{"id":2385,"date":"2021-07-29T16:50:04","date_gmt":"2021-07-29T16:50:04","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2021\/07\/29\/realogy-makes-money-amid-home-sale-boom\/"},"modified":"2025-03-13T02:38:31","modified_gmt":"2025-03-13T02:38:31","slug":"realogy-makes-money-amid-home-sale-boom","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2021\/07\/29\/realogy-makes-money-amid-home-sale-boom\/","title":{"rendered":"Realogy makes money amid home sale boom"},"content":{"rendered":"\n<p>What a difference a year makes. Residential real estate brokerage conglomerate <strong>Realogy<\/strong> reported a net income of $149 million on its quarterly earnings call Thursday. The New Jersey-based company tallied $2.3 billion in gross revenue for the months of April, May, and June, and $903 million in revenue when agents&#8217; cut of their commissions are subtracted.<\/p>\n\n\n\n<p>The positive financial numbers are a far cry from Realogy\u2019s 2<sup>nd<\/sup> quarter 2020 when the company posted $1.3 billion in gross revenue and lost $14 million in net income during the first months of the coronavirus pandemic. That quarter came on the heels of Realogy <a href=\"https:\/\/preprod.housingwire.com\/articles\/realogy-nations-largest-real-estate-brokerage-cutting-employee-salaries-in-wake-of-coronavirus\/#:~:text=wake%20of%20coronavirus-,Realogy%2C%20nation's%20largest%20real%20estate%20brokerage%2C%20cutting%20employee,salaries%20in%20wake%20of%20coronavirus&amp;text=The%20coronavirus%2Dcaused%20downturn%20in,15%25%20of%20its%202%2C500%20employees.\" target=\"_blank\" rel=\"noreferrer noopener\">cutting salaries<\/a> of employees in March 2020. And for all of 2020, the company lost $356 million.<\/p>\n\n\n\n<p>But now Realogy is \u201cfiring on all cylinders,\u201d according to Charlotte Simonelli, Chief Financial Officer of the company, who spoke on the earnings call. Throughout the presentation, Simonelli and company CEO Ryan Schneider said that Realogy is riding the wave of not just <a href=\"https:\/\/preprod.housingwire.com\/articles\/home-prices-rapidly-climbing-toward-375000\/\" target=\"_blank\" rel=\"noreferrer noopener\">a hot housing market<\/a> but, more specifically, higher-income people having the luxury to work from home,<\/p>\n\n\n\n<p>Work-from home is \u201chere to stay,\u201d Schneider predicted, and will \u201cPush people to live in different houses and different geographies.\u201d<\/p>\n\n\n\n<p>Schneider singled out luxury brand <strong>Sotheby\u2019s International Realty<\/strong> as enjoying a particularly strong quarter.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-red-background-color has-vivid-red-color\"\/>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/preprod.housingwire.com\/articles\/how-technology-can-attract-the-right-homebuyer\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The homebuyer journey is changing \u2013 So should you<\/strong><\/a><\/p>\n\n\n\n<p class=\"has-text-align-center\">While the role and future of the real estate transaction process for a homebuyer are lively debated, we need to have more dialogue on how brokerages can capture the most important stakeholder of all: The homebuyer. Let\u2019s dive into two areas that technology partners and independent brokerages can align to ensure that demand is captured and more at-bats are won.<\/p>\n\n\n\n<h6 class=\"has-text-align-center wp-block-heading\" id=\"h-presented-by-propertybase\"><strong>Presented by: <\/strong><strong>Propertybase<\/strong><\/h6>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-red-background-color has-vivid-red-color\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The result of multiple corporate mergers, <a href=\"https:\/\/preprod.housingwire.com\/tag\/realogy\/\" target=\"_blank\" rel=\"noreferrer noopener\">Realogy<\/a> includes familiar brands such as <strong>Coldwell Banker<\/strong>, <strong>Century 21<\/strong>, <strong>Sotheby\u2019s<\/strong>, <strong>Better Homes &amp; Gardens<\/strong>, and the <strong>Corcoran Group<\/strong>. The company is split between a brokerage group, a franchise group, and a title operation that a mortgage joint venture with <strong>Guaranteed Rate<\/strong> is enveloped into.<\/p>\n\n\n\n<p>The brokerage group was the no. 1 brokerage by sales volume in the country in 2020, <a href=\"https:\/\/preprod.realtrends.com\/blog\/brokerage-rankings\/\" target=\"_blank\" rel=\"noreferrer noopener\">according to RealTrends<\/a>, with $184 billion in self-reported sales volume.<\/p>\n\n\n\n<p>Realogy is on pace to shatter that $184 billion figure in 2021: The brokerage group has done $116 billion in sales volume for the first six months of 2021. The number is calculated by multiplying the number of deal sides a Realogy agent has been involved on \u2013 103,943 \u2013 by the average price of each home sale, which was $678,978.<\/p>\n\n\n\n<p>Those impressive-sounding figures have yet to impress Wall Street. Realogy trades on the <strong>New York Stock Exchange <\/strong>and had a market cap Thursday morning of $2.2 billion. By contrast, younger brokerages <strong>eXp<\/strong> and <strong>Compass<\/strong> each are valued at more than $5 billion.<\/p>\n\n\n\n<p>One issue may be what money Realogy can make in addition to the company\u2019s cut on commissions, of which 78% go to the company\u2019s independent contractor agents. Realogy generated $147 million in revenue from franchise fees in the last quarter, and $314 million in service revenue, which includes shepherding homebuyers through the title and, sometimes, mortgage process.<\/p>\n\n\n\n<p>The company reported a decline in its volume of mortgage refinancing, which Schneider attributed to an increasingly crowded market. Competitors will soon include Compass <a href=\"https:\/\/preprod.housingwire.com\/articles\/exp-and-kind-plan-mortgage-jv-by-october\/\" target=\"_blank\" rel=\"noreferrer noopener\">and eXp<\/a>, which each announced a mortgage joint venture this month \u2013 with <a href=\"https:\/\/preprod.housingwire.com\/articles\/compass-is-guaranteed-rates-latest-dance-partner\/\" target=\"_blank\" rel=\"noreferrer noopener\">Compass joining up with <strong>Guaranteed Rate<\/strong> itself<\/a>.<\/p>\n\n\n\n<p>\u201cEverybody in this industry should have a mortgage business,\u201d Schneider said in response to an analyst\u2019s question. The CEO added that time will tell if competitors can hire 500 loan officers or generate $126 million in operating income from the mortgage joint venture, which the company reported in 2020.<\/p>\n\n\n\n<p>\u201cI am more interested in your question when there\u2019s other people making $100 million-plus in mortgage,\u201d Schneider said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Work-from home is \u201chere to stay,\u201d Realogy CEO Schneider predicted, and will \u201cPush people to live in different houses and different geographies.\u201d<\/p>\n","protected":false},"author":16592,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[736],"class_list":["post-2385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - 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