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E/MAX reported lower revenues and declining U.S. agent counts, but CEO Erik Carlson presented a cautiously optimistic view on the company's third-quarter performance. Despite making significant changes last year, including new leadership and an early settlement in commissions cases, RE/MAX has struggled to gain momentum.

    The company beat forecasts, with revenue down 3.4% year-over-year, the smallest annual decline in two years. Global agent count increased by 174 agents overall, but U.S. agent count fell by nearly 3,700 agents, or 6.5%, during the quarter.

    Carlson emphasized RE/MAX's support for NAR's Clear Cooperation Policy, stating that it promotes transparency and prioritizes consumer interests over individual gain. He highlighted growth initiatives such as the Max Tech Lead Concierge program, which delivers conversion-ready referrals to participating agents.

    The company's mortgage business experienced mixed results due to elevated interest rates. Despite a recent bright spot in Motto franchise sales, Carlson acknowledged that continued high rates have made it challenging for the mortgage business.

    Key numbers showed revenue at $78.5 million for the second quarter, down 3.4% from last year but unchanged from the previous quarter. Cash and cash equivalents increased to $83.8 million, while outstanding debt decreased to $441.8 million. Net income improved significantly, with a gain of $1 million for the quarter.

    RE/MAX added nearly 100 agents through affiliations or mergers in Oregon and Utah last quarter, as well as converting a 200-agent firm in Ontario. Carlson expects more conversions in the future as small firms struggle to compete with established brands like RE/MAX.