RE/MAX

For ARCA RE/MAX Series, see Auto Racing Club of America.
RE/MAX, LLC
Public
Traded as NYSE: RMAX
Industry Real Estate
Founded 1973
Headquarters Denver, Colorado, U.S.
Key people
 Dave Liniger, CEO, Chairman and Co-Founder
Gail Liniger, Vice-Chair and Co-Founder
Geoff Lewis, President
Karri Callahan, CFO
Adam Contos, COO
Revenue $171 million (2014)[1]
Number of employees
 100,000
Website www.remax.com
RE/MAX Headquarters in the Denver Tech Center
RE/MAX hot air balloon at a balloon festival.

RE/MAX, short for "Real Estate Maximums," is an American international real estate company that operates through a franchise system. The company has held the number one market share in the United States and Canada since 1999, as measured by residential transaction sides.[2] RE/MAX has more than 100,000 agents[3] in 6,800 offices. RE/MAX operates in about 100 countries.[4]

History

RE/MAX was founded in January 1973 by Dave and Gail Liniger.[5][6] The company was established with a maximum commission concept, meaning agents would keep nearly all of their commissions and pay their broker a share of the office expenses, rather than a share of the commission.[7] In 1975, Dennis Curtin purchased the first RE/MAX franchise outside of Colorado, in Kansas City, Missouri. The company had 100 franchises in two years.[8][9] RE/MAX held its first convention in Las Vegas in 1976. It became an annual event.[9] In 1977, RE/MAX opened its first office outside the U.S. in Calgary, Canada.[10] In 1978, the RE/MAX red, white and blue hot air balloon became the official RE/MAX logo.[11]

In 1994, RE/MAX expanded outside North America with the establishment of RE/MAX Europe by Canadians Frank Polzler and Walter Schneider.[12]

In November 1994, the RE/MAX Satellite Network (RSN) was launched with four hours of programming daily, which was released to U.S. real estate agents using satellite dishes. The network started broadcasting more than 60 hours of programming monthly. The network programming included training and company news.[3]

In 1998, RE/MAX CEO Dave Liniger attempted the first manned balloon flight around the world in a stratospheric gas balloon.[13][14][15][16] The flight was canceled due to design and weather problems.[17] At the time, RE/MAX had 88 balloons, making it the largest hot air balloon fleet in the world.[16]

In 2006, RE/MAX updated their corporate website to include listings for all U.S. homes for sale, including homes being sold by competitors.[18][19] In 2007, the company established RE/MAX University which is an online educational platform that includes a training library.[20] RE/MAX University has been featured in Training Magazine's Top 125 Organizations recognizing employee development.[21] By 2009, the company had franchises in 70 countries.[5] By 2011, the company had more than 6,000 franchises.[22]

In April 2010, the Obama Administration announced the "Home Affordable Foreclosure Alternatives" (HAFA) program. The day the announcement was made, leaders from the U.S. Treasury Department and Bank of America participated in a live, national broadcast detailing the initiative at RE/MAX Headquarters in Denver held by CEO Dave Liniger.[23] The RE/MAX Commercial division launched a new website in 2012 and has been recognized as a Top Real Estate Brokerage Firm by National Real Estate Investor.[24][25]

In 2013, UN Special Rapporteur Richard Falk released a report which alleged that real estate groups, such as RE/MAX, found to promote or sell properties in Israeli settlements may be held liable for complicity in the crime of promoting settlement activity in occupied territory.[26][27] Falk was criticized by United States Ambassador to the United Nations, Susan Rice, for doing "nothing to further a peaceful settlement to the Israeli-Palestinian conflict."[28]

RE/MAX, LLC's parent company, RE/MAX Holdings Inc, raised $220 million in its initial public offering (IPO) in 2013. RIHI owns 61 percent of the RE/MAX shares.[29][30] It is listed on the New York Stock Exchange under "RMAX".[31]

RE/MAX was included as the leading real estate franchise on the Franchise Times Top 200 list for the sixth time in 2014.[32] Also in 2014, RE/MAX was named to the World Franchising Network's Top 50 Franchises for Minorities for the seventh consecutive year.[33][34] In 2015, RE/MAX was featured as the leading real estate franchise in the Entrepreneur magazine Franchise 500 ranking and its list of top global franchises.[35][36]

Philanthropy

In 1992, RE/MAX became a sponsor of Children's Miracle Network. The company hosts art auctions, organizes golf tournaments, and encourages agent fundraising activities. When buying or selling a home through RE/MAX, listing as a Miracle Home with the balloon logo helps the local Children's Miracle Network hospital. RE/MAX affiliates have raised $138 million for the Children's Miracle Network hospitals in over 20 years of sponsorship.[37]

In 2002, RE/MAX became a sponsor of the Susan G. Komen Breast Cancer Foundation Race For The Cure events in the United States.[38]

Local RE/MAX offices use hot air balloons for educational programs and non-profit organization fundraisers.[11]

References

  1. ↑ "RMAX income statement". Amigo Bulls. Retrieved 28 October 2015.
  2. ↑ "RE/MAX (RMAX) IPO Prices at $22, Above Expected Range". Street Insider. 2 October 2013. Retrieved 28 October 2015.
  3. 1 2 Carol Patton (1 June 2005). "RE/MAX: Training With A Competitive Advantage". Via Satellite. Retrieved 28 October 2015.
  4. ↑ "RE/MAX Vision". RE/MAX United Kingdom. Retrieved 28 October 2015.
  5. 1 2 John Rebchook (20 October 2009). "RE/MAX ranks high on franchise list". Denver Real Estate Watch. Retrieved 30 October 2015.
  6. ↑ Dinah Eng (19 August 2009). "Surviving recession #5: The Re/Max startup story". CNN. Retrieved 30 October 2015.
  7. ↑ Mike Taylor (October 2001). "Remax World Wide". ColoradoBiz.
  8. ↑ Larry Parman (30 June 2013). Above the Fray: Leading Yourself, Your Business and Others During Turbulent Times. Morgan James Publishing.
  9. 1 2 Phil Harkins; Keith Hollihan (13 December 2004). Everybody Wins: The Story and Lessons Behind RE/MAX. John Wiley & Sons.
  10. ↑ "Re/Max Western Canada". Calgary Herald. A Century of Success. 28 August 2005.
  11. 1 2 "Old Home Day Icon to Rise Again this Year". Londonderry News. 15 August 2013. Retrieved 30 October 2015.
  12. ↑ Garry Marr (11 October 2012). "One Canadian real estate pro's journey to cash in on Europe". Financial Post. Retrieved 30 October 2015.
  13. ↑ Tom Hamilton. "Around the World by Balloon". Balloon Life. Retrieved 30 October 2015.
  14. ↑ "Latest balloon quest to shoot for stratosphere". CNN. 27 December 1998. Retrieved 30 October 2015.
  15. ↑ Michael Cannell (16 November 1998). "Around the World in a Balloon". Science World.
  16. 1 2 Blanche Evans (16 August 1998). "What You Didn’t Know About Liniger's Space Balloon Mission". Realty Times. Retrieved 30 October 2015.
  17. ↑ Glenn Elert (1997). "Altitude of the Highest Manned Balloon Flight". The Physics Factbook.
  18. ↑ Kristi Arellano (19 August 2005). "Re/Max International to post all U.S. homes for sale on its Web site". The Denver Post.
  19. ↑ Blanche Evans (16 August 2005). "RE/MAX to open national IDX website". Realty Times. Retrieved 30 October 2015.
  20. ↑ Reem Abdellatif (25 March 2012). "American real estate brand Re/Max forays into Egypt". Daily News Egypt. Retrieved 30 October 2015.
  21. ↑ "Training Magazine Ranks 2015 Top 125 Organizations". Training Magazine. 10 February 2015. Retrieved 30 October 2015.
  22. ↑ "About RE/MAX LLC". Entrepreneur Magazine. Retrieved 30 October 2015.
  23. ↑ Carrie Bay. "Government, Agents, Lenders, Vendors: One United Force When It Comes to HAFA". DSNews. Retrieved 30 October 2015.
  24. ↑ "2015 Top Brokers". National Real Estate Investor. Retrieved 30 October 2015.
  25. ↑ "RE/MAX Ranks Among Best" (PDF). Celina Record. 6 June 2014. Retrieved 30 October 2015.
  26. ↑ Report of the Special Rapporteur on the situation of human rights in the Palestinian territories occupied since 1967 (A/68/376, 10 September 2013, Item 69 (c))
  27. ↑ "US, European finances tied to Israeli settlements". UPI. October 30, 2013. Retrieved August 18, 2015.
  28. ↑ "U.S. Rejects Call for Boycott by UN Rapporteur Falk". Forward. 26 October 2012. Retrieved 3 November 2015.
  29. ↑ Elizabeth Dexheimer; Leslie Picker (2 October 2013). "Re/Max Gains After $220 Million IPO Priced Above Target". Bloomberg. Retrieved 30 October 2015.
  30. ↑ Michael J. De La Merced (19 August 2013). "Re/Max Files for I.P.O. As Housing Market Continues Upswing". The New York Times. Retrieved 30 October 2015.
  31. ↑ Matt Jarzemsky (1 October 2013). "Brokerage Franchisor Re/Max's $220 Million IPO Prices Above Expectations". The Wall Street Journal. Retrieved 30 October 2015.
  32. ↑ "Re/Max named largest real estate franchise by Franchise Times". Denver Business Journal. 3 October 2014. Retrieved 30 October 2015.
  33. ↑ "NMFI Selects 50 Top Franchises for Minorities". WorldFranchising.com. 29 September 2007. Retrieved 30 October 2015.
  34. ↑ Rob Bond; Annie Barbaric; Yi Fan (27 October 2014). "Top 50 Franchises for Minorities (2014)". World Franchising. Retrieved 30 October 2015.
  35. ↑ "2015 Global Franchise Rankings". Entrepreneur Magazine. Retrieved 30 October 2015.
  36. ↑ "2015 Franchise 500 Rankings". Entrepreneur Magazine. Retrieved 30 October 2015.
  37. ↑ "Creating Real Miracles by Raising Funds for Local Hospitals". Children's Miracle Network Hospitals. Retrieved 28 October 2015.
  38. ↑ "RE/MAX Sponsors Komen's "Race for the Cure"". Realty Times. 4 March 2002. Retrieved 28 October 2015.

External links

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