Total Revenue

–2% (Q1 2025: $221.03M vs Q1 2024: $225.48M)

The overall decline in total revenue is mainly driven by underperformance in key operating segments, particularly Real Estate Services and Brokerage, compared to Q1 2024. This contrasts with prior periods (FY 2024 saw a 7% revenue increase) where robust gains in several segments had boosted revenue. " " "

Real Estate Services

–3.8% (Q1 2025: $126.28M vs Q1 2024: $131.18M)

Real Estate Services revenue dropped in Q1 2025, largely due to a reduction in Brokerage revenue, which was a major contributor in previous periods (FY 2024 showed a $24.3M increase driven by strong brokerage performance). The current decline represents a reversal from the prior upward trend. " " "

Brokerage

–4.6% (Q1 2025: $119.22M vs Q1 2024: $124.81M)

Brokerage revenue declined by $5.6M (4.6%), reflecting fewer or less lucrative transactions compared to previous periods. FY 2024 experienced a robust increase (with a 4% increase in transactions and a 1% rise in revenue per transaction), suggesting that current softer market conditions or lower transaction volume have now reversed that trend. " " " "

Partner

+11% (Q1 2025: $7.06M vs Q1 2024: $6.37M)

Partner revenue increased by approximately 11% in Q1 2025, a turnaround from FY 2024 which saw a 10% decline. This improvement likely reflects better partner engagement or higher revenue per partner transaction compared to the previous underperformance. " " " "

Rentals

+5.8% (Q1 2025: $52.29M vs Q1 2024: $49.52M)

Rentals revenue grew by 5.8% in Q1 2025, continuing the positive momentum seen in FY 2024 (which recorded a 10% increase). This growth is attributed to expanded rental demand and effective marketing strategies, though the pace is slightly tempered relative to the previous fiscal period. " "

Mortgage

–13% (Q1 2025: $29.32M vs Q1 2024: $33.82M)

Mortgage revenue declined by roughly 13% in Q1 2025, a stark contrast to the prior modest 4% increase seen in FY 2024. This sharper downturn is likely due to adverse macroeconomic factors such as higher mortgage interest rates and reduced consumer demand, which have negatively impacted mortgage-related volumes and fees. " "

Title Revenue (New Stream)

+33% (Q1 2025 increase from $6.5M to $8.64M)

Title revenue surged by 33% in Q1 2025, reflecting further operational improvements. This builds on FY 2024’s strong performance (a 49% increase YoY) and stems from reduced personnel costs and transaction bonuses, which enhanced gross margins significantly. " " " "

Monetization Revenue (New Stream)

+1% (Q1 2025: $4.51M vs Q1 2024: $4.45M)

Monetization revenue saw a modest 1% increase in Q1 2025, underlining stable market demand. This continuity of high operational efficiency—evidenced by gross margins improving from 94.9% to 97.8%—is notable given the segment’s strong FY 2024 performance (35% YoY growth). " " " "