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New words:
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advisory, arising, Boston, comparable, declining, dissolved, Excluding, exercise, headcount, involved, offsetting, originally, professional, publication, rating, refinancing, stopped
Financial report summary
?Competition
Costar • Realogy • Anywhere Real Estate • RE/MAX Holdings Inc - Ordinary Shares • La RosaManagement Discussion
- In 2023, revenue decreased by $122.9 million, or 11%, as compared with 2022. This decrease was partially offset by $134.1 million resulting from our acquisition of Bay Equity, and there were $130.2 million of such revenues in 2022. Excluding these revenues from Bay Equity, this decrease in revenue was primarily attributable to a $168.5 million decrease in real estate services revenue. Brokerage revenue decreased by $170.8 million and partner revenue increased by $2.3 million. Brokerage revenue decreased 23% during the period, driven by a 29% decrease in brokerage transactions and partially offset by a 9% increase in brokerage revenue per transaction.
- In 2023, total cost of revenue decreased by $143.6 million, or 18%, as compared with 2022. Included in the decrease was $118.0 million resulting from our acquisition of Bay Equity, and there were $118.1 million of expenses in 2022. Excluding these expenses from Bay Equity, this decrease in cost of revenue was primarily attributable to a $128.1 million decrease in personnel costs and transaction bonuses, due to decreased headcount and decreased brokerage transactions, respectively.
- Total gross margin increased 570 basis points as compared with 2022, driven primarily by increases in real estate services, mortgage, and other gross margins, and the relative growth of our rentals business compared to our other businesses. This was partially offset by decreases in rentals gross margin.