Amy Lessinger takes the reigns as new president amidst executive reshuffle

The latest news from RE/MAX indicates a significant leadership shake-up as Nick Bailey, the President and CEO, has stepped down. Amy Lessinger, associated with RE/MAX for a long time, has been announced as the new President. The change in leadership comes after a year of decline in the real estate sector, which has been one of the worst in almost three decades.

The company reported a drop in revenue for the sixth consecutive quarter, with a net loss of $10.9 million in Q4 and $69 million for the year. The company’s total revenue for 2023 was $325.7 million, 7.8% lower than in 2022, reflecting the downward trend in the second half of the year due to a slower market with reduced inventory compounded by high home prices and interest rates.

Bailey’s focus on modernization and expansion failed to attract or retain agents, with the company being 6.1% lighter in agents in 2023. However, Erik Carlson, appointed CEO in November 2023, is optimistic about the future. He believes there are many reasons to be hopeful, including encouraging interest rate trends, improving customer sentiment, and ongoing pent-up demand that bodes well for the housing market performance moving forward.

Leadership transitions

In other executive promotions, Abby Lee is now Executive Vice President of Marketing, Communications, and Events, while Susie Winders is the Executive Vice President and General Counsel. Both are exceptional leaders who have played a meaningful role in the company’s success. As for Lessinger, she has been with RE/MAX since 1996, starting as an agent and moving up the ranks to become a broker/owner. Her focus as President will continue to help agents increase sales, help team leaders reach goals, and help RE/MAX broker/owners grow their offices. She will oversee over 140,000 agents in more than 110 countries and territories.

“I love this brand, and I love the people in this network,” she says. “I’ve been around them for nearly my entire real estate career. I’ve learned from them. I’ve been inspired by them. And I’ve seen the impact they have on each other, on their clients, and their communities. It’s a special thing to be part of – and it’s an absolute honor to be leading the way.

“RE/MAX is a business that builds businesses. We’re a network of professionals who care about the industry and the people we serve. There’s nothing quite like it in real estate.”

Outlook for 2024

For Q1 2024, RE/MAX Holdings expects:

• Agent count to change from negative 0.5% to positive 0.5% over the first quarter of 2023;

• Revenue in a range of $75.0 million to $80.0 million (including revenue from the Marketing Funds in a range of $19.0 million to $21.0 million); and

• Adjusted EBITDA ranging from $16.5 million to $19.5 million.

For the full year 2024, the company expects:

• Agent count to change from negative 0.5% to positive 1.5% over the full year 2023;

• Revenue in a range of $300.0 million to $320.0 million (including revenue from the Marketing Funds in a range of $78.0 million to $82.0 million); and

 • Adjusted EBITDA ranging from $90.0 million to $100.0 million.

Image source: Nick Bailey: LinkedIn; Amy Lessinger: RE/MAX