D
uring a Q3 earnings call, CEO Ryan Schneider expressed support for the Clear Cooperation Policy (CCP) but acknowledged that large firms would benefit if it were repealed. Despite revenue and income declines, Schneider remained optimistic about the housing market and brokerage industry.
Anywhere's financials showed a lackluster quarter with revenue dipping 3% year-over-year to $1.5 billion and net income plummeting to $7 million. However, Schneider highlighted positive signs for Q4, citing a 9% increase in close volume and 16% growth in open volume in October.
Schneider discussed several industry topics, including the CCP, AI, and buyer agreements. He emphasized that Anywhere is committed to integrating AI across its operations, which will lead to increased efficiency and allow agents more time to focus on business and transactions.
Regarding the CCP, Schneider stated that if it were repealed, large brokers would be the primary beneficiaries, potentially creating a disadvantage for smaller firms. He also noted that Anywhere has suggested changes to the policy but remains committed to its principles.
Schneider touched on buyer agreements, revealing that Anywhere has rolled out five different forms, with the six-month agreement being the most popular among agents. The company's focus on cost-cutting efforts and optimism about the housing market and brokerage industry as a whole were also highlighted during the earnings call.
Key numbers from the quarter include:
* Revenue: $1.5 billion (down 3% year-over-year)
* Cash and cash equivalents: $102 million (up from $63 million in the previous quarter)
* Net income/loss: $7 million (lower than the previous quarter's net income of $30 million)
* Operating EBITDA: $94 million (down from $139 million last quarter)
* Transactions: 189,833 closed transactions for Anywhere Brands and franchise groups, with combined closed transaction volume flat year-over-year
* Agent count: Approximately 182,100 independent sales agents in the U.S. and 131,600 in other countries and territories
