Redfin’s earnings call shows a glimpse of the industry post commission settlement

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Propmodo Daily

By Franco Faraudo · May 9, 2024

Greetings!

The announcement of commission split lawsuit settlements led to a decline in stock prices for almost every residential brokerage, as investors fear that lower commissions will diminish profits. But Redfin's CEO has a different perspective. During the latest earnings call, he shared his vision for an online brokerage post-settlement, providing a promising outlook for Redfin’s investors. Today’s email will explore the opportunities he highlighted during the call.

This week in Propmodo Technology, we're exploring how tech is driving the rise of flexible office spaces. Phone booths and modular meeting rooms offer quick adaptability to changing work needs and large office owners are embracing tech-enabled co-working and flex spaces to support hybrid work. Plus, we'll investigate why an on-demand 'Class Pass' model for offices hasn't worked out yet.

Now, let's dig in!

Redfin’s Earnings Call Shows a Glimpse of the Industry Post Commission Settlement

Redfin reported its first-quarter earnings this week, indicating slight revenue growth despite challenging market conditions. Although the company continues to operate at a loss, Redfin believes that recent changes in the industry landscape, particularly following commission lawsuits, may lead to profitability within the year.

According to CEO Glenn Kelman, a major driver of Redfin's future growth is the company’s revised commission structure. The initiative, known as Redfin Next, has been launched in various markets across the country. This new model replaces salaried contracts with higher commission splits for agents. "In the first quarter, the four California markets piloting Redfin Next experienced significant growth in market share, luxury sales, and loyalty sales compared to the rest of Redfin," Kelman stated. Following this success, Redfin Next has been expanded to other large markets including New York City, Chicago, Miami, and Washington D.C.

Another strategy shift, influenced directly by the commission split case, is the introduction of Redfin Sign and Save. This program encourages buyers to work with Redfin agents by offering them a rebate of between a quarter to half a percent of the commission. Buyers must sign the agreement before their second tour, helping Redfin reduce one of its highest customer acquisition costs: providing free walkthroughs.

These acquisition costs have significantly shaped Redfin’s perspective on the future of the industry. “Our fundamental belief is that over time, a standalone brokerage will be replaced by businesses that integrate online search with agents, lenders, and title services,” said CEO Glenn Kelman. “The cost of meeting a home buyer and earning her trust is too high to be covered by the fees from a single sale.”

The company also noted competition from homes.com and its parent company, CoStar Group. “After a year of unprecedented investment from a new rival, we’re effectively competing for traffic and adding customers to our rentals marketplace, which has now become a source of profit,” Kelman commented.

The market responded positively to both the earnings and Redfin’s forward-looking strategy. Investors were particularly excited about Redfin’s investment in technology, notably AI. Kelman discussed the company’s chatbot experiment, Ask Redfin: “Ask Redfin uses large language models to instantly answer visitors’ questions about listings. Since launching, we’ve seen more online visitors schedule meetings with our agents. Our iPhone app began offering chat nationwide on April 24, and we plan to extend Ask Redfin to our website and Android app later this year.”

Despite the threat of lower commissions following the resolution of commission split cases, which pressured all residential brokerages, Redfin is now exploring how a digital-first brokerage can leverage new commission rules to its advantage—assuming it can outpace its competitors.

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<tr><td class="dd" align="center" style="padding:0px 20px;text-align:center;word-break:break-word;"><p><span style="font-family:Verdana, Geneva, sans-serif;font-size:3rem;"><b>Propmodo </b></span><span style="color:rgb(67, 114, 184);font-family:Verdana, Geneva, sans-serif;font-size:3rem;"><b>Daily</b></span></p></td></tr>
<tr><td class="dd" align="center" style="padding:0px 20px;text-align:center;word-break:break-word;"><p><span style="color:#1a282f;font-family:Verdana,Geneva,sans-serif;font-size:0.8rem;">By Franco Faraudo · May 9, 2024</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> Greetings! </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> The announcement of <b>commission split lawsuit settlements</b> led to a decline in stock prices for almost every residential brokerage, as investors fear that lower commissions will diminish profits. But <b>Redfin's CEO</b> has a different perspective. During the latest earnings call, he shared his vision for an online brokerage post-settlement, providing a promising outlook for Redfin’s investors. Today’s email will explore the opportunities he highlighted during the call. </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> This week in Propmodo Technology, we're exploring how tech is driving the rise of <b>flexible office spaces</b>. <a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LKM4YAgZZm4FVkgTaSBWT8hFwne8rWWJMohSC88ohxp3jdeubDbGwVzxBUDBbkJcHiCgHAVS5R83gXqM0xT_PQWfgLDJx1avJxs54d-fmlKX6gFllELbKDbhr8DPiPzrxmzVuVP_q2QH09MzT4t3dcOK4JFMJX6mZpGxl-h-_ysJnVpZm9ltWw4AceI93UDmhAPJ5dpERasV1ZmSefWhdolxwTHutPKF-pddb8dhn_ShHcWlolzRBfYkir7JgLoFNxM6_UztjD71Rn_iVSNsjCgJ42dIOKqkOJXvnW0RvIBsJ0eReLuwYbin0hoChYhtow/467/0aVxOEbxRCOuOLb4HAMfaw/h2/h001.iR06BLjm5itbys75_zgEkNmL-wKFGhzY-vuIUntw8J4" target="_blank" rel="noopener noreferrer nofollow"><span>Phone booths and modular meeting rooms</span></a> offer quick adaptability to changing work needs and large office owners are embracing <a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LMz5aiYMcTp3jVnJPmEEjzUOzGKVK4trAgOiZQ3i6pleoFqv25R5Woon5o9Eal1hcMJaXZlz6hw3yzHXU8s8r4yut0LtA5AsnfhxkMM4YZ4vFW-2zZhHH8w0t-KLBlTFbKwTxj2BVsv2cfbN0beBz4YbHEB79wudG20peP6zN1hMbB8UfsIDOkGLuRzJ9c5IMCaTaDODGgfOdMnhKmynUeVYqUgTJcqxYAq9mQd5cFow8U86BPKfmDXjrsh8sPxkxMp9Mcw7TGhh44mN_Tpi8dsektx9CXysybIoeirkXWOc/467/0aVxOEbxRCOuOLb4HAMfaw/h3/h001.mVPChiBnT5aGCmbMKXaPJhi5WeU--pFBUHT4imogZ9A" target="_blank" rel="noopener noreferrer nofollow"><span>tech-enabled co-working and flex spaces</span></a> to support hybrid work. Plus, we'll investigate why an on-demand <a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LOori9IkcxY1bKtjwpY5_JUfBSOe_HIgdiIhhQRCzlvEjSStZ8mvL1gHNTlTQMaECyVpOZseSyzdIfMDjtIrcRPJvJCOe8qCHptGLznonQfeqtGHtA8libJorKJf3nQwfdh_z-_8tEvifA0pjEUuo5zF-XgZyewOIeKOecLwn0FCxRmYDHiIn9LGoo0dU6VqS-JBxdZNqRerskFDHTQ5aqYmxW64hTpskMJ2kD1WEx-ycbPNswL8KCKjbyNZj1R5RNppHxvz1_a64fMjFk-HI_k/467/0aVxOEbxRCOuOLb4HAMfaw/h4/h001.vsds_cAhSyAXdosSmUe5_7BNTSzCbrxWiKEzm6zzIYA" target="_blank" rel="noopener noreferrer nofollow"><span>'Class Pass' model for offices </span></a>hasn't worked out yet. </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> Now, let's dig in! </p></td></tr>
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<tr><td id="what-is-yardis-relationship-with-we" class="dd" align="left" valign="top" style="padding:0px 20px;text-align:left;"><h1>Redfin’s Earnings Call Shows a Glimpse of the Industry Post Commission Settlement</h1></td></tr>
<tr><td align="center" valign="top" style="padding: 15px 20px 15px; " class="dd"><table role="none" border="0" cellspacing="0" cellpadding="0" style="margin:0 auto 0 auto;"><tr><td align="center" valign="top" style="width:620px;"><a href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LGOFicM9iqpJZvQjQWpYC8FAmQghkntAVJnkpbKnZZNWzKkuawhR6nFdQLp0wU6RId-w0pADPT_oz6uW2XIMlRZMarLXJTmsCgqpVvtvpKF_flUb7skTgQILFRPKiy0afPFL-ioz9HhsL51INMN9b454XJeL9VWw8H5N7US37ZuK3SpfKchJwN0djVV3k7Y9V58ZWeIl3tb9rd-uuoifK2mGur2cqr4bHaTXvkAxWG-h7_R10Ls-2dbdiJ_7aDMQ1A/467/0aVxOEbxRCOuOLb4HAMfaw/h5/h001.T15vne0i0UMB6qC0YCb_5US1pGGwZrqk1ivGrN-WJBw" rel="noopener noreferrer nofollow" style="text-decoration:none;" target="_blank"><img src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d0081350-f84a-4576-baab-45da904ff67e/redfin.jpg?t=1715208011" alt="" height="auto" width="620" style="display:block;width:100%;" border="0"></a></td></tr></table></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> Redfin reported its first-quarter earnings this week, indicating slight revenue growth despite challenging market conditions. Although the company continues to operate at a loss, Redfin believes that recent changes in the industry landscape, particularly following commission lawsuits, may lead to profitability within the year. </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> According to CEO Glenn Kelman, a major driver of Redfin's future growth is the company’s revised commission structure. The initiative, known as <a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.2LW_uC94TsUN01hNSLA_K8CBo0xoNUpeGT38uaiC_z5kzsrHe1vgZPsiYQ24QtYGMJrJtu2n6hKHes3k9zewMURn76gzYbs5dciW7WmC_EZvFUjrsk6czXlWUS1M1DioVADzEXwbVsrsCM3gwSLxOC20m9g3mgk3DP3R3PGn5j-xg9XpLZWAiMDYFr6oSowPmZYtNr69pGktt4mn031YSQwhZJyUQpYbgOMP9brQmMCO0GtOjVtb75fStAZC9fBV/467/0aVxOEbxRCOuOLb4HAMfaw/h6/h001.crJfpoCix4Jk8DOhpdNt2f-cGnJMuCAeaXdOMGKMkik" target="_blank" rel="noopener noreferrer nofollow"><span>Redfin Next</span></a>, has been launched in various markets across the country. This new model replaces salaried contracts with higher commission splits for agents. "In the first quarter, the four California markets piloting Redfin Next experienced significant growth in market share, luxury sales, and loyalty sales compared to the rest of Redfin," Kelman stated. Following this success, Redfin Next has been expanded to other large markets including New York City, Chicago, Miami, and Washington D.C. </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> Another strategy shift, influenced directly by the commission split case, is the introduction of <a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.2LW_uC94TsUN01hNSLA_K9NC91dVceTq8D94CFsfHJTEZQdBEdtkydjzVgXOG8EqHQMkV750oTizfwHYk79dyxpvljibis98O_RwS2goGaRB_KES30WMl5CkgDxN2WEGjuuTRRdTz1CQJvuSXGtCuMurZZBQXBJr2xu5Cc6DHI6TEanZiMD4z4krZCDdRZDribYAizquulVwyRs-mRwgArLR5qD7N03H3-vtF6jeumAdZM2W8_sNV0YFOSpyq_yC/467/0aVxOEbxRCOuOLb4HAMfaw/h7/h001.l9taZLm9IOzpvT6T-OntIDmrwb98ljD5bd_S9MmaJjM" target="_blank" rel="noopener noreferrer nofollow"><span>Redfin Sign and Save</span></a>. This program encourages buyers to work with Redfin agents by offering them a rebate of between a quarter to half a percent of the commission. Buyers must sign the agreement before their second tour, helping Redfin reduce one of its highest customer acquisition costs: providing free walkthroughs. </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> These acquisition costs have significantly shaped Redfin’s perspective on the future of the industry. “Our fundamental belief is that over time, a standalone brokerage will be replaced by businesses that integrate online search with agents, lenders, and title services,” said CEO Glenn Kelman. “The cost of meeting a home buyer and earning her trust is too high to be covered by the fees from a single sale.” </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> The company also noted competition from homes.com and its parent company, CoStar Group. “After a year of unprecedented investment from a new rival, we’re effectively competing for traffic and adding customers to our rentals marketplace, which has now become a source of profit,” Kelman commented. </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> The market responded positively to both the earnings and Redfin’s forward-looking strategy. Investors were particularly excited about Redfin’s investment in technology, notably AI. Kelman discussed the company’s chatbot experiment, Ask Redfin: “Ask Redfin uses large language models to instantly answer visitors’ questions about listings. Since launching, we’ve seen more online visitors schedule meetings with our agents. Our iPhone app began offering chat nationwide on April 24, and we plan to extend Ask Redfin to our website and Android app later this year.” </p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> Despite the threat of lower commissions following the resolution of commission split cases, which pressured all residential brokerages, Redfin is now exploring how a digital-first brokerage can leverage new commission rules to its advantage—assuming it can outpace its competitors. </p></td></tr>
<tr><td align="left" valign="top" style="padding-bottom:14px;padding-left:20px;padding-right:20px;padding-top:14px;text-align:left;width:100%;word-break:break-word;" class="dd"><table role="none" border="0" cellspacing="0" cellpadding="0" align="left"><tr><td class="v" align="center" valign="middle" height="42" style="height:42px;"><a href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LGOFicM9iqpJZvQjQWpYC8FAmQghkntAVJnkpbKnZZNWzKkuawhR6nFdQLp0wU6RId-w0pADPT_oz6uW2XIMlRZMarLXJTmsCgqpVvtvpKF_flUb7skTgQILFRPKiy0afPFL-ioz9HhsL51INMN9b454XJeL9VWw8H5N7US37ZuK3SpfKchJwN0djVV3k7Y9V58ZWeIl3tb9rd-uuoifK2mGur2cqr4bHaTXvkAxWG-h7_R10Ls-2dbdiJ_7aDMQ1A/467/0aVxOEbxRCOuOLb4HAMfaw/h8/h001.C-kmVZRFi1vjYv9smhMMuBi4ASOulhEYtmycBlaoC68" target="_blank" rel="noopener noreferrer nofollow" style="color:#FFFFFF;font-size:18px;padding:0px 14px;text-decoration:none;"> Read online </a></td></tr></table></td></tr>
<tr><td align="center" valign="top" style="font-size:0px;line-height:0px;padding:30px 0px;" class="dd"><table class="j" role="none" width="70%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td>   </td></tr></table></td></tr>
<tr><td id="insider-insights" class="dd" align="left" valign="top" style="padding:0px 20px;text-align:left;"><h2>Insider Insights</h2></td></tr>
<tr><td><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" style=""><tr><td bgcolor="transparent" style="background-color:transparent;padding:0px 0px 0px 0px;"><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p><span style="">💰 </span><span style=""><b>Better pay up:</b></span><span style=""> Online lending website better.com has </span><span style=""><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.2LW_uC94TsUN01hNSLA_K6Djch5pZH97-EVJO8qq2a9c-AFecTaK2V9mO5-AAhNxcVfT5vKv_bX7o1xk24FkZyKENf75nsQD0wwGvCkmXsG21Ye8zIK6OcOm1kSV5wVukMoVGOlFQNXnid5_ahnkWX9T4yGHDYe8XkY2S5CLOEMCQtVyZnbSyFJLxJ7lwulSM_FTRmV71M6mNRM_7NPaxVn5HSp-ImYN82QDxNJTyhpIJfFSTMqbRBECf1HOhdXwA_A0cbfxdjBXYXm0GMOhXH7MwVvZieB_9qkR9An3PoOKxQ2wW0J5UtRdP6aLxbI0k-7oVf4pIGkWRkfudja_iw/467/0aVxOEbxRCOuOLb4HAMfaw/h9/h001.lqFnP_VB-pq1heUr_a2ynznLp2eEt2ZaVJZOsHXMhTA" target="_blank" rel="noopener noreferrer nofollow"><span>settled with the whistleblower</span></a></span><span style=""> who filed a complaint about the company’s financial disclosures leading up to its public filing via SPAC. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> 📈<span style=""> </span><span style=""><b>Less is more:</b></span><span style=""> The regional bank M&amp;T saw its stock price jump when it </span><span style=""><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.2LW_uC94TsUN01hNSLA_Kyyc8YYHIEz2KwfqAybw22vpg6otfWTbtlrzEl_XO2R4noHeOpY4NXvR6BUwK4Aam41PgmKsEoqyO66v-7Kcg_chHYV3WtDiAkooQf0A6ynKGq6KpbuDQrdYzQBUo2_cYG3DjNwm_NgYKaJOhqqrG2ZDsVr6nd5LhehUfZ5MFGI1tHIBMWfbzjg21kr8kolqxccodz67Y0sMvU7VCf2fdBMaXDqgSS-UCvextUEwbZnVCcmTtVRpU5HymFW6Xo_pIPraqzpK6ig5fPgEupBHMP5qvOwFjRp1Nm6BTz2Hbp2ONw3APd7XWwmkRoyo99V_sjVd8lCIfgMPblLydnaP32-i41haMxIDdzU5maKYecRMxVEqbYpbLWLRkmqj6QBQP_KGsLX7af-WW-vu47YOkkkra_yk-dKybAfSL6GHaGHXW8atrQmdzp6JoabFL1SIV4wFJgykuyJmYLPB7AQdlZ72KOoFcqACTyC5iNUgKDqQ_6oQz4fmmfZK5JzDoxKjXA/467/0aVxOEbxRCOuOLb4HAMfaw/h10/h001.gEZCpt6rxHREd4Ozoh13YyGqqyUTImmSR24Y2VfCwDw" target="_blank" rel="noopener noreferrer nofollow"><span>announced that it had cut its exposure</span></a></span><span style=""> to commercial real estate loans.</span></p></td></tr>
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<tr><td id="propmodo-live-webinar" class="dd" align="left" valign="top" style="padding:0px 20px;text-align:left;"><h2>Propmodo Live Webinar</h2></td></tr>
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<a href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LMU4DVN5Fri0pAo7Tvuw3JC1U1mhkNNROROBLpzqwQWZITIMiAz9CHM3_EiYmSBixzGsyuAqj56z5jBwRNXUy0URnSrrSb0X2vZgnURU3HQbVVlyy8_X9IDsSUzB6BAbVrY5uFCOCMsrmrBX7ffS4Alhy2ad8KJSP34-h6XOVqYQA4ojtiYO9fOU7Qugil6_5GQ9R0Alwlg316445FtrPiHRJq5LhOraRoC1aPMnpl3LxpgU8QbjSIMjpNjKYU1-sjPodEBXi55cplS4v80fTf8/467/0aVxOEbxRCOuOLb4HAMfaw/h11/h001.H4_hdQIwjJBokO9tkxLWoyFWX3yxQxlNNPtxGXygHCQ" style="text-decoration:none;" target="_blank"></a><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td align="center" valign="top" class="o" style="padding:10px 12px;"><table role="none" border="0" cellspacing="0" cellpadding="0" align="right" width="100%">
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<tr><td align="left" valign="top" class="l"><p>Office Leasing Strategies and What to Expect in H2</p></td></tr>
<tr><td align="left" valign="top" class="m"><p>The office market is evolving. As companies rethink their spaces to accommodate a hybrid workforce, they are seeking more effective workspaces. To meet these new challenges, office owners must innovate their leasing strategies. Join us for a live discussion on what occupiers are looking for and how landlords can adapt their leasing practices to attract and retain tenants, optimize space utilization, and enhance property value. We'll speak with experts about innovative approaches to office design and amenities, strategies for negotiating leases, and their predictions on future market trends.</p></td></tr>
<tr><td align="left" valign="bottom" class="n" style="vertical-align:bottom;padding-top:12px;"><p style="word-break:break-word;">REGISTER NOW: https://propmodo.com/office-leasing-strategies-and-what-to-expect-in-h2/</p></td></tr>
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<tr><td align="center" valign="top" style="font-size:0px;line-height:0px;padding:30px 0px;" class="dd"><table class="j" role="none" width="70%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td>   </td></tr></table></td></tr>
<tr><td id="overheard" class="dd" align="left" valign="top" style="padding:0px 20px;text-align:left;"><h2>Overheard</h2></td></tr>
<tr><td class="dd" style="padding: 20px;"><table width="100%" cellpadding="0" cellspacing="0" role="none" style="max-width:520px;margin:0 auto;"><tr><td class="q" style="padding:20px 20px 11.6px 20px;">
<a href="https://link.mail.beehiiv.com/ss/c/u001.qzN8YG_0x4dltZdMGcV6sI595HyWnbh49din4fAcpT06h1cS9Qj99cpZlI7W7cRfvxLAiyBZAYppX6NSnqauoIF5ShdcE5euIJOyehyKMrTgLhsJtCvReInJytdLQi1x-bWBj298opb5RSh0xWlihGGtAhneG0qOfgH2B-fmsPV4aiuypyxKoYjPOje0Fx8pDu7DTzQfNZIrqyaCDILw5Suv9BcZ5-uGRDwmr845RVl1o1exwfd6A5aoSdSqWU4ZWxOsIy6j0z1FVKFVTq6fY3upLQMDhUDCm2xn8gmn3uyPeDoRQXS3aIJM1e_UEwsp/467/0aVxOEbxRCOuOLb4HAMfaw/h13/h001.BWLD_MQ0HqcxW-2GQpPDxXIM6cMFnif0lHDoxgWy1Ho" style="text-decoration:none !important;"></a><table width="100%" cellpadding="0" cellspacing="0" border="0" role="none">
<tr><td width="100%" style="padding: 0 0 14px 0;text-decoration:none;width:100%;"><table width="100%" cellpadding="0" cellspacing="0" border="0" role="none"><tr>
<td width="36" style="width:36px;"><img src="https://pbs.twimg.com/profile_images/1466544057895641089/FcrS-FrV_normal.jpg" alt="tw profile: Liz Ann Sonders" style="display:block;width:36px;height:36px;border-radius:50%;border:0;"></td>
<td width="400" style="padding:0 0 0 8px;text-decoration:none;">
<span style="display:block;font-size:14px;color:#1c2022;font-weight:700;"> Liz Ann Sonders </span><span style="display:block;color:#697882;font-size:14px;"> @LizAnnSonders </span>
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<tr><td style="word-break:break-word;"><p>Utilities sector outperformed today while REITs fell to last place (and still in last place YTD); Utilities leading MTD, followed by Tech and Comm Serv … Russell 2000 Growth fell most today and continues to underperform its large-cap counterpart by nearly 5% YTD</p></td></tr>
<tr><td align="center" style="padding:8px 0 0 0;width:480px;">
<!--[if mso | IE]><table align="center" border="0" cellpadding="0" cellspacing="0" style="width:480px;" role="presentation" width="480"><tr><![endif]--><!--[if mso | IE]><td><![endif]--><img class="r" src="https://pbs.twimg.com/media/GNFXqP9XYAAqhZS.jpg" width="235" height="200" style="display:inline-block;width:48%;height:200px;object-fit:cover;"><!--[if mso | IE]></td><![endif]--><!--[if mso | IE]><td><![endif]--><img class="r" src="https://pbs.twimg.com/media/GNFXqP_WMAAvlnJ.jpg" width="235" height="200" style="display:inline-block;width:48%;height:200px;object-fit:cover;"><!--[if mso | IE]></td><![endif]--><!--[if mso | IE]></tr></table><![endif]--><!--[if mso | IE]><table align="center" border="0" cellpadding="0" cellspacing="0" style="width:480px;" role="presentation" width="480"><tr><![endif]--><!--[if mso | IE]><td><![endif]--><img class="r" src="https://pbs.twimg.com/media/GNFXqP-WQAAWOaA.jpg" width="235" height="200" style="display:inline-block;width:48%;height:200px;object-fit:cover;"><!--[if mso | IE]></td><![endif]--><!--[if mso | IE]><td><![endif]--><img class="r" src="https://pbs.twimg.com/media/GNFXqP_XwAEOZMR.jpg" width="235" height="200" style="display:inline-block;width:48%;height:200px;object-fit:cover;"><!--[if mso | IE]></td><![endif]--><!--[if mso | IE]></tr></table><![endif]-->
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<tr><td height="10" style="line-height:1px;font-size:1px;height:10px;"> </td></tr>
<tr><td align="left" valign="top" class="s"><p>May 8, 2024</p></td></tr>
<tr><td height="10" style="line-height: 1px; font-size: 1px; height: 10px;"> </td></tr>
<tr><td height="1" bgcolor="#e1e8ed" style="line-height:0px;font-size:0px;height:1px;"></td></tr>
<tr><td height="10" style="line-height:1px;font-size:1px;height:10px;"> </td></tr>
<tr><td align="left" valign="top" class="s"><p><b style="color:#1C2022">6</b> Likes   <b style="color:#1C2022">0</b> Retweets   <b style="color:#1C2022">0</b> Replies </p></td></tr>
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<tr><td align="center" valign="top" style="font-size:0px;line-height:0px;padding:30px 0px;" class="dd"><table class="j" role="none" width="70%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td>   </td></tr></table></td></tr>
<tr><td id="propmodo-live-webinar" class="dd" align="left" valign="top" style="padding:0px 20px;text-align:left;"><h2>Propmodo Technology: Flexible Office</h2></td></tr>
<tr><td align="center" valign="top" style="padding:15px 25px 15px 25px;" class="dd">
<a href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LMz5aiYMcTp3jVnJPmEEjzUOzGKVK4trAgOiZQ3i6pleoFqv25R5Woon5o9Eal1hcMJaXZlz6hw3yzHXU8s8r4yut0LtA5AsnfhxkMM4YZ4vFW-2zZhHH8w0t-KLBlTFbKwTxj2BVsv2cfbN0beBz4YbHEB79wudG20peP6zN1hMbB8UfsIDOkGLuRzJ9c5IMCaTaDODGgfOdMnhKmynUeVYqUgTJcqxYAq9mQd5cFow8U86BPKfmDXjrsh8sPxkxMp9Mcw7TGhh44mN_Tpi8dsektx9CXysybIoeirkXWOc/467/0aVxOEbxRCOuOLb4HAMfaw/h14/h001.2mVAYTD-Ulclx526sYvWtaExkRlKEdqDStmIAnNvD9k" style="text-decoration:none;" target="_blank"></a><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td align="center" valign="top" class="o" style="padding:10px 12px;"><table role="none" border="0" cellspacing="0" cellpadding="0" align="right" width="100%">
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<td align="center" valign="top" class="cc"><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center">
<tr><td align="left" valign="top" class="l"><p>How Office Owners Are Using Tech to Run In-House Flex Spaces</p></td></tr>
<tr><td align="left" valign="bottom" class="n" style="vertical-align:bottom;padding-top:12px;"><p style="word-break:break-word;">READ ONLINE: https://propmodo.com/how-office-owners-are-using-tech-to-run-in-house-flex-spaces/</p></td></tr>
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<a href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LKM4YAgZZm4FVkgTaSBWT8hFwne8rWWJMohSC88ohxp3jdeubDbGwVzxBUDBbkJcHiCgHAVS5R83gXqM0xT_PQWfgLDJx1avJxs54d-fmlKX6gFllELbKDbhr8DPiPzrxmzVuVP_q2QH09MzT4t3dcOK4JFMJX6mZpGxl-h-_ysJnVpZm9ltWw4AceI93UDmhAPJ5dpERasV1ZmSefWhdolxwTHutPKF-pddb8dhn_ShHcWlolzRBfYkir7JgLoFNxM6_UztjD71Rn_iVSNsjCgJ42dIOKqkOJXvnW0RvIBsJ0eReLuwYbin0hoChYhtow/467/0aVxOEbxRCOuOLb4HAMfaw/h16/h001.Aef5Yl7rPNDnrSX13xHv3iPMjU7y0nl2aNkS0geD9go" style="text-decoration:none;" target="_blank"></a><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td align="center" valign="top" class="o" style="padding:10px 12px;"><table role="none" border="0" cellspacing="0" cellpadding="0" align="right" width="100%">
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<td align="center" valign="top" class="cc"><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center">
<tr><td align="left" valign="top" class="l"><p>Technology Is Helping Offices Get Ready for the Next Revolution of Work</p></td></tr>
<tr><td align="left" valign="bottom" class="n" style="vertical-align:bottom;padding-top:12px;"><p style="word-break:break-word;">READ ONLINE: https://propmodo.com/technology-is-helping-offices-get-ready-for-the-next-revolution-of-work/</p></td></tr>
</table></td>
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<a href="https://link.mail.beehiiv.com/ss/c/u001.KpPw4FFdyChV1EjmtIP0LOori9IkcxY1bKtjwpY5_JUfBSOe_HIgdiIhhQRCzlvEjSStZ8mvL1gHNTlTQMaECyVpOZseSyzdIfMDjtIrcRPJvJCOe8qCHptGLznonQfeqtGHtA8libJorKJf3nQwfdh_z-_8tEvifA0pjEUuo5zF-XgZyewOIeKOecLwn0FCxRmYDHiIn9LGoo0dU6VqS-JBxdZNqRerskFDHTQ5aqYmxW64hTpskMJ2kD1WEx-ycbPNswL8KCKjbyNZj1R5RNppHxvz1_a64fMjFk-HI_k/467/0aVxOEbxRCOuOLb4HAMfaw/h18/h001._dTurSLdC2IwiGkr60XbsyfNtPBE9jrWayX5Hi4-1ic" style="text-decoration:none;" target="_blank"></a><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td align="center" valign="top" class="o" style="padding:10px 12px;"><table role="none" border="0" cellspacing="0" cellpadding="0" align="right" width="100%">
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<td align="center" valign="top" class="cc"><table role="none" width="100%" border="0" cellspacing="0" cellpadding="0" align="center">
<tr><td align="left" valign="top" class="l"><p>Will a 'ClassPass' for Co-Working Ever Catch On?</p></td></tr>
<tr><td align="left" valign="bottom" class="n" style="vertical-align:bottom;padding-top:12px;"><p style="word-break:break-word;">propmodo.com/will-a-classpass-for-co-working-ever-catch-on</p></td></tr>
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<tr><td id="explore-propmodo" class="dd" align="left" valign="top" style="padding:0px 20px;text-align:left;"><h2>Are You Enjoying This Newsletter?</h2></td></tr>
<tr><td class="dd" align="left" style="padding:0px 20px;text-align:left;word-break:break-word;"><p> Propmodo Daily is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team. </p></td></tr>
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**Propmodo ****Daily**

By Franco Faraudo · May 9, 2024

Greetings!

The announcement of **commission split lawsuit settlements** led to a decline in stock prices for almost every residential brokerage, as investors fear that lower commissions will diminish profits. But **Redfin's CEO** has a different perspective. During the latest earnings call, he shared his vision for an online brokerage post-settlement, providing a promising outlook for Redfin’s investors. Today’s email will explore the opportunities he highlighted during the call.

This week in Propmodo Technology, we're exploring how tech is driving the rise of **flexible office spaces**. [Phone booths and modular meeting rooms](https://propmodo.com/technology-is-helping-offices-get-ready-for-the-next-revolution-of-work/) offer quick adaptability to changing work needs and large office owners are embracing [tech-enabled co-working and flex spaces](https://propmodo.com/how-office-owners-are-using-tech-to-run-in-house-flex-spaces/) to support hybrid work. Plus, we'll investigate why an on-demand ['Class Pass' model for offices ](https://propmodo.com/will-a-classpass-for-co-working-ever-catch-on/)hasn't worked out yet.

Now, let's dig in!

———————————————————————————

# Redfin’s Earnings Call Shows a Glimpse of the Industry Post Commission Settlement

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According to CEO Glenn Kelman, a major driver of Redfin's future growth is the company’s revised commission structure. The initiative, known as [Redfin Next](https://www.redfin.com/careers/next), has been launched in various markets across the country. This new model replaces salaried contracts with higher commission splits for agents. "In the first quarter, the four California markets piloting Redfin Next experienced significant growth in market share, luxury sales, and loyalty sales compared to the rest of Redfin," Kelman stated. Following this success, Redfin Next has been expanded to other large markets including New York City, Chicago, Miami, and Washington D.C.

Another strategy shift, influenced directly by the commission split case, is the introduction of [Redfin Sign and Save](https://www.redfin.com/news/sign-and-save/). This program encourages buyers to work with Redfin agents by offering them a rebate of between a quarter to half a percent of the commission. Buyers must sign the agreement before their second tour, helping Redfin reduce one of its highest customer acquisition costs: providing free walkthroughs.

Read online (https://propmodo.com/newsletters/propmodo-daily/)

———————————————————————————

## Insider Insights

----------
💰 **Better pay up:** Online lending website better.com has [settled with the whistleblower](https://www.inman.com/2024/05/07/better-settles-with-former-exec-who-filed-whistleblower-suit/) who filed a complaint about the company’s financial disclosures leading up to its public filing via SPAC.

📈 **Less is more:** The regional bank M&T saw its stock price jump when it [announced that it had cut its exposure](https://www.msn.com/en-us/money/topstocks/m-t-bank-cuts-its-exposure-to-commercial-real-estate-loans-and-stock-jumps/ar-BB1lEXLI) to commercial real estate loans.

----------———————————————————————————

## Propmodo Live Webinar

Office Leasing Strategies and What to Expect in H2: (https://propmodo.com/office-leasing-strategies-and-what-to-expect-in-h2/)

———————————————————————————

## Overheard

Tweet: (https://twitter.com/lizannsonders/status/1788306918450102591?s=46&t=5jy-J865yQF_fRi49zZlbA)

———————————————————————————

## Propmodo Technology: Flexible Office

How Office Owners Are Using Tech to Run In-House Flex Spaces: (https://propmodo.com/how-office-owners-are-using-tech-to-run-in-house-flex-spaces/)

Technology Is Helping Offices Get Ready for the Next Revolution of Work: (https://propmodo.com/technology-is-helping-offices-get-ready-for-the-next-revolution-of-work/)

Will a 'ClassPass' for Co-Working Ever Catch On?: (https://propmodo.com/will-a-classpass-for-co-working-ever-catch-on/)

———————————————————————————

## Are You Enjoying This Newsletter?

Propmodo Daily is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

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🔗 Share a link to this post on social media.

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📫️ Please add our newsletter email, [[email protected]](mailto:[email protected]), to your contacts to make sure you don’t miss any updates.

———————————————————————————

## Explore Propmodo

* Read exclusive articles about a variety of topics, including [Real Estate](https://propmodo.com/real-estate/), [Workplace](https://propmodo.com/workplace/), [Buildings](https://propmodo.com/buildings/), and [Development](https://propmodo.com/development/).

* Browse our collection of interactive **[Propmodo Research](https://propmodo.com/research/)**** **e-books.

* Sign up for upcoming **[Propmodo Live Webinars](https://propmodo.com/propmodo-live/)**** **or watch past Propmodo Live videos on-demand.

* Dive into **[Propmodo Technology](https://propmodo.com/technology/)** articles, podcasts, and short videos about the future of commercial real estate.

———————————————————————————

Enjoy reading about trends and innovation in commercial real estate? [Subscribe to Propmodo.com](https://propmodo.com/subscribe/) for unrestricted access to reliable, data-driven journalism and exclusive insights available only to subscribers.

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Subject Line: Redfin’s earnings call shows a glimpse of the industry post commission settlement
From: Propmodo Daily <[email protected]>
Emails: Propmodo Emails
Send Date: May 9, 2024 09:06 AM
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Preview Text: Defining the future of real estate