Turn up the volume on your real estate success at Inman On Tour: Nashville! Connect with industry trailblazers and top-tier speakers to gain powerful insights, cutting-edge strategies, and invaluable connections. Elevate your business and achieve your boldest goals — all with Music City magic. Register now.
Real estate franchisor Anywhere generated $5.7 billion in revenue during the entirety of 2024, an increase of $56 million on an annual basis, to end 2024 on a high note, the company said during an earnings call on Thursday morning.
During the fourth quarter alone, revenue was up $112 million year over year to $1.4 billion.
Anywhere also improved its net losses during the quarter to $64 million, compared to $107 million during Q4 2023. Net losses worsened for the full year, however, growing to $128 million in 2024 from $97 million for all of 2023.
Ryan Schneider | Anywhere
Combined closed transaction volume was also up 13 percent year over year during Q4 2024 with units up about 3 percent and price up about 9 percent. For the full year, Anywhere grew closed transaction volume by 4 percent on an annual basis with units down 3 percent and price up 7 percent.
“Anywhere showed up as a leader in 2024, delivering industry-leading Operating EBITDA and seizing opportunities to invest in our strategy and accelerate growth while proactively navigating change,” said Anywhere President and CEO Ryan Schneider.
“We are excited to leverage our competitive advantages in 2025, including building on our luxury leadership momentum, innovating with generative AI to deliver better experiences faster at lower costs, and capitalizing on our position of strength to deliver value for our stakeholders as we move real estate to what’s next.”
Back in the third quarter of 2024, Anywhere had seen a drop in revenue, closed transaction volume and net income, but the franchisor remained optimistic as its share in the luxury sector continued to grow. At that time, the franchisor’s net income dropped 95 percent year over year to $7 million and revenue declined 3 percent on an annual basis to $1.3 billion.
Luxury continued to be a highlight during the fourth quarter of 2024, with Anywhere brands Coldwell Banker Global Luxury, Corcoran and Sotheby’s International Realty outperforming the market overall with closed transaction volume growing by nearly 20 percent year over year. For the full year results, these luxury brands saw closed transaction volume increase by almost 10 percent on an annual basis.
Charlotte Simonelli | Anywhere
“In 2024, Anywhere overdelivered on cost savings and improved our capital structure despite a challenging housing market,” Anywhere Executive Vice President, Chief Financial Officer and Treasurer Charlotte Simonelli said in a statement. “We continue to deliver meaningful results while positioning the business for even greater growth and financial octane as the market improves.”
Anywhere added 28 franchisees during Q4 2024 and added 67 franchisees during the full year.
Agent commission splits of 80.3 percent during the fourth quarter were down by seven basis points year over year. For the full year, commission splits were also at 80.3 percent, increasing 14 basis points year over year.
The franchisor exceeded its goal of cost savings by 25 percent to reach about $125 million in cost savings in 2024. Free cash flow was $50 million during the full year compared to $67 million in 2023; an industry litigation settlement payment made during the year significantly impacted cash flow.
Anywhere, which was one of the first major real estate companies to settle its part in the commission lawsuits, paid $10 million toward the settlement in Q4 2023 and another $20 million in Q2 2024. The company will pay the remaining $53.5 million when appeals are resolved.
In another highlight for the franchisor in 2024, it was named a World’s Best Employer for the fourth consecutive year by Forbes, as well as a World’s Most Ethical Company for the 13th time and a Great Place to Work for the seventh time.
During the company’s earnings call with investors on Thursday, Schneider discussed how the franchisor did an experiment with about five different buyer agreements that buyers could pick and choose among when working with an agent. These varied from doing one home tour with an agent to entering into an exclusive buyer agreement with them for six months. Now, several months after the NAR settlement rule changes went into effect, Schneider could report back that the six-month agreement was overwhelmingly the most popular.
“We didn’t know how consumers would react, and we wanted them to have options,” Schneider said.
“The data through January is almost all people are signing the six-month exclusive agreement,” he added. “North of 80 percent of our buyers are signing the six-month agreement,” and the franchisor will likely discontinue some of its other, less popular buyer agreements that it had rolled out, Schneider explained.
“It’s a testament to the power of the value that agents provide,” Schneider added.
