So far earnings season has revealed, unsurprisingly, that things in the residential market are tough all over.
Brokerages like Anywhere Real Estate (the parent company of Corcoran, Coldwell Banker, Century 21 and Sotheby’s International Realty) and Redfin posted big losses in the fourth quarter, with signals that the first quarter — though not necessarily the entire year — figures to be more of the same. (Compass is set to announce its earnings on Tuesday.)
Anywhere CEO Ryan Schneider said his company, which posted a loss of nearly half a billion dollars, will continue to focus on cutting costs, because money won’t be flowing in as freely in the first quarter.
The Real Deal’s Hiten Samtani discusses the brokerages’ fourth-quarter losses and what they could mean for how 2023 shakes out in the residential market.
Watch the episode above, and stay tuned for more breakdowns of the most important news and trends in residential brokerage.
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