BrokerageMarkets & Economy

Realogy’s Q2 financials dampened by poor NRT performance

Although the company reported overall increases in sales and revenue, NRT took a hit from the soft market and agent poaching
  • The company reported $1.66 billion in revenue for Q2, a modest 1-percent increase over Q2 last year.
  • Despite those positive results, NRT struggled, posting a 3-percent drop in transaction volume and a 2-percent drop in average sales price compared to the second quarter of last year.

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Despite the soft real estate market, Realogy Holdings posted an uptick in sales and revenue in the second quarter, but the poor performance of its NRT LLC division rained on its parade, the company said in its Q2 earnings call today. Realogy -- whose brokerage brands include Better Homes and Gardens Real Estate, Century 21 Real Estate, Coldwell Banker, ERA, NRT, Sotheby’s International Realty and ZapLabs LLC, in addition to title and settlement services provider Title Resource Group (TRG), reported “mixed” results for the second quarter, said Richard A. Smith, the company’s chairman, CEO and president. “The continued growth of RFG and TRG was offset by weakness at NRT, which put our overall transaction volume growth at the low end of our guidance range,” Smith said. Financial results highlights Despite the soft market, RFG fared pretty well in the second quarter. The company reported $1.66 billion in revenue for Q2, a modest 1-percent increase over Q2 last year. ...