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    Ryan McKeveny • Zelman & Associates

    Ryan McKeveny's questions to Rocket Companies Inc (RKT) leadership

    Ryan McKeveny's questions to Rocket Companies Inc (RKT) leadership • Q2 2025

    Question

    Ryan Mckeveny of Zelman & Associates asked about the strategy for Redfin's agent count and sought a refreshed perspective on the company's conviction in its multi-year purchase market share targets laid out at Investor Day.

    Answer

    CEO Varun Krishna outlined a holistic purchase strategy built on three pillars: Redfin for top-of-funnel efficiency, servicing/recapture supercharged by the Mr. Cooper deal, and a renewed focus on the wholesale broker channel. He noted that Redfin's in-house and partner agent networks are being combined with the Rocket Homes network to achieve scale. Krishna affirmed that the company is on track to meet its long-term purchase market share goals.

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    Ryan McKeveny's questions to Rocket Companies Inc (RKT) leadership • Q4 2024

    Question

    Ryan McKeveny inquired about early performance indicators from the recent brand restage and the launch of Rocket.com, specifically regarding application activity, site traffic, and partner connections.

    Answer

    CEO Varun Krishna highlighted promising early results, including a 30% brand lift measured by a Harris Poll and higher user engagement on Rocket.com compared to the previous site. CFO Brian Brown added that the strategy aims to reduce client acquisition costs by driving traffic to owned digital properties, with a rigorous focus on measuring ROI for all marketing spend.

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    Ryan McKeveny's questions to Compass Inc (COMP) leadership

    Ryan McKeveny's questions to Compass Inc (COMP) leadership • Q4 2024

    Question

    Ryan McKeveny asked for clarity on a reasonable run rate for organic agent additions going forward and inquired about the M&A pipeline and focus following the significant Christie's transaction.

    Answer

    CFO Kalani Reelitz projected 600-700 gross agent adds per quarter with retention remaining high around 97.5% quarterly, noting Q4 net adds were understated due to a cleanup of non-producing agents. He confirmed that while integration of the recent deal is a priority, the M&A pipeline remains strong and the company anticipates further activity to build its inventory advantage.

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    Ryan McKeveny's questions to Compass Inc (COMP) leadership • Q3 2024

    Question

    Ryan McKeveny asked for clarification on the Q4 operating expense outlook, given the Q3 outperformance, and requested a status update on the OriginPoint mortgage joint venture's growth and strategy.

    Answer

    Executive Kalani Reelitz explained that while OpEx is trending toward the low end of the annual range, the Q4 figure reflects the annualization of M&A costs and strategic investments in the Title & Escrow business. Regarding OriginPoint, both he and CEO Robert Reffkin noted its strong Q3 performance and stated the focus is on deepening attach rates in existing markets by recruiting loan officers preferred by Compass agents.

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    Ryan McKeveny's questions to Anywhere Real Estate Inc (HOUS) leadership

    Ryan McKeveny's questions to Anywhere Real Estate Inc (HOUS) leadership • Q4 2024

    Question

    Ryan McKeveny inquired about the franchise sales pipeline for 2025 and the profile of new franchisees. He also sought clarification on a tax refund's impact on guidance.

    Answer

    CEO Ryan Schneider described the franchise pipeline as strong and consistent, noting that recent industry changes have enhanced their value proposition. He confirmed new franchisees are primarily established independent brokerages converting to Anywhere's brands. CFO Charlotte Simonelli clarified that a delayed tax refund affects free cash flow timing, not EBITDA, and that 2025 free cash flow is expected to be similar to 2024's, excluding onetime items.

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    Ryan McKeveny's questions to Zillow Group Inc (ZG) leadership

    Ryan McKeveny's questions to Zillow Group Inc (ZG) leadership • Q3 2024

    Question

    Ryan McKeveny asked about the expense growth outlook, specifically whether variable costs should be expected to continue outpacing revenue growth in 2025 if the housing market remains slow.

    Answer

    CFO Jeremy Hofmann stated that while not providing 2025 guidance, investors should expect 'more of the same strategy,' with continued expansion in Enhanced Markets and disciplined cost management. He noted the company plans for a choppy macro environment and will adjust variable and marketing spend based on opportunities, but feels comfortable with the current fixed cost level to achieve its 2025 share targets.

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    Ryan McKeveny's questions to Zillow Group Inc (ZG) leadership • Q2 2024

    Question

    Ryan McKeveny of Zelman & Associates asked about the macro impact of the first-time homebuyer market in Q2 and sought clarity on the strategic mix between Zillow Home Loans (ZHL) and the broader mortgage marketplace.

    Answer

    CFO Jeremy Hofmann acknowledged that the mortgage market for buyers was a headwind, but Zillow outperformed due to strong execution across its business lines. He clarified that while the mortgage marketplace remains important for customer choice, the company's primary focus and the bulk of future growth will come from the integrated Zillow Home Loans business, which grew purchase originations 125% year-over-year.

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    Ryan McKeveny's questions to Zillow Group Inc (ZG) leadership • Q1 2024

    Question

    Ryan McKeveny from Zelman & Associates requested an update on the Follow Up Boss acquisition, asking about the initial receptiveness and retention of its legacy customers and the progress on integrating its CRM capabilities with the Premier Agent business to drive conversion gains.

    Answer

    COO Jeremy Wacksman stated that Zillow has been pleased with the retention of Follow Up Boss customers and has received continued positive feedback from agents post-acquisition. He noted that while integration is in its early stages, there is significant opportunity ahead to leverage the CRM to help Premier Agent partners improve conversion rates.

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