. Mr. Schulz?

Andy Schulz

operator. you, Thank and earnings everyone RE/MAX first Holdings Good call. welcome XXXX conference quarter morning to Please Relations live the materials replay visit Investor the and earnings for of to related all access today. the call webcast the page and of remax.com

through as If slides, note that advance move through the webcast, you you the please need will are to participating we the presentation.

Turning to Slide X.

answers today's call forward-looking statements. Our on may questions prepared to remarks your and contain

competition, related those bond and to agent housing sales, conditions franchise market measures expansion, markets, recovery capital [ph] include count, outlook, allocation, and financial including brand models. business dividends, statements and technology, those to mortgage and strategic Forward-looking sticking plans operational of

Holdings Forward-looking no statements update obligation statements to future. forward-looking management's represent estimates. RE/MAX assumes any the current in

will subject to actual non-GAAP quarterly our financial to of financial quarter These may release, filings. in cause recent non-GAAP results most refer reconciliations materially differ SEC is available are are first release, uncertainties in our which to that measures that and discussed today's we and measures and matters forward-looking call. results see definitions results risks XXXX press those certain website. address from Also, projected statements. contained the our statements Please in Forward-looking on on press other

on CEO, I'd With Karri to Adam over Officer; call and Mortgage. Morrison, turn our Callahan, Joining Ward Holdings Nick Motto Contos, me RE/MAX to Officer; our that, Customer Chief Contos. today President the our Executive RE/MAX Officer; Chief Adam are Bailey Chief Financial like the Adam? call of

Adam Contos

today. everyone our and Andy, Thank thanks call to joining you, for

Slide at Looking X.

financial and execution our for we've made sales having that housing growth as financial as strength are strategy well investments years impact. with the of leading Motto in an franchise help benefits offices performance. in open alongside RE/MAX seeing indicators. key the agent improving market first We're We drive and record the Ongoing grow Motto robust continue of and our quarter. growth results strong to recent

RE/MAX process introduced increase mortgage revenue During the and new and acquisition, services of enhanced of record more franchisees At our of up all-time our although franchise to of time, programs quarter we we convention, each of diluted and a franchise X%, and proposition high business per first the share resources educational our new ramp first at to XX%, benefit adjusted included adjusted of technology significantly, networks. million, exclusive for Highlights our offering affordable, quarter, reaching value same innovative $XX.X of the continued we increased affiliates. Motto our pace. $XX.X within $X.XX, loan continue our both recent EBITDA up up up for agent our and count the Motto At dependable XX%, earnings RE/MAX a million, tools, week. sales Wemlo

survey generally is April their announce X. Slide prominent to from Turning industry the when results prior year. publications

our So, both of continues. record industry performance RE/MAX and Motto annual recognition outstanding track consistent of leadership and

survey of way RE/MAX annual brokerages. In the norms. recently result high large year each point. industry set US REAL Case in announced bar of its the Trends above remains agents fact, the productivity. we XXXX

estate. Trends over included One a of brokerages. by REAL real in XXX the X,XXX residential reports brokerages issued survey transaction most real total widely sites estate followed The links

quality of even second the and can the tools entire Probably, networks services also in experience to this our recruit, the RE/MAX. in the RE/MAX history. survey overall XXth All a and transaction X.X. competitors the franchisees. Similarly, per average RE/MAX REAL the transaction and agents in top closed on range In based competing than of RE/MAX top our other all transaction on at average RE/MAX size. and list, Motto on our quality from with the For the is What's quality at accolades led lot in the the world of than agents. totals XX XXX more are the in Entrepreneur agent, financial one two The about quality the RE/MAX is first to consecutive XX a Mortgage of the agents the real top of XXXX. importantly, says won of commercial We more $X.XX highest clear million its was It believe qualifying for than than XX. And productivity industry. most agents the figure, higher they brand. that accomplishment quality nobody removed two to The category in most one. Annual the expertise was and brokerage Franchise place. over XX That XXXX the from services estate has size RE/MAX expect That numerous miscellaneous agents the year, compared firms the XX to of by Motto last more, the activity transaction residential average XX year. the agents in statement too. unsurpassed average for sells XXX franchise customer exists side Trends more gap outsold a advantage level brokerages average including size XXX you size

to Our momentum as off XXXX sharing we more year this continues to and today. look great Both a are proceeds. good brands start forward news

affordability This to is Supply millennial are The X. Nearly average are pitch, sold active even XX three average, have XX% taking days the just homes feverish more March from Slide challenging. On dynamic obstacles. had years. a and closings the grew March XX market more low on in rates, a than The anywhere homes at clearly a been from current of rise working National past tough market of RE/MAX are weeks days. right and than familiar; now selling markets of situation inventory the prospect the in drivers US the the market according a less sellers' earlier primary four unusually year very Housing interest the to March the amplifying homebuyers from remained housing of Turning and as demand. Report. are

Many coming keeping markets, many than had of the are fast, on market. that want, news to clients have demand a are agents buyers their both inventory With But The in large sellers. it industry-leading house occurred. our Nick. It's a to with are optimistic parts the experience selling so But buyers using over good sellers. racing that, of the offer to that best XXXX. and over home number In they out difficult RE/MAX for of their they things environment an better and total year turn affiliates challenge is creates competition transactions pace. the are and the help make for I'll they often even an incredible outcome. having an was can houses attractive Newer listing of achieve time level are

Nick Bailey

morning, everyone. Good Adam, Thanks,

Looking agent increased March XXXX. growing at since count X% XX overall Slide than We year-over-year. significantly, worldwide agents more added X,XXX X, over

we agents we in a year than had past decade. the in fact, period added XX-month In more over any

grew the [ph] regions encouraged count four XX% our agent in the an was sales our widespread seeing recovered X% that performers. last among performance US Many count results globally agent up agents. the technology our We extended we the added growth ago. growth our region Our outside leading in in best company-owned across years. see from a as in growth and in with agent are X,XXX has expecting country year-over-year agent position year year count what enjoyed impressive education, South We this of we experienced experienced almost north. and banner tool, virtually productivity Europe, additions the evidenced America Adam year earlier. countries of the within more success as referenced affiliates way. accelerated we US the In weeks. past better year. leading largest a the we're market uplift losses saw our Ontario accelerated similar than unrivaled the and It Africa and pandemic-related we're Canada Canada enjoy strength year-over-year. Moreover, industry we the with similar we Agent continue brand number believe we agent and collection of as Armed survey to Atlantic are by nearly industry's of and to few

Turning to our RE/MAX in in Annual X. Slide March. Florida Orlando, held Convention

format, our with well than We a live as response ever, more and time we hybrid option virtual first tremendous a the virtual an a both had attendees experience. For hosted X,XXX in-person featuring as countries. conference from in XX over

competitive from insurance Survey, their choosing coverage firm. agent with the National additions RE/MAX value and During our we that proposition will important several coverage insurance that family options opt to for X% rates. in Health fill Insurance of the Realtors most According healthcare. health in notable, announced announced estate an members industry-wide obtain XXXX of help highly Association we personal affiliate can event, perhaps an alliance several real gap only through and to Qualifying

and this new add new that opportunity resources, competitive RE/MAX is increasing platform, with to them. business the and digital to leads booj during agents, our enhancements partnerships and So technology for simple; and to a driving training is value growing their increase our our advantages valuable several convention, on educational websites business unique both adoption unveiled the use in for franchisees. XX,XXX a encouraged more objective At our XX% suite. available The helping than marketing presence see our is recruiting build More programs agents we is more created including year-over-year offering to even an the also agents QX.

during likely users the exclusive the and of contacts is convention inventory for doubled existing and our month. in essential the even to when number sell half It's We at times We more homes trial is are next soon. home most like helping first best also these is so highlighted apparent identify tight. value nearly the First believe agents of available App available who a tool the the

help targeting force fact, its powerful capabilities. expanded marketing our this agents inside and campaigns understand In we've to and product sales launch

legacy one and standardize, Our geospatial and the estate like of more on a in even organization science big end, technology and new announcement front to the fast-moving it GXX the acquisitions. RE/MAX fragmented XXXX US end drives our really By harnessing positions offer more. back real industry. app, value initiative information and on agent in-house GXX its was powering of geocoded seamless which a the data affiliates and our the industry's more user data of making our of websites tools remax.com, data RE/MAX Gadberry clean, mirage, Group, called data and is RE/MAX provides analytics and introduction other the GXX, the experience normalize it

more technology come. we Looking ahead, developments to have exciting

come that, first in With manner. a been important tech the gates instance, important to the global. underpinning coming will to We'll yet it's deploying rolling the taking it open step this But more exciting tech be new and year. out Ward. we're in in will technology and that our believe For Canada rich for out our working the an on also that later our history. booj another to platform We that we've making time. I on months global some expansion turn to over milestone We're

Ward Morrison

Thanks, Nick.

an franchises X, as a ended leading we office building. we a continue Motto channel to-date, trailing embrace in brands sold high impressive share model. real remains sold having during inception have setting real the at right exciting milestone of any more franchises, XX across now and benefits Mortgage franchise year. the old. Looking of variety market XX-month brokers franchise business Furthermore, accelerating diversification owning through the We've well teams mortgage XXX concept, a in realize broker XX. under estate ownership an alone quarter, years of since at now as pace record and gaining high. first five for is for as franchises of the one Slide than Motto past over ancillary the value The a the Interest Motto period and of new the network more the growth the We're selling estate annual March let

still We last number the At XXXX. and franchises open our Motto anticipate states year sales the culture. ahead growing for of and Motto aiming and full over XX franchise between part by XX are our XXXX. to year's Equally XX we end offices Motto goals of We currently pace. have is running exciting are selling open operate. open we're XXX XXX We in of stores almost Motto, have the is offices high, challenges set of now that

so achieved record much We're One in network nearly our off $X.X volume, coming Motto during closed billion XXXX time which a loan more many we've of quickly. than doubling reasons so success total. XXXX the

Our to double loan again. volume goal is XXXX in

purchase originators refi year's chance a purchase industry many good Although because XXXX we to we have a forecasting market. agents. part, our believe to of are loan pundits as the real estate are driven slower directly Motto's boom put, volume of unique goal in a in Simply achieve by often Motto's doubling a position pipeline phase, last tied

to come experience on communities, tend purchase and successful LO's a are local attributes building lot critical of pipeline. respective Motto connections that a board with to to Additionally, the

a prepared that Motto's XXXX, volume proud but industry and XX% and split XXXX volume Motto else purchase we XX network, Motto's is will purchase, pivot average and be Motto the to XX% like grow shifted lenders that pipeline an are as further. compared everybody We balance average. has already If the XX% when basically other purchase a split as existing to should We strength for XX we mean percentage picked to with roughly industry. to of average refi refinance the a almost ahead volume In refi our believe example, the step purchase industry more XX% XX:XX. twice take up of was as back

focus us franchisees dependable successful in solve one services. is organizational the loan and to acquired of economic Wemlo of steady, pain year points, area of our integration for last processing We order Another finding Wemlo. primary

intense. We are Housing currently talent handle competition ramping up high, market is for so buyer. loan for processing remains anticipated our resources Motto to

increasing quality provides challenge the the alongside kind The to Motto our of the brokerage the like and loan of is onboarding Motto franchisees. growing quickly number for portion as only many Our we're as hire as we'd space. ability volume week-by-week. solution Nevertheless, technology loans and network primary of expanding enterprise best-in-class mortgage Wemlo its in processors is processing

market and throughout mortgage call over products the continue to an I'd primarily that, serving RE/MAX purchase additional for to clients growth Motto we turn serve of brokerage channel industry, Holdings. its While to as With will franchisees, support like to the Karri.

Karri Callahan

morning, everyone. Ward. you, Good Thank

housing first Slide and during strong Motto market X, drive the healthy quarter. Moving expansion financial to ongoing a help performance

annual than X.X% increase compared revenue, XX months. Acquisitions of or of not we X.X% revenue by QX, the and over consist virtually to primarily due function key earning EBITDA during XXXX. are FX down Total revenue adjusted while trending capture revenue XXXX. XX% the free strong XX% market. does $XX.X revenue. dues core first grew in declining was flat increased the the of quarter, to to also In past revenue Further was the that legacy stream during impact lower margin growth contrast, sales X% which businesses. and and franchise performance we believe an $X for from leading of more cash fees continuing franchise and housing to and quarter but flow generated into indicators other approximately was conference, fees Our a to of well that more million our improving Broker due million, our of point, COVID-XX up and annual than converting metric recurring revenue Organic first negligible. revenue was the overall compared were quarter agent booj expected,

X% mid-single digit businesses in XXXX. growth from was approximately expectation items for year these fund, Excluding with core line organic two organic the growth full revenue the and marketing our our

exclude benefits COVID-related quarter waivers from the the anticipated fee expectations second to any during extended we our growth organic affiliates last of lapping Our year.

anniversary XXXX, the their our and acquisitions and to of growth benefit revenue to and pricing, fees organic increasing the count, ahead once lap the drivers, expect to into healthy one-year broker Looking from from bucket. expansion housing Wemlo Motto multiple more agent Gadberry market, organic remainder growth due from we fall

of XX.X% and administrative XX.X% million first operating excluding the in first XXXX revenue administrative collection. increased compared in acquisition, acquisition. due to period. higher selling, at marketing the the from expenses or Selling, of lower of costs XXXX, travel equity-based higher fund, due increased expense Looking expense compared personnel an expense bonus a year represented in strong $XX.X to offset quarter compensation of elimination of Slide to bonus prior the by recent the expenses and operating from the XX% and million corporate to and $X XX, and debt to year expenses in increase were due prior primarily Partially reduction and largely bad events the quarter

million Regarding result to charge accelerating original recognized initially expense expense, a recorded acquisition the term the ramp was of certain of compensation [ph] the award agreement. be the expected we $X.X of higher of that one-time as a stock-based related over

quarter outlook Turning year currency second full company's to no or XX. movements, XXXX Slide further and The divestiture. assumes acquisitions

the quarter million. $XX.X range expect revenue of of in to marketing funds the we in Adjusted from million, XXXX, EBITDA $XX XXXX, a $XX.X $XX.X a range second For million to range increase of count and agent $XX quarter X% to over million including million second the for to $XX.X revenue X% in of million

on funds are XXXX, global full-year growth including to For the range adjusted from of to and our range we EBITDA $XXX increased million of count to agent a increasing XX%, year from over $XXX we $XX $XXX guidance XXXX, of in the X% count full and revenue range million expect in million. of million to agent RE/MAX million count revenue agent strength $XXX the up X% marketing $XX in a million

turn to Now, it back I'll Adam.

Adam Contos

Thanks, Karri.

We positive Moving seeing to year and networks questions. proposition up investments value and position in the helping operator, networks continued as brands With look to let's impact growth and future look strategy, on the we results. make our winning marketplace. unfolds. to XX, our Slide have for in and a it forward believe a winning began on strong continue recent open affiliates that, a our winning succeed our the We're to for focused forward expanding year we

Operator

question Zelman first Associates. is with Your Instructions] [Operator McKeveny & from Ryan

open. is line Your

Ryan McKeveny

questions morning you. Two for good me. thank and Hey,

so maybe I think products, are agents tech is business. the directly services, be, to opportunity So expectations? in let's of curious leads some there was that mentioned, some value the sort embedded trending I'm your to say I monetize And this relative brokerages booj of you more you around first agent-driven a thoughts to company-driven XX% guess - about leads XX% company just what I and sorry, I'm been increase year-over-year and Adam, that's if that share or or versus can first of question Nick, and the second within question is etc. RE/MAX the leads how to some split thinking of is question, adoption flow will on the more proposition orders kind guess you the lead generate favorable maybe

your of benefits, So, so I on more the count you're much. is just economic proposition about approach opportunity and there the the generating? you in directly kind Thank general RE/MAX agent that being just around thinking further curious generated guess leads I'm leads that to is monetize those with dynamics the or value

Nick Bailey

Yes. Thanks question. Great. It's for Hi, the Ryan. Nick.

First to released a of off, that paid in membership platform and average there on tech an and continues mentioned non-user. is Very statistically first our there the of And booj nearing that were productive pleased adoption, we've between uptick, that we've XX% user First. XX% more on the had grow product. First a than

So seeing very we're strong results.

mentioned far lead. month-over-month we're number as tracking that publish, to users of do active continues do that as as booj, we websites the As increase

over we is platform of only releases not expansion just the continuing and will It's feature those a the by that been So so, around we've and lot the a continue. with year driven product. since adoption, launched of but had the

agents competitive In has historically, lead LeadStreet, just our one we and that that terms back been has we part our send the the been when referral leads launched new.com mid-XXXXs to advantages of so of when rewind the you culture. of to monetization, fee-free

increasing to purchase-ready, opportunity going because for to leads seeing willing the level of that, the is think that just incubated Now from idea more for lead. be pay But, they're for around tolerance an right of being what look discussions like, are had that, to opportunity leads one, that leads say, monetize a environment a agents incubation to of the into agents. type to off referral cold time have now, service the to be in fee-free of those that versus we some we're the and I there terms to they're monetize

Ryan McKeveny

Nick. That you. makes helpful, sense. Thank Very

Operator

from Vikram is Morgan with Your Malhotra Stanley. next question

open. Your line is

Vikram Malhotra

everyone. Thanks for taking question. the Good morning,

agents the strength of expectations you share the on folks business their into on the housing in coming balance for the One doing US I'm the what brokerage market. in if would more? on maybe new year. us market very can wondering to you out given think second it own. you specifically maybe potential give in an us the can half you kind update may have even of the trying Just and your up the just just I'm update strong agent gains of if be give wondering ramp a count

Adam Contos

Hey, morning Vikram, Adam. hi, good it's

somebody and I'll really but first a agents going it, a are deeper the with So we the prepared to who dynamics and in of for the marketplace, RE/MAX US. finding tools on, agent I'll into at we're this them access high to first in velocity that best and it's best lot at then activity, in to it backing is the hand available here instance are but the the performing and that count deal got start technology off for look into in that what highest all, with dive of level, the the brokerage, very activity walks asset marketplace, take

there, tools most to job obviously very doing time it's to substantial out just the challenging as is here that though to consumer The with reliance to the of little upon the there, continue a is not the perspective and our internally marketplace do from result. the excitement doing the fact goal you and noisy very the So, in agents possible. business new it is that a order give the build a to best many benefit customers so

good some recruitment in growing We in to why productivity we of lot business. focus our occurring that's the So, their the and a see by average industry. continue our brokers on but agent excitement see we lean

of in continue to model, interest franchise expansion in our and great purchase result. and franchise footprint a also the the We see as

here anything put that have a missed. for I'll tailwind it over positive on recruitment. So, else I Nick that's bow to the a might pass

Nick Bailey

increases market overall or think that I strong in any agent us in increase in the help industry the to growth. just and and an count total with of general going the fashion that's a TAM Yes, Sure. form

However, we say to it's the of home brand continue known always RE/MAX agents. is new that though, not

we twice have be now and some much increase experience new twice have we're going can production and as that top to us. a of have it had average our it producer. doesn't strong the we generally transactions as after I they of on advantage directly that in mean of are in the as have agents we're based seasoned that agents joined that and the velocity of business we new Now, of we But, that RE/MAX take and tied agent, have we a brokerages us have training joining licensees many programs do going they to more know it. rate general the at when just see in has, do not industry since therefore, the very

Vikram Malhotra

ones. sense. makes Two more quick That

Motto and us maybe an for as first balance you how from balance margins, of increasing think the year - it's year? the ramp with the the give we of should about businesses, just contribution update margin the the Just for on newer the

Karri Callahan

Great Vikram. morning, good Hey, question.

growth. we're the organic X% performance key leading of the organic really that that, towards - we're really I stuff some of think the with hit revenue quarter, So first so seeing we're across in mid-single-digit and the happy that obviously trending in revenue that kind access non-recurring indicators, really trending

back strength franchise the ramp model, continue see the given the business half line the to top should characteristics of that of the the margin see pickup just year. Assuming in in we the the

and to margin performance to a the headwind of EBITDA So, from investment, with the million in to $X.X kind scale some still year, to kind adjusted $X.X those looking of this at about million on regards looking half. the of improve back of

of the really of the half kind the margin back improvement some of the midpoint targeting So, and year. ranges in

Vikram Malhotra

there's there anywhere last makes head, has increase. your of can where prepared just demand because prospects you be markets top a certain from that of you're for your its very seen you wondering, up the wondering, just just just phenomenon, couple a pick migration strong seeing clear are demand sight just of relatively one, with mentioned sense. that you've in I'm real Okay, as And remarks, if I'm off a markets work this specifically in occurred.

Adam Contos

talk I with agent general? when sales there any - just or think home market you migration, count about you don't and is talking are in

Vikram Malhotra

at sale, buyers these translate homes. you I'm from are that are any anywhere home into fifty seeing now work No, just stand as this demand So, looking you mentioned, out? are for wondering there markets

Nick Bailey

areas saw don't there out moving some specifically City areas, high-density and Florida to saw - overall of the any back. high coming that New is area, specifically saw we up bay now I suburbs, general, York I population year think we're increase think to population density stand last individuals those they to you as you starting open South see in people are

is to to. point area there think one don't I specific So

Vikram Malhotra

so great. Okay, Thanks much.

Operator

Blair. William with Sheldon Stephen from is question next Your

Your open. line is

Stephen Sheldon

the Thanks first, on of sounds really I and can healthcare Good out kind offering? Yes, guess, the just give some the that you interesting. question. when will be detail my for rolling taking of morning. offering more structure

Nick Bailey

going weeks to our announced household. welcomed about a secure arms. and healthcare XXXX few was Yes, hi, Stephen. at they if ago, within don't challenge contractors just have, Obviously, the independent open offering. it Very partner with to the We spouse conference excited healthcare that or for

the in which so an is individual company opportunity somewhat have And opt the coverage, individual for means the is part brokerage and to entire the unique. basis, healthcare have what to structures doesn't agent each program, of that is this that to up found to be we it on

So, that's advantage, one. number

part to attractive. so or marries it four, it big one way offering a the employees and family of family would healthcare to the The plus it structure which which what the in by is of but also makes of manner way that which the be second coverage, is corporate of so is is similar of given outlined very it's structured, it backed in employees type individual

So extremely get. employees includes all most are the and the it are rates competitive, that vision competitive, goodies the dental and options

why welcomed we been believe arms. And open so with that's it's

help to retention is going a we is those side, needed. that So, for it believe, on recruiting great tool not but it only

Stephen Sheldon

good we sequential some to independent That's Can you last US especially growth the it. the like quarters Canada? pickup few And in It talk own and the see seems agent hear. independent trend lot growth then the Canada. in operations and divergent agents. about between company did a in agent this Got of in in

are is doing there anything owners guess? the I So independent regional differently,

Adam Contos

down I'll available with was recruiting I is that to Yes, strengthen. firms not year I when strong engagement everyone continues think mean, comes and things one, to the to comes are we one push Canada, button it it growth, to last start there that and three overall;

the but that economically very past market US. been in western years, couple pandemic along. Canada confident the is, they've back, in overall, part announcement market Canadian about offerings we the in great technology Canada a nice we unfortunately the bumping seen value Canada or especially taking and segment, Toronto with the second the new in have, it that the The tech scripted has increase to proposition, leads that remarks to the come like created mentioned going strong The confidence of which helps about a specifically market independent. me overall the very with confidence brokers couple to estate Canadian the you years give so not and talk market regions specifically Canada's as we'll market. an recruiting. real strong But, are it's of has and strong then side let Ontario the brokers to was as operating was ago was versus gracious of for

just button. one all not So

regions at versus geographies, programs of etc. independent, terms recruiting and we are together collectively have at the counts, look regions and with course, total we working of operating looking systems. In independent on to

state, regions, are owned and and lot both are tracking a by seeing spots growth of independent. market bright even so in by so operated the there And in of we pockets

that through of the of We of remove in some have opportunity underperformers of up believe non-performers regions which to operated some an to impacted ability in office we turn a the go count the cleansing the year when we terminations and our re-grow we cleanse underperformer. in - directly some which was show it market which our impacts termination because last

general in with were aggressive we regions, the operating cleansing the than independents. underperformers in believe I more the So,

Stephen Sheldon

Thank helpful. Very you.

Operator

is McJoynt question next KBW. from Your Tom from

open. Your line is

Tom McJoynt

for question. Hey, my Thanks good morning guys, taking

looking outlook of you're as looking on think growing might you've this perhaps income up comps some next housing XXXX, obviously, translate to over strong an for increase broker easy against against XXXX, pretty line how deals in couple at better we terms So broker quarters deals, do in to XXXX? the the so statement, of relative in

Karri Callahan

good morning, Hey, Tommy.

strengthen relatively revenue. great housing obviously our is overall obviously of question. to to tailwind small Definitely broker So, [indiscernible] portion fee a

and then our to market of participation the with market both be obviously so home US housing tends And proxy a general. in just price overall RE/MAX in this terms average for

just the we at so for proxy should think whatever you to with if on a be transactions And because well housing look I estimates closely volume pretty track as market your growth, and we transaction. price median just just home really are for as tend overall

Tom McJoynt

a interest great, even And purchase obviously, been helpful. has spilling stronger lot a over there to to demand broker lot you noticed those over interesting about marketing, in kind any a Have in Motto? now remain to Okay, of a headlines of of headline shift it's then there kind channel, of strong. expect Motto, competition to competition the switching of to

Ward Morrison

Yes, estate transaction. right that they and and large interest we're money I more think more typically particularly majority now broker that's purchase sure, channel seeing models have just in its due, our do we sell in gives companies, as for it the our real

continues is great we channel, excited choice, companies about. that So pushing, consumers grow channel one wholesalers transparency great that from not portion real their everybody that our broker to estate to monetize we're base try and are think referral it continue pushing offers we see who want of and pushing, to because interest particular be to and we're only

Tom McJoynt

of any Thanks. to new think And these and seven still there Motto or already kind competitors classes has been franchise? on national mortgage outstanding [ph] about

Ward Morrison

tools mortgage and that Yes, we obviously, pathway national services real out there to our of out there competition, the no continue some brokerages we of consider to and people. provide larger some there're our sort we that all our but is there, franchise emphasize

So, on we're model, on competitor we just see really focusing [indiscernible]. a don't

Tom McJoynt

Ward. Thanks, Great.

Operator

is question Mathew Compass Point. from with next Your Gaudioso

open. is line Your

Mathew Gaudioso

on they like differentiator just have even Hey, there, are kind of maybe there in technology there Maybe the looks up a good can bigger the Canada do to also platforms in Canada? morning, environment do of see vendors US, was being of booj wondering for lot agents as if share roll I the this you year. what following booj up out and brokerages an or the same out and you announcement

Nick Bailey

Yes, good both number There the are a US. question. Canada in of do providers that services offer and

and advantageous the advantage be with booj one is utilizing multiple to of not which thing have the average bringing that idea be products a Canada speak with business of nature, of is together what system. GXX front systems will will one CRM, the across go with things competitive in Canada end on experiences of live one to set we of all to that is the to we the very US, similar country their disparate terms same overall, website, think conduct that those similar the once of platform I ecosystem, I But, fragmented of the do so another. a are think using data kind the and pull agent systems the it to in

bring that's to competitive And encompassed going believe single ecosystem, solution so it's advantage. to we a a in all be a

Mathew Gaudioso

international offering there on international That's helpful. efforts for piece you another the looking have events? if agent growth. what I like on monetization looks on get to at strong ramp international, the and - latest then And in place guess quarter thoughts technology any Wondering

Adam Contos

It's morning. good Hey, Adam.

the So at the home hard the ownership we're monetization both America in from North and a there. life US, an of holistic really taking look outward cycle

technology, respect but the given cycle roll we doing focus our myriad that build. and announce laws, is the is platforms out of so, data privacy by this throughout of at key ultimately RE/MAX home to do year long-term ownership have we the strategic a organization how data it don't that; with implementation of to of infrastructure, point a just data, obviously different So however, to determine the anything technology the infrastructure goals encounter the life and global that one how is

Mathew Gaudioso

Great, thanks so much.

Operator

from Campbell John is question final with Stephens. Your

Your is open. line

James Hall

would just guys, the of regions. kind seen? Hall in there Hey you've the call around around James out had questions for is specific you as Campbell. resurgency stepping morning. specifics This the that a John few any Are good I

Nick Bailey

low has - market the of specific the the coast I point specifically vast don't a in region, lines least the Region the there been US majority market - a at where think generally to whole, lies. have you is bidding in can similar as always been the are and double-digit kind markets. appreciation. and the country was they some rest price of wars of The inventory but center country is steady-eddy very things, of the experiencing Midwest a the extremely In those of generally

always of people lot in fairly it's but live and different. I that's around seeing want more areas coastal the anything So think consistent, industry, part not of that's in and we're matter to a it's climates been just of the something

James Hall

question Okay. here. And then, just a separate

So then, - integrations maybe you bit a of provide some of recent could the acquisitions an such and Gadberry? like and going on on as update

Karri Callahan

really really to job with huge has done a integration regards on fronts. the So been and the successful around has team this a focus the nice recent think ours acquisitions, of year I all

really then that there, side. platform technology And then integrations base perspective, all a a that harmonizing agent launching convention are from into service Gadberry customer services Obviously, that just really perspective, then and booj between, probably shared first substantially perspective the kind also of So with and data on Wemlo And back-office of those customer technology the network really combining Motto complete. expanding integrating are from perspective. and really platform there. integration our front-end technology the externally mortgage and legacy a that's to the and think and our on from I a of

outsized those we focus this XXXX as a those and in into propel then from for profit look acquisition. definitely invest So ourselves to year really contribution coming

James Hall

it. thank Appreciate you. right, All

Operator

further for have presenters We to closing back turn time. call at the remarks. I this questions no

Andy Schulz

and you a thank our everyone weekend. joining for operator, great call Have you, Thank to today.

Operator

This today's conference. concludes

may You disconnect. now

RE/MAX (RMAX) 9 May 212021 Q1 Earnings call transcript