The big brokers are making big news on a number of fronts ranging from expansion plans to technology plays.
Here’s what you need to know about the big plans being formulated by the big guys:
- Compass Real Estate will be coming to the upscale Park Place office tower in Houston’s posh River Oaks District in March 2020. The firm was the topic of interest in The Wall Street Journal last month as the venture capital-backed firm with over $1B in funding has rattled the industry by acquiring top agents, teams, and brokerages without the constraint of having to deliver to Wall Street’s expectations.
- Keller Williams is pursuing not only CRM, marketing and AI-fortified investments; but also the seamless transaction. That accounts for their recent acquisitions, which include mortgage, insurance and tech, and the launching of their own iBuyer model.
- Realogy shares took a hit when the bundle of brands reported a first-quarter loss due to lower-than-estimated revenue.
- Redfin announced a new iBuyer-focused feature that is essentially a “buy now” button that circumvents buyer’s agents. This new model is being tried in Boston but may soon spread to other Redfin-covered areas. For those interested in how the process works, more information is available on the company’s website at www.redfin.com/now.
- Re/Max – In a move that came as no surprise, Re/Max ended its partnership with Redfin over its agent-free buying program, according to a report in MarketWatch.
While the brokers continue to battle, there was a good session at NAR Mid-Year, where the panel discussed advancements in real estate technology and the benefits for agents and consumers alike. You can read more about topics they traversed, ranging from AI to referral tracking, here.
Until next time.