[VIP] REMAX Q1,2019 Earnings: Refusing Greatness

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I don't often talk about RE/MAX, because it's not a brokerage. It's a franchisor, with a business model that doesn't tell us a whole lot about what's going on with fundamentals of brokerage. But it is a public company, which reports numbers, and discusses what management thinks about things. From time to time, I do get some really interesting insights into the state of real estate listening to RE/MAX earnings calls. This is one of those times.

What strikes me about RE/MAX after Q1 is how it is poised on the brink of greatness... but is refusing to make the jump. Whether that's out of conservatism or not knowing what else to try is unclear today but this is a company that has enormous strengths and competitive advantages... and is watching them slowly drip away.

Let's get into it.
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