Offerpad is a more profitable flavor of iBuying: Mike DelPrete

The Offerpad story presents the clearest signal yet that iBuying can become profitable. Its latest first quarter 2021 numbers show a business only losing $230 per home bought and sold — a breathtaking achievement compared to losses of tens of thousands of dollars per home at Opendoor and Zillow. All up, on a GAAP basis, … Read more

Why are so many teams suddenly joining eXp Realty?

This June, Inman’s editorial theme is Teams — we’re going to go deep on what it takes to grow your team amid this intense seller’s market. And if you’re not already a subscriber to our Teams Beat email newsletter, sent every Thursday, sign up now. Jonathan Lahey had been looking to make a change for … Read more

Zillow’s uphill battle to attach mortgages: Mike DelPrete

In 2018, Zillow set itself lofty goals when it entered the mortgage business. Three years later, Zillow’s actual performance is far, far below its predictions, which highlights how difficult the mortgage space is, not just for Zillow, but also for every real estate tech company targeting mortgage as a lever for growth. This story was … Read more

RE/MAX sues eXp Realty over recruitment, ‘false advertising’

The suit claims eXp tried to solicit franchisees whose contracts with RE/MAX weren’t over yet and that it misrepresented RE/MAX’s commission splits, among other things. Colorado-based RE/MAX sued eXp Realty last week, claiming the virtual brokerage improperly tried to recruit RE/MAX agents and that it “unfairly and deceptively attacked” RE/MAX in ads. RE/MAX filed the … Read more

The New Normal: What if the brokerage of the future isn’t a brokerage at all?

This is the first installment in “The New Normal,” a multistory Inman series exploring what’s returning to normal in the real estate industry after the pandemic fades and what will never be the same. Check back tomorrow for the second installment.  Early last month, The Lahey Group jumped from RE/MAX to eXp Realty. The Washington, … Read more

The catch-22 behind the path to profitability for Compass

Compass continued the industry’s first-quarter-earnings winning streak on Wednesday with $1.1 billion in revenue, thanks to a booming housing market stoked by low mortgage rates, robust buyer demand, and historically low inventory. Its agents, backed by the company’s support staff and its end-to-end technology platform, increased transaction sides 67 percent year over year for a … Read more

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