“The backbone of surprise is fusing speed with secrecy.”- Von Clausewitz (1780-1831)
“Well done is better than well said.”- Benjamin Franklin (1706-1790)
“Copy from one, it’s plagiarism; copy from two, it’s research.”- Wilson Mizner (1876-1933)
“Every day I get up and look through the Forbes list of the richest people in America. If I’m not there, I go to work.”- Robert Orben
“If I were two-faced, would I be wearing this one?”- Abraham Lincoln (1809-1865)
BREAKING NEWS –
While we at RealEstateIndustryWatch were aware of the dispute that a former Realty Executives International president was having with his former employers, we were not aware that there may well be more turmoil going on there.
According to this post in AgentGenius, Realty Executives International has moved offices, has laid off a large number of their executives, and had a major franchisee move over to Keller Williams. This was kept fairly quiet presumably due to the fact that REI insiders had much to lose by it getting out.
We are attempting at this time to get in contact with Realty Executive International as well as other interested parties and we will have an update soon.
Pinnacle Quest Consulting announced that it has entered into an agreement to buy Dave Beson Seminars, including its popular LetterWriter series.
“We have enjoyed a long-time relationship with Dave and are pleased now to take that relationship to the next level,” said Brent Gray, CEO and co-founder of Pinnacle Quest. “The addition of the popular Dave Beson LetterWriter series and other products to our current product mix adds a dimension to Pinnacle Quest that is a perfect fit.”
Dave Beson has been a featured real estate speaker for 30 years and according to the agreement, he will continue to support the Beson brand of marketing tools as well as to speak to limited engagements. He will also continue to consult with PinnacleQuest on the strategic direction of the brand.
The reseller agreements that are in place now will remain in place according to Pinnacle Quest.
In a move designed to maximize the potential to achieve positive cash flow in the near term, Zip Realty announced office closings of less productive offices. In this press release, the CEO of Zip Realty stated the following:
“We believe that the changes we are implementing today position ZipRealty for improved near-term financial performance and stronger long-term growth,” said Lanny Baker, the Company’s Chief Executive Officer. “Performance in our strongest markets demonstrates that when ZipRealty’s advantages in technology and online marketing are aligned with all-star real estate agents and outstanding local leadership the results can be compelling – for consumers, agents and stockholders alike…The pressures on the real estate market continue to be severe, and we are purposefully adjusting our cost structure and operating strategy to concentrate resources on the Company’s most attractive opportunities. Beginning with our transition to the independent contractor model in 2010 and extending beyond today’s announcements, we are committed to identifying new ways to amplify the Company’s core strengths in technology and online marketing.”
This move comes after the company’s earlier change this year that changed the status of agents from employees to independent contractors. This latest change is expected by the company to result in a $20 million increase to the bottom line. More complete financial results from Zip Realty will be forthcoming with their regularly scheduled quarterly financial results in March.
Market Leader has announced that they and DotLoop have been selected by Keller Williams to power a new Keller Williams marketing platform, The new platform is set to be rolled out at the Keller Williams Family Reunion later this year.
“The launch of this platform is a bold move by Keller Williams and a major product innovation for Market Leader,” said Steve Murray, editor of REAL Trends, a leading source of analysis and information on the residential brokerage industry. “The real estate industry has talked for years about the need for integrated solutions. , but to my knowledge, this will be the first time it’s been done.”
The details of the platform as well as what it will accomplish still have yet to be seen. According to the press release:
“Market Leader is proud to have been chosen by Keller Williams to provide a single, seamlessly integrated system to manage their associates’ web sites, lead generation, contacts, and all of their marketing materials,” said Ian Morris, CEO of Market Leader. “This innovative solution will help tens of thousands of agents manage their business while also providing them with ongoing access to a wealth of other services designed to help them accelerate their growth and success.”
More details on this as news is available.
REALOGY reported losses of $33 Million in Q3 as they released figures in this report yesterday. Thiis was attributed to a decrease in sales of approximately 10% year over year and to the general slowdown in sales following the end of the tax incentives in Q2.
The company also help a webcast / conference call to discuss the results. This will be available on the company’s website from today through 11.23.2010 according to their media page. The company did report that it is meeting its current debt obligations and that EBITDA for the company was $133 MM.