RE/MAX Holdings, Inc.: Update to credit analysis following B1 CFR affirmation
Our credit view of this issuer reflects its strong RE/MAX brand recognition, against its history of declining agent counts in the US.Re/Max Holdings is a holding company. The company's only business is to act as the sole manager of RMCO, LLC. The company is a franchisor in the real estate industry, franchising real estate brokerages globally under the RE/MAX (RE/MAX) brand, and mortgage brokerages within the U.S. under the Motto Mortgage (Motto) brand. RE/MAX and Motto are fully franchised - the company does not own any of the brokerages that operate under these brands. All of the RE/MAX branded brokerage office locations are being operated by franchisees. The company operates under the following three segments: RE/MAX Franchising, Motto Franchising and booj.
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