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January 2020

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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

Realogy shutters Climb

(Read the Story)
  • From: Inman
  • Summary
Under the leadership of former NRT CEO Bruce Zipf, Realogy acquired Climb Realty in August 2016 as an innovative boutique new brokerage that aimed to reinvent the traditional brokerage experience. At the time, Climb was ranked among San Francisco’s 10 largest residential real estate brokerages based on transaction sides and sales volume (based on 2015 numbers) and had five offices, in Potrero Hill, Noe Valley, Mission Bay, Mid-Market and Oakland’s Jack London Square. In 2018, Realogy announced it would franchise the Climb brand. Now, in early 2020, Ryan Gorman, president, and CEO of the newly consolidated Coldwell Banker (which now includes NRT), announced it will integrate the approximately 160 members of Climb into Coldwell Banker.
  • Commentary
Climb was a fresh, new brand but had a big uphill “climb” to achieve national prominence in an industry already saturated with an abundance of real estate brands. The shuttering reflects Realogy’s need to focus its operations as it responds to competition and changing business models. Real estate, in general, is rapidly growing up from a mom-and-pop industry into a sophisticated business where viability, profitability, and return on investment increasingly drive decisions, as they should.

Perch rebrands as ‘Orchard’

(Read the Story)
  • From: Inman
  • Summary
IBuyer Perch rebrands to Orchard, raises $39 million and tweaks its business model to resemble less an iBuyer and more of a guaranteed offer.
  • Commentary
Orchard CEO Court Cunningham provides insight on the way some disruptors are viewing the real opportunity in the residential real estate brokerage industry: the $130 billion ancillary business of title, mortgage, and brokerage. Orchard’s model tweak represents the evolution of the model T3 Sixty chronicled in the 2020 Swanepoel Trends Report.

When individuals are more innovative than teams

(Read the Story)
  • From: HBR
  • Summary
This analysis of over 1 million patents found that the key element determining whether lone inventors or teams are more innovative has to do with the modularity of the design. For modular designs, teams display more innovation. For integrated, holistic designs, individuals tend to be more innovative.
  • Commentary
It is important to understand which type of project you’re working on and direct innovation accordingly — for modular designs with complementary components, leverage a team; for holistic, highly integrated designs, give an individual more autonomy and control.

EBay executive hired as CEO of realtor.com operator Move

(Read the Story)
  • From: Inman
  • Summary
After six months with interim CEO Tracey Fellows, realtor.com has named a successor to Ryan O’Hara (who went to lead Shutterstock in June 2019): David Doctorow. A former McKinsey & Company executive, Doctorow comes to realtor.com from eBay, where he served as head of global growth.
  • Commentary
Realtor.com remains a large national portal, but it continues to operate in large shadows of Zillow and Redfin. O’Hara brought a new flair and products when he took the helm in 2015 but they failed to significantly improve realtor.com’s market position. Doctorow has his job cut out for him.

Compass’ 2019 highlights

(Read the Story)
  • From: Inman
  • Summary
In an end-of-year letter to Compass agents, Compass CEO Robert Reffkin outlined some of Compass’ 2019 highlights (such as closing $88 billion in sales and Compass Concierge used on 17.5 percent of Compass’ listings) and what the company has in store for years to come including a focus on supporting agents’ repeat-and-referral business and its AI platform that will optimize prospecting and followup.
  • Commentary
As profiled in the 2020 Swanepoel Trends Report, Compass is moving fast and enjoyed a remarkable 2018 and 2019. But WeWork threatens an alternate universe for 2020 than the one Compass is aiming for. However, Reffkin is driven and enthusiastic, and his letter provides additional detail on how Compass and brokerages will increasingly have to compete in 2020 and beyond.

T3 Sixty

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