RE/MAX

RE/MAX, LLC
Type Public
Traded as NYSE: RMAX
S&P 600 Component
Industry Real estate
Founded 1973
Headquarters Denver, Colorado, U.S.
Key people
  • Dave Liniger, co-CEO, Chairman and Co-Founder
  • Gail Liniger, Vice-Chair and Co-Founder
  • Geoff Lewis, President
  • Karri Callahan, CFO
  • Adam Contos, co-CEO
  • Serene Smith, COO
Revenue Increase $177 million (2015)[1]
Number of agents 100,000
Website www.remax.com
RE/MAX Headquarters in the Denver Technological 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

Early history: 1970-1976

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]

International expansion and introduction of hot air balloon: 1977-1998

RE/MAX opened its first office outside the United States in Calgary, Canada in 1977. In 1978, the RE/MAX red, white and blue hot air balloon became the official RE/MAX logo.[10] The RE/MAX Hot Air Balloon was first introduced at the Albuquerque Balloon Fiesta in 1978, representing the company's "Above the Crowd" slogan. It was about seven stories tall and became one of the most recognized corporate symbols in the world.[11] By 1981, the company had 30 franchises in the RE/MAX Ontario-Atlantic Canadian region. RE/MAX became the top real estate company in Canada in 1987.[12] In 1985, the company had about 48 hot air balloons in the United States and Canada.[11]

In 1994, RE/MAX expanded outside North America with the establishment of RE/MAX Europe by Canadians Frank Polzler and Walter Schneider. The company also expanded its regional operations in Germany, Italy, Spain and South Africa.[13] RE/MAX expanded to Australia and New Zealand in 1996.[14]

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.[15][16][17][18] The flight was canceled due to design and weather problems.[19] At the time, RE/MAX had 88 balloons, making it the largest hot air balloon fleet in the world.[18]

Online expansion and IPO: 2006-current

In 2006, RE/MAX updated their corporate website to include listings for all U.S. homes for sale, including homes being sold by competitors.[20][21] In 2007, the company established RE/MAX University which is an online educational platform that includes a training library.[22] By 2011, the company had more than 6,000 franchises.[23] By 2009, the company had franchises in 70 countries.[5]

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.[24]

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.[25][26] As of November 2015, RE/MAX Israel was still selling properties in 18 different Israeli settlements in the occupied Palestinian territories.[27]

RE/MAX, LLC's parent company, RE/MAX Holdings Inc, raised $220 million in its initial public offering (IPO) in 2013. RE/MAX Holdings, Inc, completed a secondary offering of approximately $185 million in November 2015. REMAX Holdings owns 58.3% and RIHI owns 41.7% of RE/MAX LLC. Total diluted share count (public and private) as of December 31, 2015 was 30.2 million shares.[28][29][30]

RE/MAX expanded into China in 2014 by opening an office in Beijing. By the end of 2015, RE/MAX agents outside North America was more than 25,000, marking an annual growth of 15.4%. The company's agent count in Europe was more than 15,000.[31] As of 2016, RE/MAX operates in about 100 countries and has more than 115 hot air balloons in operation — largest corporate hot air balloon fleet in the world.[32][33]

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 $147 million for the Children's Miracle Network hospitals in over 20 years of sponsorship.[34]

In 2002, RE/MAX became a sponsor of the Susan G. Komen Breast Cancer Foundation Race For The Cure events in the United States.[35]

Local RE/MAX offices use hot air balloons for educational programs and non-profit organization fundraisers.[10]

Awards and recognition

RE/MAX University has been featured in Training Magazine's Top 125 Organizations recognizing employee development.[36]

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.[37][38]

In 2016, RE/MAX was recognized as the top real estate franchise, for the fourth consecutive year, in the annual Franchise 500 survey by Entrepreneur magazine. The company has held the top spot for 13 out of 17 years.[39] RE/MAX was also included as the leading real estate franchise on the Franchise Times Top 200 list for the eighth consecutive year in 2016.[40]

References

  1. ↑ "Re/Max reports agent growth, solid revenue in 2015". Inman. Retrieved 4 May 2016.
  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. 1 2 "Old Home Day Icon to Rise Again this Year". Londonderry News. 15 August 2013. Retrieved 30 October 2015.
  11. 1 2 "RE/MAX Celebrates the 35th Anniversary of Its Iconic Hot Air Balloon". PR Newswire.
  12. ↑ "Re/Max Western Canada". Calgary Herald. A Century of Success. 28 August 2005.
  13. ↑ Garry Marr (11 October 2012). "One Canadian real estate pro's journey to cash in on Europe". Financial Post. Retrieved 30 October 2015.
  14. ↑ "Sudden death of RE/MAX Australia founder Don Marion shocks real estate industry". Courier Mail.
  15. ↑ Tom Hamilton. "Around the World by Balloon". Balloon Life. Retrieved 30 October 2015.
  16. ↑ "Latest balloon quest to shoot for stratosphere". CNN. 27 December 1998. Retrieved 30 October 2015.
  17. ↑ Michael Cannell (16 November 1998). "Around the World in a Balloon". Science World.
  18. 1 2 Blanche Evans (16 August 1998). "What You Didn't Know About Liniger's Space Balloon Mission". Realty Times. Retrieved 30 October 2015.
  19. ↑ Glenn Elert (1997). "Altitude of the Highest Manned Balloon Flight". The Physics Factbook.
  20. ↑ Kristi Arellano (19 August 2005). "Re/Max International to post all U.S. homes for sale on its Web site". The Denver Post.
  21. ↑ Blanche Evans (16 August 2005). "RE/MAX to open national IDX website". Realty Times. Retrieved 30 October 2015.
  22. ↑ Reem Abdellatif (25 March 2012). "American real estate brand Re/Max forays into Egypt". Daily News Egypt. Retrieved 30 October 2015.
  23. ↑ "About RE/MAX LLC". Entrepreneur Magazine. Retrieved 30 October 2015.
  24. ↑ Carrie Bay. "Government, Agents, Lenders, Vendors: One United Force When It Comes to HAFA". DSNews. Retrieved 30 October 2015.
  25. ↑ 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))
  26. ↑ "US, European finances tied to Israeli settlements". UPI. October 30, 2013. Retrieved August 18, 2015.
  27. ↑ Murtaza Hussain: Why is RE/MAX selling properties in illegal Israeli settlements? The Intercept, 11 February 2016
  28. ↑ "10-K: RE/MAX HOLDINGS, INC". 26 February 2016. Retrieved 4 May 2016.
  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. ↑ "RE/MAX Global Presence Hits Major Milestone". CNN Money.
  32. ↑ "RE/MAX China Open for Business". PR Newswire.
  33. ↑ "RE/MAX Hosts Successful Global Franchise Sales Summit in Thailand". RIS Media.
  34. ↑ "Creating Real Miracles by Raising Funds for Local Hospitals". Children's Miracle Network Hospitals. Retrieved 4 May 2016.
  35. ↑ "RE/MAX Sponsors Komen's "Race for the Cure"". Realty Times. 4 March 2002. Retrieved 28 October 2015.
  36. ↑ "Training Magazine Ranks 2015 Top 125 Organizations". Training Magazine. 10 February 2015. Retrieved 30 October 2015.
  37. ↑ "2015 Top Brokers". National Real Estate Investor. Retrieved 30 October 2015.
  38. ↑ "RE/MAX Ranks Among Best" (PDF). Celina Record. 6 June 2014. Retrieved 30 October 2015.
  39. ↑ "RE/MAX Wins Top Real Estate Franchise Ranking". RISMedia.
  40. ↑ "RE/MAX among top 10 US franchises". OPP.Today.
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