Ryan Serhant Begins Expansion Into Six Markets
Bravolebrity Ryan Serhant is continuing his pursuits of real estate domination with the announcement that his eponymous brokerage, SERHANT., is expanding into six new markets. Pushing outside New York, the expansion will include Florida, Pennsylvania, New Jersey, North Carolina, South Carolina and Connecticut.
“SERHANT. is built by agents for agents, and our goal has always been to revolutionize the real estate industry and bring the business into the future,” Ryan Serhant, founder, CEO and broker of SERHANT., said in a statement. “We are a firm that is empowered by media, committed to best-in-class education and tools, and motivated by forward-looking agents that believe in and exemplify our vision. Expanding our presence nationwide was a natural next step and embodies our entrepreneurial spirit.”
According to Inman, Yasser Ponce, Mariana Niro, formerly of Douglas Elliman, and Matt Van Wie, formerly of The Keyes Company, will act as the founding agents of SERHANT. Miami, with an office scheduled to open later in 2023.
SERHANT. was founded in 2020 and now has more than 300 agents. Since its founding, the brokerage has closed more than $3 billion in sales.
Zillow Agrees To $15 Million Settlement
A six-year legal battle for Zillow may finally be coming to an end, with news that the company has agreed to a $15 million settlement.
The payout stems from a class action suit brought by shareholders that questioned the legality of a program that allows agents and lenders to share marketing expenses, which allegedly caused the company’s stock price to fall in 2017.
Zillow’s agent-lender co-marketing program was found to be in violation of the Real Estate Settlement Procedures Act (RESPA) in 2018 by the Consumer Financial Protection Bureau. Zillow maintains that the program is RESPA compliant and admitted no wrongdoing in agreeing to settle the case.
The settlement will be brought up for approval at an Aug. 8 hearing.
Coldwell Banker: Brokers Plan To Stay Put
Could it be that an unstable market is forcing agents and brokers to look for stability at the office? A new Coldwell Banker survey found that 75 percent of agents plan to stay with their current brand at least for the next two years—a 24 percent increase from the last survey in 2019.
The survey includes answers from 1,322 agents, 45.6 percent of which are affiliated with Coldwell Banker.
In 2019 and 2023, roughly 30 percent of agents left a brokerage due to the commission structure, while the share of agents who left a brokerage due to a weak culture roughly doubled from 2019 to 2023. A lack of training accounted for another 30 percent of departures.