In a housing market defined by high mortgage rates and affordability constraints, RE/MAX Select and RE/MAX Select Partners grew transaction sides 67% between 2021 and 2025. With 7,005 sides in 2025 alone, the firm earned a spot on the top-10 of RealTrends Verified 2026 GameChanger rankings.
The Big Picture
The U.S. housing market has been a grind for traditional agents. Mortgage rates hover near 7%, inventory remains tight, and affordability is at historic lows. In this environment, most brokerages struggle to maintain volume, and many have seen transactions decline. Yet RE/MAX Select has done the opposite—sustained growth that defies the cycle.
The key, according to president Rob Lyszczarz, is not avoiding the difficulties but leveraging them. "The changes and challenges have created opportunities within our ecosystem," he says. The firm has built a culture where experienced agents share ideas and strategies, allowing others to benefit from their successes. This collaborative approach has become an engine for organic growth, especially when many agents are wondering where their next client will come from.
“"A collaborative culture becomes a magnet for agents seeking support amid market chaos."”
By the Numbers
- Side growth: 67% increase between 2021 and 2025, from 4,194 to 7,005 annual transaction sides.
- 2025 volume: 7,005 transaction sides, a milestone that placed the firm in the top 10 of RealTrends' GameChanger ranking.
- Agent network: Over 1,200 agents across multiple markets, with an internal referral system that captures relocating clients.
- Strategic selection: The firm turns down growth opportunities that don't align with its culture, prioritizing quality over quantity.
Why It Matters
RE/MAX Select's case offers a lesson for the entire industry: in an adverse market, internal collaboration can be more powerful than individual hustle. While many brokerages compete fiercely for every client, this firm has built an ecosystem where agents refer business to each other, retaining clients that would otherwise be lost. David Haller, managing owner of RE/MAX Select Partners, notes that if an agent in New Jersey has a client moving to Florida, the internal network connects both parties, keeping the service and commission within the firm.
This model also acts as a talent filter. By being selective about which agents join, the company avoids the "cultural corruption" that happens when growth is pursued without criteria. Lyszczarz puts it bluntly: "We don't want everybody, and we don't want to grow just for growth's sake." In a sector with high agent turnover, this strategy builds loyalty and reduces talent flight.
What This Means For You
For investors and real estate operators, RE/MAX Select's success suggests that brokerages with a collaborative culture and a focus on agent quality can outperform competitors, even in tough markets. Here are three practical takeaways:
- 1Invest in culture: Companies that foster collaboration and knowledge sharing retain top agents and attract new talent. Evaluate a brokerage's culture before investing or partnering.
- 2Prioritize selection over volume: Unchecked growth can dilute service quality. Being selective about agents and teams can protect the brand and improve long-term profitability.
- 3Build internal referral networks: A system that connects agents across markets can capture relocating clients, preventing them from going to competitors. This is especially valuable in a mobile market.
What To Watch Next
The housing market in 2026 remains uncertain. Interest rates could fall if inflation eases, releasing pent-up demand. However, affordability will continue to be a drag. RE/MAX Select plans to expand its referral network and continue its collaborative events, such as quarterly masterminds that bring together top producers.
Another factor to watch is industry consolidation. If more brokerages adopt similar collaborative models, we could see a fragmentation where firms with strong cultures gain market share at the expense of traditional operators. Upcoming second-quarter 2026 transaction data will provide clues on whether this trend accelerates.
The Bottom Line
RE/MAX Select proves that growth doesn't depend solely on the market cycle but on an organization's ability to adapt and collaborate. In an environment where many complain about high rates, this firm has built a model that turns challenges into advantages. For investors and professionals, the lesson is clear: in real estate, culture isn't a luxury—it's a competitive edge. The firm's next moves will be key to seeing if it can replicate this success at scale.
Deeper Analysis: Investor Implications
RE/MAX Select's growth is not just an operational success story; it has direct financial implications. With 7,005 sides in 2025 and an estimated average commission per side of $5,000-$7,000 (based on typical 2.5-3% commission on a median home price of $350,000), the firm could be generating between $35 million and $49 million in gross commissions annually. This recurring revenue stream, combined with high agent retention (thanks to the collaborative culture), suggests attractive margins for a potential acquirer or investor.
Moreover, the internal referral model reduces customer acquisition costs, as leads come from the network rather than expensive external marketing campaigns. For investors seeking exposure to residential real estate, a brokerage with these characteristics may offer a lower risk profile than those reliant on mass advertising.
Near-Term Catalysts
Several events in the coming months could further boost RE/MAX Select's growth:
- Potential Fed rate cut: If the Federal Reserve lowers rates in the second half of 2026, housing demand could rebound, directly benefiting brokerages with prepared agent networks.
- Geographic expansion: The firm has indicated interest in opening new offices in high-growth markets like Texas and Florida, where domestic migration is strong.
- Technology platform launch: Rumors suggest RE/MAX Select is developing an AI tool to match agents with clients based on behavioral data, which could increase referral efficiency.
Investors should monitor the company's announcements over the next quarters, especially regarding technology integration and referral network expansion.
Industry Perspective
RE/MAX Select's model contrasts sharply with traditional brokerages that rely on mass agent recruitment without filtering. In a market where agent turnover rates exceed 50% annually, the ability to retain talent is a significant competitive advantage. If more firms adopt this approach, we could see a market polarization: brokerages with strong cultures will capture an increasing share of transactions, while those that fail to adapt will lose share.
For investors, this means due diligence on a brokerage should include a deep assessment of its culture and agent selection practices. Metrics like agent retention rate (which RE/MAX Select does not publicly disclose but likely exceeds the industry average) and the percentage of sides from internal referrals are key indicators of business health.
Practical Investor Takeaway
RE/MAX Select offers a case study in how organizational culture can translate into superior financial results. For investors, the lesson is twofold: first, seek brokerages with collaborative and selective models; second, prepare for a market where cultural differentiation will be increasingly valued. The firm remains private, but if it decides to go public or seek growth capital, its track record of organic growth and focus on quality makes it an attractive candidate.
