[VIP] Realogy, Q2/2019: Justify My Love

Realogy reported its Q2 results last week, and on balance, it was a very nice quarter. The highlights of the presentation are improved profitability, strong cash flows, paying down debt, and a narrative that the broken fundamentals at the NRT are changing. Or trending like it’s changing. Maybe it’s more of a looking like it’s changing. At a minimum, it wasn’t as bad as it could have been and as many people expected it to be.

As longtime readers know, I started my career in real estate at Realogy. I know many of the executives there, and they’re absolutely fantastic people, starting with Ryan Schneider at the helm, but the entire organization is filled with top notch operators who are smart, driven and classy. I really, really want to love Realogy.