What RE/MAX Holdings, Inc. told the SEC could break it.

RE/MAX is a defendant in multiple class actions, including the Moehrl-related antitrust litigations alleging federal antitrust violations over real-estate commissions; it entered a U.S. Settlement Agreement (final approval May 2024) but appeals and related actions (e.g., Batton) continue, posing ongoing legal/structural risk to its commission-based model.

“we are a defendant in multiple class action complaints including the “Moehrl-related antitrust litigations” which allege violations of federal antitrust law, among other claims. RE/MAX, LLC entered into the U.S. Settlement Agreement (as defined in Note 13) on October 5, 2023, which would resolve all claims in the Moehrl-related antitrust litigations as well as all similar claims on a nationwide basis.”

RE/MAX's recurring franchise revenue depends on agent count, and negative organic revenue growth in 2025 was driven by a decrease in U.S. agent count (and fee-model incentives like Aspire), pressuring its core franchising model.

“Negative organic revenue growth was driven by a decrease in U.S. agent count, recently introduced incentives related to modifications to the Company's standard fee models, including Aspire,”

RE/MAX's franchise/broker-fee revenue depends on home-sale volumes, which hinge on financing availability set by Federal Reserve and Bank of Canada monetary policy and potential GSE (Fannie Mae/Freddie Mac) reform — all beyond its control.

“The monetary policy of the U.S. and Canadian governments, and particularly the Federal Reserve Board and the Bank of Canada, which regulate the supply of money and credit, significantly affects the availability of financing at favorable rates and on favorable terms, which in turn affects the real estate markets.”