In my last analysis of Redfin, I wrote that Redfin has to decide who it wanted to be. It was stuck in a “larval stage between one model and another” as per Glenn Kelman’s wording: I agree that Redfin is in some larval stage between one model and the other. The one model is/was one … Read more
This is going to be a relatively short post. Frankly, because I’ve run out of ways to say the same thing quarter after quarter. If you’re new around here, please go back and re-read everything I’ve written about Zillow after every one of Zillow’s earnings calls. Then you can check out my June 2018 Red … Read more
Back in Q2 of last year, the headline for EXPI was that they just killed it, but… With Q4 and fully year 2020 results, I think we can remove the “but.” Seems to me that EXPI has turned the corner to some extent. Major challenges remain, but in the core brokerage operations, I think it’s … Read more
Opendoor reported its Q4 and full year 2020 results a week ago, and I couldn’t get to looking closer at them until now. What I’m seeing is impressive as hell. It’s so impressive in fact that I broke my own self-imposed rule and decided to go long on Opendoor. So yeah, take everything I write … Read more
Obviously, this analysis is late. RE/MAX reported its Q4 and full year 2020 results on February 25th, almost two weeks ago. I’m just now getting around to it because… well… a sense of obligation perhaps. Because frankly, after everything I wrote about RE/MAX the last few earnings calls (Q3 here, Q2 here, Q1 here, Q4-2019 … Read more
Yesterday, Compass Inc., a real estate brokerage that has been disrupting some of the largest companies in the industry, filed its S-1 to go public sometime this year. I’ve been waiting for this day for quite some time because Compass gives us another traditional split-based brokerage that has to report its numbers. At first glance, … Read more
Roughly nine months ago, after its Q1 results, I beat the hell out of Redfin. I admit it. Much of that was motivated by how disappointed I was with Redfin’s decisions then. I wrote in that post that I was and remain one of Redfin’s biggest fans so its decisions then were truly heartbreaking. Nine … Read more
A year ago, I wrote these words while analyzing Realogy’s 2019 results: But I can’t ignore the fact that 2019 was not a good year, nor can I pretend that Q4 was particularly strong because of the optimism coming from Schneider. There are real problems at Realogy, and real reasons for concern. At the top … Read more
The mystery that is RE/MAX continues. Except that with Q3 results, it’s fair to conclude that whatever RE/MAX is doing just isn’t working. It pains me to write that, because as I’ve long observed, RE/MAX has some of the best people in the business led by one of the really good guys in the industry, … Read more