RE/MAX International is an American international real estate company that relies on a franchise system. It was founded in 1973 by David and Gail Liniger in Denver, Colorado, and is still owned by its founders. RE/MAX is an acronym for Real Estate MAXimum.
History of the Company RE/MAX
Real Estate Maximums was founded in Colorado in 1973 by Dave and Gail Liniger. The company is better known to consumers as RE/MAX, and it is currently a publicly traded company operating in almost every state and multiple countries throughout the world. Let’s take a closer look at the company’s history and how it evolved into one of the most recognizable brands in the world.
Re/Max Had Over 100 Franchises Two Years After Its Founding
By 1975, the company had over 100 franchises, and one of those franchises was located outside of the state of Colorado. That franchise was purchased by Dennis Curtin, and it would be located in Kansas City, Missouri. In 1977, a franchise was established in Calgary, and it was the first to be located outside of the United States. By 1981, there would be 35 franchise locations throughout Canada, and it would be the largest real estate company in that nation.
The 1990s Featured Expansion Into European Markets
In 1994, the company would open its first office in Europe when it opened an office in Germany. This would soon be followed by the opening of franchise locations in Italy and Spain. The 1990s would also mark the first time that offices would be located in Africa and Australia.
Franchises Are Now Located in 100 Countries
In 2014, the company would open an office in Beijing in an effort to capture the growing and lucrative Chinese market. They would follow that up in 2019 with offices in Shenzhen and Guangdong. In addition to expanding into China, franchises were established in Israel, and there has been some controversy about the company’s association with properties located in disputed settlements.
Some legal scholars believe that the company could be held liable if homes are illegally sold or transferred to new owners. However, this has not deterred franchisees in the region from representing buyers and sellers in disputed territories.
Most of the Company’s Growth Now Comes From Overseas Markets
There are more than 25,000 agents who work for franchises that are located outside of North America. Of those agents, about 15,000 work in Europe. The company estimates that overseas markets are expanding by about 15% per year on average, and it is likely that growth will continue to accelerate as franchises are added in additional countries.
How RE/MAX Introduced Its Famous Logo
The company is perhaps best known for its hot air balloon logo, and it was first introduced in 1978 at a hot air balloon show in Albuquerque, New Mexico. The balloon was meant to symbolize that the company was going to rise above the crowd and establish itself as one of the top real estate businesses in the market.
Soon after it was introduced at the Albuquerque show, the red, white and blue hot air balloon became the company’s official logo. By 1997, the company would grow its collection to 88 balloons, which would make it the largest hot air balloon fleet in the world.
In the late 1990s, there were talks of riding one of those balloons around the world, but it was scuttled because of design flaws and weather issues. As of 2019, the company still has the largest corporate hot air balloon fleet in the world with 115 at its disposal. In addition to promoting the brand itself, the balloons are often used for educational or philanthropic purposes in the United States and around the world.
Technology Has Shaped the Company’s Growth
The company would create its own satellite network aimed at helping to train and inform agent‘s throughout the world. It started broadcasting in 1994 and offered up to four hours of content per day. At its peak, it would offer about 60 hours of programming per month. Eventually, the company would shift from satellite broadcasts to creating content that lived on the internet.
The turn of the 21st century saw the organization put listings for homes in the United States online where they could be accessed from anywhere in the world. They also created training resources for agents that could be accessed from any device that had an internet connection.
Today, listings for homes available in most countries can be accessed online by using a computer, smartphone or tablet. You can also learn more about home values, getting a mortgage or the agents who are responsible for listing homes available for sale. The company also has social media accounts that allow you to have more direct access to company representatives.
The Company Would Go Public in 2013
Those who are interested in buying stock in the organization will be able to find it listed on the Nasdaq under the stock ticker RMAX. The stock has been traded on this stock exchange since 2013 when it raised approximately $220 million from its initial public offering (IPO). Another IPO held in 2015 would raise an addition $185 million for the company. At the time of the first IPO, the company had the highest volume of residential real estate transactions in the United States and Canada.
Great Companies Tend to Get Recognized
The organization has been recognized as one of the best places for employee development by Training Magazine. It has also been recognized as having one of the best websites in the real estate industry. National Real Estate Investor recognized it as one of the best real estate brokerage firms in the United States in 2012. The company is also routinely near the top of the Franchise 500 and Franchise Times Top 200 lists.
Philanthropy Is a Part of the Company’s Mission
It isn’t uncommon for large corporations to give back to the communities that they serve. Since 1992, the company has been one of the primary sponsors of the Children’s Miracle Network. As a primary sponsor, it is responsible for putting on events such as dinners, telethons and auctions aimed at raising funds to help children in need.
It has also been a key partner in putting on the Race for the Cure each year since 2002. The event is designed to help the Susan G. Komen Breast Cancer Foundation raise money and awareness about this health issue.