Inman’s Jotham Sederstrom breaks down all the deets on the leading real estate companies and how they stacked up in 2021.

Are you receiving Inman’s Broker EdgeMake sure you’re subscribed here.

This story last updated March 10, 2022.

After beginning in earnest with quarterly calls from Vrbo and Zillow, earnings season shifted into high gear last week with reports from CompassAirbnbRealogy and Redfin.

On the surface, the reports offered more of what casual observers have come to expect, as newly public Compass shouldered hefty losses despite a modest uptick in revenue while Realogy, representing the old guard, posted $8 billion in revenue and a net income of $343 million for 2021, a dramatic reversal from the year prior when it posted a loss of $360 million.

Walk among the weeds, however, and a few striking insights begin to bloom.

Realogy, for one, with its litany of brands, including Coldwell Banker, Century 21 and The Corcoran Group, appears to be positioning itself to take on not only fellow real estate franchisors, like RE/MAX, but tech innovators. At least, to hear it from CEO Ryan Schneider this week.

In an earnings call Thursday, Schneider, according to Inman’s Marian McPherson, said Realogy was aiming for more strategic mergers and acquisitions to help streamline the digital real estate transaction process, as he sees Zillow and similar platforms as Realogy’s true competition.

“As we start Realogy’s next chapter, one we believe will be headlined is a greater growth as we increasingly simplify and integrate the real estate transaction for consumers,” Schneider said during the call on Thursday. “You’ll see a greater focus from Realogy on selective mergers and acquisitions to drive growth, and we see opportunities for strategic mergers and acquisitions in core business, adjacent businesses and in technology to further accelerate our transformation.”

Redfin, too, sees technology as its path to success. Despite accumulating a net loss of $27 million in the fourth quarter of 2021 and a loss of $109.6 million for the full year, a bright spot appeared to be the brokerage’s Property segment, which includes RedfinNow, its iBuying arm.

According to Redfin CEO Glenn Kelman, that segment earned $377 million in revenue during the fourth quarter, up from just $39 million a year earlier, according to Inman’s Jim Dalrymple.

Additionally, the company sold 600 homes during the final three months of 2021, up from 83 the year before. The fourth quarter also bested the prior quarter, when Redfin sold 388 homes.

Kelman said Redfin bid higher on homes in December with the assumption that inventory would be low in the following months. That bet is paying off, he went on to say, with inventory falling in 2022 for a variety of reasons. However, he also hinted at the difficulty of getting iBuying right.

“We are running on a knife’s edge on iBuying, and we know it,” Kelman said Thursday, “and when we’re not sure which way to go, we go low.”

In the end, however, no matter the technology, it all comes back to the real estate agents themselves, and each of the brokerages reporting earnings this week posted strong transaction volume. Compass, in particular, closed 225,000 transactions, a 56 percent increase from the year prior, according to CEO Robert Reffkin during its own call Wednesday.

“We foresee strong market growth for the rest of this year,” he added, confidently.

Click on the links below to dig deeper into the biggest challenges each company faces in 2022, and keep tabs on upcoming earnings reports and real estate events in the weeks to come, here.

RE/MAX tallies strong Q4 on wings of 2021 franchise acquisition: RE/MAX Holdings reported rising revenue and profits despite difficulty growing its agent count in the U.S., according to Q4 and year-end results released Wednesday.

EXp Realty reports ‘tremendous growth’ with $1.1B in Q4 revenue: In its fourth-quarter earnings call on Monday, eXp World Holdings Chairman Glenn Sanford his brokerage’s 2021 growth to several agent-centric improvements in eXp’s technology, tools and agent services.

Offerpad turns a profit and tallies a revenue spike in Q4: The company earned a profit of nearly $13 million during the final three months of 2021 while also handily beating revenue forecasts, according to a Q4 earnings report issued Wednesday.

Opendoor revenue rises more than 1,400% in Q4, but losses mount too: The iBuying giant earned $3.8 billion in revenue between October and December last year. The latest numbers highlight the uniqueness of Opendoor’s growth strategy.

Realogy draws $8B in 2021 revenue, $2B in Q4, as market share grows: Strong transaction, sales volume and market share growth boosted Realogy’s revenue as CEO Ryan Schneider says platforms like Zillow are the company’s true competitors.

Redfin revenue soars 163%, even as losses return in Q4: The company’s plan to broaden its revenue sources made progress, with title, mortgage and iBuying offerings on track to generate profits, CEO Glenn Kelman said.

Compass once again sees revenue, losses grow in Q4 earnings: Compass’ revenue jumped 31 percent in the fourth quarter of 2021 and 73 percent for the entire year, though expenses related to the company’s public debut pushed up losses.

Airbnb cites remote work for record income, $1.5B in Q4 revenue: Company says it generated $6B total in 2021 as rapid changes to the travel industry propelled the company above pre-pandemic levels.

CoStar’s residential business makes inroads in Q4 as revenue climbs: The commercial real estate giant earned $75 million from its residential ventures, according to a fourth-quarter earnings call, suggesting its rivalry with established players will continue.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription