One of the fundamental laws of the universe — what goes up, must come down — is playing out in the residential real estate market.
The heady times of 2021 gave way to the harsh reality in the latter half of 2022, when the market fell back to Earth, sending shockwaves through some of the industry’s biggest brokerages.
Real estate’s own version of Manifest Destiny — seemingly boundless expansion of offices, headcount and market share — has given way to streamlining operations and focusing on the bottom line.
Naturally, the tremors reached firms’ C-suites, with several notable recent shake-ups serving notice of how the industry plans to approach 2023.
Last month, Ryan Gorman, a widely respected industry leader, was pushed out as CEO of Coldwell Banker, a subsidiary of Anywhere Real Estate.
Gorman’s exit is especially notable not only for his 20 years of being affiliated with Anywhere, but also for how he’s being replaced — or rather how he isn’t being replaced.
Instead of naming a successor, Anywhere is divvying up Gorman’s role among other top executives, while saving on CEO compensation. Gorman made $3.5 million last year.
In the first episode of the Resi Rundown, The Real Deal’s Hiten Samtani breaks down three major residential brokerage shifts — at Coldwell Banker, eXp, and Opendoor — worth knowing about and what they mean going forward.
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New York
Ryan Gorman out as Coldwell Banker CEO
Residential
New York
Glenn Sanford back in the CEO saddle at eXp
New York
Opendoor CEO Eric Wu steps down
— Ted Glanzer