Brokerage

Realogy earnings down 1% in Q3 after ‘continued pressure’ on NRT

Company plans to offset inventory issues and soft luxury demand with new talent and growth initiatives

Last quarter, Realogy's softer-than-expected revenues were a result of a slower real estate market and agent poaching, particularly at the company's NRT brand. Net income was $106 million (compared with $110 million in Q3 2015). Realogy also operates Better Homes and Gardens Real Estate, Century 21 Real Estate, Coldwell Banker, ERA, Sotheby’s International Realty and ZapLabs LLC, in addition to title and settlement services provider Title Resource Group (TRG); it reported $1.66 billion in revenue last quarter, a 1-percentage-point increase over Q2 2015. This quarter, revenue was $1.64 billion -- a 1 percentage point decrease from Q3 2015. And that lower-than-expected revenue was "primarily driven by lower homesale transaction volume at NRT along with lower referral revenue at Cartus," said Realogy in a statement, adding that Title Resource Group (TRG) had a higher purchase and refinancing closing unit volume that somewhat accommodate for the loss. Financial results h...