Brokerage, Industry News, Paywall

Realogy brokerages, franchisees boost Q3 sales

Company reports $1.2B quarterly revenue, $30M net loss in preliminary earnings

Realogy Corp. says its company-owned brokerages handled 17 percent more transaction sides during the third quarter than they did a year ago, and that independently owned franchisees affiliated with Realogy also boosted transaction volume by 10 percent.

The Parsippany, N.J.-based franchisor reported a $30 million net loss for the quarter on revenue of $1.2 billion, after factoring in $159 million in interest payments on the company’s debt, according to preliminary results released this week. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $185 million.

Realogy said the average home-sale price during the third quarter was down 6 percent from a year ago in transactions handled by its company-owned brokerages, and down 1 percent for transactions handled by independently owned franchisees.

Realogy’s franchise brands are Century 21, Coldwell Banker, ERA, Sotheby’s International Realty, and Better Homes and Gardens Real Estate.

During the second quarter, the average home-sale price in transactions handled by company-owned brokerages was $445,550. Sales handled by independent franchisees affiliated with Realogy averaged $202,045.

Realogy reported preliminary third-quarter results in a supplement to a prospectus issued in June covering resales of up to $2.1 billion in Realogy bonds. According to its most recent quarterly report, Realogy’s total debt excluding securitization obligations was $7.13 billion as of June 30.

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