logo
Anywhere rode luxury to close out 2024's 'challenged' market

Anywhere rode luxury to close out 2024's 'challenged' market

Yahoo13-02-2025

After a sluggish third quarter, Anywhere waded through a 'pretty tough housing market' to deliver some growth and an optimistic outlook for 2025.
The real estate services company posted a net loss of $64 million, or a $43 million improvement from the same quarter in 2023. But it's full-year performance worsened to a net loss of $128 million, compared with $97 million for 2023.
Its operating EBITDA — earnings before interest, taxes, depreciation and amortization — of $52 million was up $24 million year-over-year.
The parent company of Corcoran, Coldwell Banker, Century 21 and Sotheby's International Realty reported $1.4 billion in revenue, a 9 percent annual increase.
Gross transaction volume was up 13 percent year-over-year, with units closed in the fourth quarter up 3 percent and prices up 9 percent.
Anywhere was buoyed by growth in its luxury sector. The high-end segments posted gross volume that was up 20 percent compared to the fourth quarter of 2023, driven by 12 percent unit growth year-over-year.
On the earnings call, CEO Ryan Schneider reiterated his stance for relaxing — but not repealing — the National Association of Realtors' Clear Cooperation Policy. The chief executive appeared to take a veiled shot at fellow residential giant Compass, which has been on the vanguard of pushing for a repeal.
'Those advocating for full repeal are primarily advancing their own interests,' Schneider said. 'There's clearly an opportunity for players with listing scale to create private, off-market listing networks that only select agents can access, which clearly could enhance near-term economics.'
A shift to off-market listings hurts sellers' ability to get the best price, Schneider said, and complicates pricing by decreasing publicly available comparables. But he noted that Anywhere, which he said has the most listings in the industry across its brands, is prepared to 'capitalize' in the event of a CCP repeal.
He also called out industry consolidation — another point of emphasis for Compass — and said that while he would be 'excited to augment our growth through M&A opportunities,' the company will only be looking for 'deals that enhance the bottom line, not just the top line.'
'We've seen some deals in the market that we wouldn't do,' he said, noting that Anywhere would likely be a cash — as opposed to equity — buyer if it does find an acquisition opportunity.
Cost cuts to continue
Anywhere's commission splits again stayed steady, down 7 basis points year-over-year to 80.3 percent.
Average commission rates again fell slightly, to 2.39 percent from 2.41 percent for its franchise groups and to 2.35 from 2.36 for its owned brokerage groups.
Over 80 percent of buyers have opted to sign six-month exclusive buyer agreements, which were one of five agreements Anywhere rolled out in the wake of NAR practice changes going into effect last summer.
Anywhere's yearslong cost-cutting mission resulted in a realized cost savings of $125 million for 2024. CFO Charlotte Simonelli said that 40 percent of those savings were offset by growth-related costs and inflation.
Anywhere's free cash flow for the year was $70 million — roughly even with 2023 — after excluding a $20 million litigation settlement payment, and the company expects a similar performance in 2025.
The firm has also targeted another $100 million of cost reductions for 2025, and it continues to tout its use of artificial intelligence tools to improve efficiency. Schneider said the firm has used generative AI to halve the team needed to process over 50,000 transaction-related documents per day.
Anywhere expects to bolster its performance in 2025, forecasting $350 million of operating EBITDA for the year, an increase of $60 million from 2024.
But Simonelli said the housing market will be 'the single biggest swing factor' for its projections, noting that there are currently 'some pretty wide ranges in industry forecasts.'
This January has shown early signs of growth, with the closed gross volume up 12 percent year-over-year and the open volume — open contracts and future closings — up 4 percent year-over-year.
'The housing market remains challenged, especially with a lack of supply and real pressure on the number of unit transactions,' Schneider said.
Anywhere claims 'first mover' advantage ahead of NAR deadline
Here's where Compass, Anywhere stand after year of cost-cutting
Anywhere strikes buyer commission, NAR membership rules in proposed settlement
This article originally appeared on The Real Deal. Click here to read the full story.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Senator Young asks SEC to protect U.S. from 'Chinese market manipulation'
Senator Young asks SEC to protect U.S. from 'Chinese market manipulation'

Yahoo

time2 hours ago

  • Yahoo

Senator Young asks SEC to protect U.S. from 'Chinese market manipulation'

HENDERSON, Ky. (WEHT) – U.S. Senator Todd Young sent a letter to Securities and Exchange Commission (SEC) Chair Paul Atkins outlining concerns related to the Chinese Communist Party's (CCP) 'manipulation' of global financial markets and 'evasion' of U.S. financial regulators. Sen. Young says the letter also encourages the SEC to consider additional steps to protect American markets, shareholders and the country's economic and national security. IN Department of Health celebrates decrease in infant mortality rate Senator Young writes, 'As you get settled in your new role, I write to express my concern with the continued risk that Chinese companies traded in U.S. exchanges pose to American investors and fiduciaries. I encourage the SEC to explore additional options to protect American economic and national security interests from these companies. Despite their presence on stock exchanges in the United States, these corporations are marked by a chronic—and often intentional—lack of transparency; poor corporate governance or even fraudulent behaviors and the constant threat of arbitrary or spurious enforcement actions by Chinese regulators. Moreover, the Chinese corporations lack incentives to disclose their business practices because the enforcement measures available to U.S. regulators pale in comparison to the punitive threats posed by Chinese agencies.' USPS audit sheds light on Evansville mail delays Sen. Young says American investors, fiduciaries and publicly-traded firms with operations, supply chains and business arrangements in both mainland China and Hong Kong often experience a lack of transparency, fraudulent behaviors and arbitrary threats at the hands of the CCP. Without proper protections in place, malign CCP actions are a risk to American investors and firms as well as the country's economic and national security. The letter can be viewed below. 20250519-Letter-to-SEC-Chair-Atkins-on-Chinese-Public-CompaniesDownload 'Eyewitness News. Everywhere you are.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

CSD Charts a New Course for Career Growth with Launch of Career Rewards
CSD Charts a New Course for Career Growth with Launch of Career Rewards

Yahoo

time8 hours ago

  • Yahoo

CSD Charts a New Course for Career Growth with Launch of Career Rewards

Milestone recognition, mentorship, and advancement opportunities come together as part of the Career Compass initiative CONCORD, Calif., June 2, 2025 /PRNewswire/ -- Center for Social Dynamics (CSD), a leader in compassionate and innovative autism services, is pleased to announce the launch of Career Rewards, a dynamic new recognition program designed to celebrate, support, and guide behavior technicians from their first session to their dream role. Career Rewards is a central feature of Career Compass, CSD's comprehensive career development framework that offers every team member a personalized roadmap to success. From day one, clinicians are paired with a peer mentor, given access to clear advancement pathways, and now — through Career Rewards — earn milestone-based recognition, exclusive titles, and perks as they progress in their careers. "This program is our way of saying, 'We see you, and we're with you every step of the way,'" said Yuri Pantoja, Chief Operating Officer. "At CSD, we're not just offering a job — we're offering a journey. Career Rewards helps map that journey, highlight each step forward, and fuel the dreams of the people who power our mission." Career Rewards includes: Client service milestones (100–1200+ hours) that unlock new titles and honors Recognition points and rewards delivered via our CSD Connect App Company-wide visibility and celebration of achievements Appreciation holidays to take time off and recharge Opportunities to become a paid mentor and guide others on their journey As part of Career Compass, Career Rewards joins two other cornerstone initiatives that ensure every behavior technician at CSD is supported, celebrated, and set up to succeed. Every great journey starts with a map, a guide, and a dream. Career Rewards is the map, offering structure, milestones, and recognition to chart each step forward. CSD University is the guide, providing expert training, mentorship, and leadership development. Dreams Come TRUE is the dream, a fully funded tuition benefit program at select partner universities that makes educational goals a reality. Together, these three initiatives power the Career Compass — CSD's bold investment in the people behind the care, built to help every employee grow with purpose and confidence. To learn more about CSD Careers visit: Derek Thomas dthomas@ About Center for Social DynamicsCenter for Social Dynamics (CSD) provides personalized, evidence-based therapy services for individuals with autism and other developmental conditions. Our offerings include in-home and center-based ABA, virtual programs through the CSD Global Community, school-based support, social skills groups, diagnostic evaluations, caregiver education, and Adventure Club. CSD is committed to opening a world of possibilities through science, compassion, and humility, ensuring every individual receives the support they need to thrive. View original content to download multimedia: SOURCE Center for Social Dynamics

‘Move fast and fix things': New Democrats push to lead their party's revamp
‘Move fast and fix things': New Democrats push to lead their party's revamp

Yahoo

time9 hours ago

  • Yahoo

‘Move fast and fix things': New Democrats push to lead their party's revamp

Brad Schneider has a vision for how moderate Democrats can help their party climb out of the wilderness: 'Move fast and fix things.' The Illinois congressman chairs the House's New Democrat Coalition, whose 114 members look for ways to meet Republican colleagues in the middle. He took the job in November, just after voters handed complete control of Washington to Republicans amid deep-seated economic dissatisfaction. Now Schneider is pushing for a lead role as the party's center seeks to reorient Democrats away from the progressive surge of the last five years. He wants to provide a roadmap for how Democrats can coalesce around wedge issues like Israel's war in Gaza, immigration, the debt, and cryptocurrency so they can win back Congress in 2026. 'Elon Musk has a reputation: He wanted to move fast and break things,' Schneider told Semafor from his Capitol office on Monday. 'The New Dems are looking to move fast and fix things.' Eleanor Mueller: What's your vision for how New Democrats can unite the various corners of the Democratic Party? Brad Schneider: We are the center of how we move the party forward. There's a lot of consternation about a lack of a single voice or a single leader for the Democrats. But we have an incredible talent pool — not just the 114 New Dems, but the folks we have in governorships. We're talking about ideas and policies that will improve life for all Americans — actually lower costs, make it easier to get ahead, and address the issues that we are facing from infrastructure. We've been talking about immigration and ways to move that forward since as long as I've been in Congress; innovation and also America's role in the world. Our message is about moving the country forward together, all Americans, and doing it in a way that isn't promising castles and clouds like Bernie Sanders likes to do, but just saying, 'How do we build from the ground up, step by step, so that we're going to be better and stronger and move forward each and every day?' Republicans say that the rioters in Los Angeles are doing what Democrats want. Why are they wrong? LA was quiet and calm, and then ICE began raids by showing up, sometimes in the dark at night, sometimes wearing masks. It's not that transparent. I think there is broad agreement throughout the country that, if there are people in this country who shouldn't be here, who are a threat to their communities, we should be taking actions to make sure that that threat is removed. But a country of laws, a country that celebrates its foundation on the Constitution and its implementation of those laws, due process and transparency — that stuff that we should welcome in the light of day, without the mess. The authorities in California and Los Angeles were taking the appropriate actions. The administration and Republicans, they're using this to further their narrative, to throw gasoline on the fire, to try to spark more anxiety and more fear. We should all be very concerned. I know in my community, people are anxious, people are scared. I also know in my community, we had a town hall on Saturday, and the questions were about, 'How do we protect the Constitution? How do we uphold the rule of law?' Do you think non-citizens participating in the protests should be deported? No. The Constitution uses the word 'citizen' 22 times; the word 'person' 49 times. There's only three places where the two are linked. People in the United States have the right to free speech. I'll defend people's right to speak, even when I disagree to my core with what they're saying. That doesn't give them the right to commit acts of violence, to intimidate, harass, and threaten other people. When it crosses the line, there should be consequences for everybody. Speaking of free speech, we've seen a lot of daylight in the party when it comes to the war between Israel and Hamas. How do you see the caucus moving forward on it? I don't think there's any debate that this war is horrible. And then within that, there's a debate of how to get to the most expeditious end — I know, for me, that's getting the hostages released, Hamas relinquishing control of Gaza, abandoning its threat to Israel, and then working within the Abraham Accords. The debate's fine. But denying the legitimacy of Israel or calling for the destruction of the Palestinians, you've crossed the line on both sides. How do you see the party moving forward on digital assets, given that there are Democrats with real hesitations around Trump-affiliated digital assets and then others who say Congress needs to act? The fact that the corruption is transparent and out in the open doesn't make it any less corrupt. But Congress can't wish away what's happening out in the world — and crypto is happening. How can the New Democrats bring party leadership along for what you want to do? We all have a great relationship with leadership. Leader Jeffries has been unfairly criticized, in my view, for going out of his way to listen to his caucus. There's a lot of different perspectives. But New Dems are the core; we're the majority of the caucus at 114 members. We are in the trenches, fighting on the front lines, dealing with the concerns of people who say, 'I can go either way. I'm looking for someone who's going to show us a vision to take us down the road that will lead to a better life for me and my family.' How are you thinking about the four-person race for ranking member on House Oversight in the context of the larger conversation about how Democrats treat seniority? I want to make sure we have the best person who is leading in committee, who knows how Congress works — which is complicated and nuanced in the best of times — but who also reflects who we are as a country. So I think there's a mix. I think seniority is something that you consider, but should not be determinative. Do you think there need to be more structural changes to how Democrats select committee leaders? I have ideas I will share with you at this time in 18 months.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store