(PRNewsfoto/test)

RE/MAX Holdings is offering help to its franchisees in the form of relaxed fees during the coronavirus pandemic.

The pandemic has caused a substantial drop in new home listings, threatening to cut deeply into brokerages’ and real estate agents’ incomes around the state and the country.

“Although we entered 2020 with momentum, the growing and rapidly evolving COVID-19 pandemic is increasingly impacting the worldwide housing market and our operations,” RE/MAX Holdings CEO Adam Contos said in a statement. “Factors such as social distancing, governmental stay-at-home orders, variances in whether real estate is designated as an essential service, and growing health and economic concerns are slowing the amount of homebuying, selling and borrowing activity typical at this point in the year.”

The company is offering Motto Mortgage and RE/MAX real estate agency franchisees the option option of either a 50 percent waiver of certain monthly fees for the next two months under certain circumstances or the deferral of certain monthly fees for the next two months on an interest-free basis.

The company is also looking to cut non-marketing expenses by $6 million to $7 million by eliminating all bonuses for 2020, suspending its 401(k) match, stopping travel and events and implementing a hiring freeze.