RE/MAX Holdings is a franchisor of real estate and mortgage brokerages — it does not own or operate any offices itself. Every RE/MAX and Motto Mortgage location is independently owned and operated by a franchisee. RE/MAX is the core business: RE/MAX franchisees operate residential real estate brokerages, and their affiliated agents represent home buyers and sellers. RE/MAX attracts agents primarily through brand recognition and an agent-centric commission structure, where agents keep a high share of commissions in exchange for paying fixed fees to the brokerage. RE/MAX has over 145,000 agents across 8,500+ offices in more than 120 countries. Motto Mortgage is RE/MAX Holdings' second brand and the only national mortgage brokerage franchise in the U.S. Motto franchisees are brokers, not lenders — they help homebuyers shop for loans across multiple wholesale lenders. RE/MAX Holdings also operates wemlo, a cloud-based mortgage loan processing platform that charges a fixed fee per closed loan. RE/MAX Holdings earns money by collecting fees from franchisees and agents. Roughly 65-67% of revenue (excluding Marketing Funds) comes from recurring fixed monthly and annual fees tied to agent count or open offices. The remaining 22-25% comes from variable broker fees tied to transaction volumes. Because RE/MAX Holdings does not own or operate brokerages, it carries a low fixed-cost structure. The key earnings driver is agent count in U.S. and Canadian Company-Owned Regions, where RE/MAX earns the full fee per agent (~$2,565/agent/year). Revenue per agent is substantially lower in Independent Regions and Global Regions, so geography mix matters considerably.