October 30

Watch and Win!


In its latest earnings report, the New Jersey-based brokerage giant revealed that it generated nearly $1.6 billion in revenue. While this figure represents a slight decrease from the previous quarter, it is important to note that the real estate market experienced a slowdown during the late summer months.

Despite this, the company had reason to celebrate as it boasted a net income of $129 million, a significant increase from the previous year. However, when adjusted for certain factors, the adjusted net income came in at $17 million, which is a decrease from the previous quarter and a staggering 74% drop from a year ago.

Given the uncertain state of the real estate market, Anywhere took advantage of the quarter to make strategic moves that would position the company for success in the future. This included reaching a settlement in two landmark commissions lawsuits, a move that would help them navigate the challenges ahead.

During a call with investors, Anywhere President and CEO, Ryan Schneider, highlighted the company’s progress in expanding their high-margin franchise business, enhancing the consumer transaction experience, and capitalizing on a more favorable competitive environment. Additionally, significant litigation was resolved, allowing Anywhere to focus on building momentum as the housing market improves.

Let’s take a closer look at some key numbers from the earnings report. The company reported a revenue of $1.6 billion, which represents a 12% decrease compared to the previous year. However, it is worth noting that this figure is only slightly lower than last quarter’s revenue of $1.7 billion.

In terms of cash and cash equivalents, Anywhere reported $95 million, a slight decrease from the same period last year when it stood at $99 million.

When it comes to net income, Anywhere saw a significant increase with a net income of $129 million, marking a 135% growth compared to the previous year. However, the adjusted net income for the quarter was $17 million, which is a 74% decrease from Q3 2022.

Operating EBITDA, which stands for earnings before interest, taxes, depreciation, and amortization, was reported at $107 million. This represents a decrease of $59 million from the previous year when it stood at $166 million. Additionally, it is lower than last quarter’s figure of $126 million.

In terms of transactions, Anywhere Brands (Franchise Group) recorded just over 200,000 homesale sides, which is an 18% decrease compared to the previous year. Anywhere Advisors (Owned Brokerage Group) closed nearly

Approximately 190,300 independent sales agents in the U.S. and 140,100 independent sales agents in 117 other countries and territories, according to company data.

Anywhere, a leading player in the luxury market, remains optimistic about its position. However, the company acknowledges the challenges faced by the lower end of the market due to limited inventory and high borrowing costs. Markets in New York and California are particularly underperforming.

Despite these obstacles, Anywhere is still projecting around 4.1 to 4.2 million unit transactions this year. While this may be the lowest number in 15 years, the company is determined to navigate through this rough patch.

In terms of financials, Anywhere has managed to achieve significant cost savings of $60 million and reduce its debt by $281 million. The company plans to reinvest the majority of these savings into its owned brokerage group, with additional allocations for its title group, corporate division, and franchise group.

One notable recent development for Anywhere was its settlement in the Moehrl and Sitzer/Burnett cases. As part of the agreement, the company paid out approximately $83.5 million and implemented several policy changes. Interestingly, some of these changes were already supported by Anywhere and aligned with previous agreements between NAR and the DOJ.

The new policies include no longer requiring NAR membership, eliminating commission requirements, and ensuring upfront disclosure that commissions are fully negotiable and not dictated by law. Anywhere believes that markets operating with transparency and disclosure thrive, and the company is committed to supporting its buyer and seller agents in the future.

While the industry’s future remains uncertain, Anywhere is confident in its ability to adapt and support its agents. The company recognizes the shift towards more flexible and transparent practices in various markets across the U.S. and is ready to embrace these changes.


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