Total Revenue

~–2% (Q1 2025: $221.03M vs Q1 2024: $225.48M)

Total Revenue declined slightly as Q1 2025 performance was impacted by a sharp drop in Mortgage revenue (–13%) and a modest decline in Real Estate Services (–3.9%), which together outweighed the moderate pickup seen in Rentals revenue (+5.6%) and new revenue lines. " " " "

Real Estate Services Revenue

~–3.9% (Q1 2025: $126.28M vs Q1 2024: $131.18M)

Real Estate Services revenue decreased primarily due to a decline in the Brokerage segment (–4.4%), even though the Partner segment saw a robust increase (+11%); the small size of Partner revenue was not enough to offset the drop in Brokerage, reversing the previous period’s upward trends. " " " "

Brokerage Revenue

~–4.4% (Q1 2025: $119.34M vs Q1 2024: $124.81M)

Brokerage revenue’s decline reflects a reversal from the previous fiscal period where gains were driven by a 4% increase in transactions and 1% higher revenue per transaction; current conditions indicate a slowdown in transaction volume or average revenue per deal, contributing to the 4.4% drop. " " " "

Partner Revenue

+11% (Q1 2025 reached $7.07M)

Partner revenue increased significantly by 11% YoY, suggesting effective strategic adjustments and improved performance in partner channels despite overall declines in Real Estate Services; this growth builds on prior efforts where partner metrics had been lagging. " " "

Rentals Revenue

+5.6% (Q1 2025: $52.29M vs Q1 2024: $49.52M)

Rentals revenue grew moderately likely driven by sequential quarterly growth and enhanced marketing efforts; this is in line with previous period trends (e.g., a 10% annual increase in FY 2024) that indicate steady traction in the rentals segment. " " " "

Mortgage Revenue

–13% (Q1 2025: $29.32M vs Q1 2024: $33.82M)

Mortgage revenue experienced a dramatic decline (–13%) despite FY 2024’s 4% growth; this sharp drop in Q1 2025 could be attributed to deteriorating market conditions, lower origination volumes, and increased competitive pressures impacting mortgage effectiveness and margins. " " " "

Title Revenue

New line contributing $8.64M

Title revenue emerged as a new revenue line in Q1 2025, contributing $8.64M; the strong performance builds on the prior period’s significant improvements where operational efficiencies and cost reductions drove margins higher, underscoring revenue diversification. "

Monetization Revenue

New line contributing $4.51M

Monetization revenue also appeared as a new revenue stream with a Q1 2025 contribution of $4.51M, reflecting the company’s ongoing emphasis on ancillary services—as supported by previous periods where Monetization revenue grew 35% YoY when it was reclassified as a separate segment. "