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    Nick McAndrew • Zelman & Associates

    Nick McAndrew's questions to Real Brokerage Inc (REAX) leadership

    Nick McAndrew's questions to Real Brokerage Inc (REAX) leadership • Q2 2025

    Question

    Nick McAndrew from Zelman & Associates questioned what is driving the outperformance in agent productivity and asked if there is a correlation between deeper ecosystem adoption, like RealWallet, and agent retention.

    Answer

    CFO Ravi Jani attributed the productivity gains to a combination of attracting higher-quality, more productive teams and the efficiency benefits from the company's technology and AI tools. Regarding retention, Ravi Jani confirmed that the most active RealWallet users are higher-producing agents, suggesting a correlation. CEO Tamir Poleg added that he expects Wallet to drive retention through unique offerings like lines of credit and a rewards system, which would create a financial disincentive for agents to leave the platform.

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    Nick McAndrew's questions to Opendoor Technologies Inc (OPEN) leadership

    Nick McAndrew's questions to Opendoor Technologies Inc (OPEN) leadership • Q2 2025

    Question

    Nick McAndrew of Zelman & Associates questioned how much cushion Opendoor is building into its pricing due to weaker clearance rates and its expectations for home price volatility in the second half of the year. He also asked about the company's at-the-market (ATM) equity offering and the circumstances under which it might be used.

    Answer

    CFO Selim Freiha responded that spreads are set to achieve the target contribution margin range, but that cushion can be eroded if the macro environment deteriorates more than anticipated. He noted the positive home price appreciation period in 2025 was unusually short. Regarding the ATM, Freiha stated the company does not comment on future capital raises but confirmed the facility has not been used and will be leveraged opportunistically.

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    Nick McAndrew's questions to Opendoor Technologies Inc (OPEN) leadership • Q4 2024

    Question

    Nick McAndrew asked about the frequency of cross-product migration, where sellers pivot between the cash offer, List with Opendoor, and Marketplace. He also asked for more detail on plans to monetize high-intent leads that fall outside of Opendoor's buy box.

    Answer

    CEO Carrie Wheeler explained that the cash offer is the primary draw for sellers, and the other products are offered as solutions if the cash offer isn't a perfect fit, allowing Opendoor to keep sellers in its ecosystem. For leads outside the buy box, she highlighted the significant opportunity to connect these high-intent sellers with partner agents in their local markets. This strategy helps customers find a selling solution while creating a new, capital-light revenue stream for Opendoor, which will be a focus in 2025.

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    Nick McAndrew's questions to Opendoor Technologies Inc (OPEN) leadership • Q3 2024

    Question

    Nick McAndrew inquired about the customer profile for the 'List with Opendoor' product and asked about the impact of shifting marketing spend towards brand media, including any observed differences in conversion rates between mature and newer markets.

    Answer

    CEO Carrie Wheeler clarified that the 'List with Opendoor' product does not attract a specific demographic but rather appeals to sellers who want to test the market while retaining the security of a cash offer. On marketing, she confirmed that higher brand awareness in mature markets leads to higher trust and conversion. The company pulled back on marketing in Q3 due to market conditions but plans to invest opportunistically for the upcoming spring selling season.

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    Nick McAndrew's questions to Compass Inc (COMP) leadership

    Nick McAndrew's questions to Compass Inc (COMP) leadership • Q2 2025

    Question

    Nick McAndrew from Zelman & Associates inquired about early feedback on the Compass One dashboard and its effect on platform stickiness. He also asked what drives the high attach rate for 'one-click' Title & Escrow (T&E) and if a similar opportunity exists for the mortgage business.

    Answer

    Founder, Chairman & CEO Robert Reffkin reported strong feedback on Compass One and noted that 'one-click' T&E sees higher attach rates because it saves agents time and reduces anxiety. He confirmed that Compass aims to introduce a similar function for its mortgage services, likely in 2026.

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    Nick McAndrew's questions to Anywhere Real Estate Inc (HOUS) leadership

    Nick McAndrew's questions to Anywhere Real Estate Inc (HOUS) leadership • Q2 2025

    Question

    Nick McAndrew from Zelman & Associates asked about the drivers of improved mortgage capture rates from new buyer agreement pilots and questioned the potential for further cost savings in 2026 and beyond.

    Answer

    CEO Ryan Schneider stated that the 2.5 percentage point increase in mortgage capture was driven entirely by engaging the consumer earlier in the process, without offering any economic incentives like discounts. CFO Charlotte Simonelli and Schneider both affirmed that meaningful cost savings opportunities remain beyond 2025, fueled by business transformation and AI technologies rather than just 'low-hanging fruit'.

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    Nick McAndrew's questions to Anywhere Real Estate Inc (HOUS) leadership • Q1 2025

    Question

    Nick McAndrew asked about April trends in the luxury housing market, given recent macro volatility. He specifically inquired about any changes in days on market, the behavior of high-end sellers, and whether there has been an increase in price reductions.

    Answer

    CEO Ryan Schneider responded that while overall April volumes were flat, key underlying metrics remained stable. He noted no significant change in days on market or cancellation rates in April compared to Q1. He stated that price growth continued across all segments, and the luxury segment specifically continued to outperform the broader portfolio, showing positive volume growth in April, not just flatness. He also highlighted that luxury listings were up 12% year-over-year in Q1.

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