[VIP] RE/MAX, Q2/2019: Something’s Gotta Give

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After RE/MAX reported last quarter, I wrote a post saying that RE/MAX was poised on the brink of greatness, but was refusing to make the jump. Q2 earnings results do nothing to make me change my mind on that, but now, there are signs that RE/MAX is going to have to make some difficult choices sooner rather than later.

Before we dive in, I should let everyone know that I had the opportunity to visit RE/MAX a couple of months back and have some in-depth conversations with some of the senior executives, including Adam Contos. I won't use or divulge any of the information learned during that visit, but I will relate that I came away extraordinarily impressed with Contos and the team that he has assembled around him. They're far from sleepy dinosaurs stuck in the old ways of real estate from 1973. They're smart, relatively young, energetic, and driven. They all understand the industry, understand the business, understand franchising, understand brokers and agents, and are (once again) poised for greatness.

Just as with Realogy, I have a great deal of confidence in the management team at RE/MAX.

At the same time, with the Q2 earnings results, one has to evaluate what has been done in the last three months instead of what might be done in the next three years. And I came away from these results and from this earnings call more convinced than ever that RE/MAX will be approaching a crossroads of sorts sometime soon-ish.

Let's get into it.
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