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    Nick McAndrew

    Research Analyst at Zelman & Associates

    Nick McAndrew is an Equity Research Associate at Zelman & Associates, specializing in the mortgage and real estate services sectors. He is directly involved in covering high-profile companies such as Opendoor and contributes to market research that informs sector outlooks, with his analyses featured on major earnings calls. McAndrew began his career interning with CastleArk Management on small-cap tech coverage before joining Zelman, and he holds a bachelor's degree in finance and economics as well as a master's in finance from the University of Wisconsin-Madison. He is recognized for his strong academic foundation in finance, though there is no public information confirming FINRA registration or securities licenses.

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

    Nick McAndrew's questions to Real Brokerage (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 (OPEN) leadership

    Nick McAndrew's questions to Opendoor Technologies (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 (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 (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 (COMP) leadership

    Nick McAndrew's questions to Compass (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 RE/MAX Holdings (RMAX) leadership

    Nick McAndrew's questions to RE/MAX Holdings (RMAX) leadership • Q2 2025

    Question

    Nick McAndrew of Zelman & Associates inquired about the Aspire program's success, asking which agent demographics it resonates with and how franchisees are using it. He also asked for any visibility into agent engagement across multiple new tools and whether this correlates with higher agent retention.

    Answer

    CEO Erik Carlson responded that the Aspire program has seen strong adoption, with nearly two-thirds of eligible brokerages participating. He noted it is primarily attracting agents with younger tenure but is also used by experienced agents transferring their business. Carlson stated that while it's too early to definitively link multi-tool usage to retention, individual tools like MaxEngage and Lead Concierge are seeing good adoption and are key to enhancing the overall agent value proposition.

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    Nick McAndrew's questions to RE/MAX Holdings (RMAX) leadership • Q1 2025

    Question

    Inquired about the competitive positioning of the new Aspire program and how it will coexist with existing agent models.

    Answer

    The Aspire program is designed to attract new agents by sharing financial risk with brokers and improving onboarding and productivity, thus reducing churn. It is a first step towards offering more flexible models and tools, which will be expanded upon in the future, and it currently operates alongside the traditional model.

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    Nick McAndrew's questions to RE/MAX Holdings (RMAX) leadership • Q4 2024

    Question

    Inquired about the specifics of past cost-saving measures and future opportunities, and asked for details on U.S. agent count trends, including the demographics of agents joining the network.

    Answer

    Executives explained that cost savings were driven by broad operational efficiency, with personnel being a major component, and provided an SO&A run rate for 2025. Regarding agent trends, churn is highest among newer, less productive agents, while tenured professionals are stable. The company is focused on improving its value proposition to attract and retain all agent types.

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

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

    Question

    Nick McAndrew inquired about the pilot program for introducing title and mortgage services at the buyer agreement stage, asking if the improved mortgage capture rate was driven by better timing or by consumer cost savings. He also asked about the potential for additional cost savings in 2026, beyond what might be considered 'low-hanging fruit'.

    Answer

    CEO, President & Director Ryan Schneider clarified that the 2.5 percentage point increase in mortgage capture was 100% driven by early and timely communication with the consumer, with no discounts or economic incentives offered yet. On cost savings, EVP & CFO Charlotte Simonelli and Schneider explained that future efficiencies will be driven by transformative technologies like generative AI, which create new opportunities for automation and process improvement, rather than just cutting obvious costs. Simonelli confirmed they expect meaningful savings to continue beyond 2025.

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    Nick McAndrew's questions to Anywhere Real Estate (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 (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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