Q3 was by all measures a bangin’ quarter, as my wife Sunny might say, for most of the companies in residential real estate. I already wrote about Zillow’s amazing Q3 results, and I thought I would tackle the three major brokerage companies (sorry, Fathom, I’ll get to you as well eventually) that are publicly traded. … Read more
First, an apology: I meant to get this post up soon after the earnings call, but… um… I’ve been distracted by the goings on in our country. I’m sure I’m not the only one. But while that is the reason, it remains merely an excuse, and for that, I am sorry. Perhaps by the time … Read more
Thanks to the research I’ve been doing for the Q2 Report (releasing soon, I swear!), I kind of figured that RE/MAX was going to have a mediocre quarter. And there was a light at the end of the tunnel. I suppose that light still exists but… I’m trying to make sense of the disaster that … Read more
You take the blue pill – the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes. – Morpheus, The Matrix Let me be honest here — I’ve been saying more … Read more
Let me get this quick hitter out, as the numbers posted by EXPI for Q2/2020 are awesome. I mean, they just killed it. There’s no two ways about that, right? But you don’t come here to get just surface analysis; that’s available elsewhere. So while I think EXPI had a fantastic Q2, and frankly, a … Read more
I’ve decided to change up how I go about analyzing the quarterly earnings reports from the five public companies in residential real estate. Part of it is that I’ve started a new investor-focused set of products and services (contact me if you want more information) but the other part is that the old way of … Read more
RE/MAX came into 2020 on a big upswing. Q4 was a good quarter; it was a very good quarter, in fact. And as we have already seen from Realogy, Redfin and Zillow, Q1 was a record-breaking type of quarter until COVID hit. So it’s a bit surprising that RE/MAX’s numbers came in so soft. I’m … Read more
According to its own creation mythology, Redfin was born in the dark as it was founded just before the Bubble burst. If any company knows how to navigate panic, turmoil, and a terrible housing market, it would be Redfin. They like to call themselves “the rabid squirrel.” The whole self-identity of Redfin is of a … Read more
One of my favorite moments in recent earnings calls came when Glenn Kelman, CEO of Redfin, used the phrase “delayed blast fireball” in an actual call. I ended up naming my writeup that, because as a former AD&D Dungeon Master, I got a real kick out of just how legit a nerd Kelman probably is. … Read more