The parent company of Coldwell Banker C21 and Sotheby’s lost $101M 1st Q 2024
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The parent company of Coldwell Banker C21 and Sotheby’s lost $101M 1st Q 2024
Anywhere the parent company of Sotheby’s International, Corcoran and Coldwell Banker, lost last quarter with a net loss of $101 million, down from the $138 million it lost in the first quarter of 2023 and the $107 million lost in the previous quarter.
The firm reported an operating EBITDA — earnings before taxes, interest, taxes, depreciation and amortization — of negative $17 million, up from the $52 million loss in the same period last year.
NAR lawsuit Settlement – ‘Sunny Skies Ahead’
The Anywhere the parent company of Sotheby’s International, Corcoran and Coldwell Banker counts its early agreement to settle landmark antitrust lawsuits and its stable of luxury brokers as advantages in navigating impending shifts in broker commissions and practices, executives said during the firm’s first quarter earnings call on Thursday.
With sweeping regulatory changes on the horizon for residential real estate, Anywhere Real Estate is claiming sunny skies ahead.
The firm has been touting its deal since September, when it pulled out of the legal action about a month before the first of the cases, known as Sitzer/Burnett, went to trial and more than six months ahead of the National Association of Realtors’ $418 million proposed settlement.
Under the terms of its deal, Anywhere agreed to pay $83.5 million and change some of its business practices.
With an agreement already on the table, Schneider said the company has already discussed strategies for implementing buyer’s agreements and guiding agents on commission negotiations in the absence of compensation offers on multiple listing services — all of which are included in the rule changes NAR included in its proposed settlement.
“We actually had plans of how we thought buyer’s agreements could be a part of our future way back in September,” Schneider said. “Buyer agency agreements are great. I think they’re going to help us actually lock in some business that probably slipped through our fingers beforehand.”
Source: The Real Deal
Updated: Boston Real Estate Blog 2024
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Updated: Boston Real Estate Blog 2024
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Office reductions and layoffs didn’t spare Anywhere Real Estate from more losses last quarter.
The parent company of Corcoran, Coldwell Banker, Century21 and Sotheby’s International Realty finished the first quarter with a net loss of $138 million. The firm reported an operating EBITDA (earnings before interest, taxes, depreciation and amortization) last quarter of negative $52 million, down from $69 million a year earlier.
Source: The Real Deal
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