Real estate franchisor Anywhere’s revenue increased 1 percent year over year to $1.7 billion, as a “historically challenging housing cycle” hindered transaction growth during the second quarter.
From April 1 to June 30, Anywhere’s annual closed transaction volume growth remained flat, with units down 4 percent and prices up 4 percent compared to Q2 2024. However, a rebound is forming, executives said, as the franchisor’s closed transaction volume has begun to improve.
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As of July 21, open volume has improved 9 percent year-over-year, while Advisor listings have improved 11 percent year-over-year.
Anywhere’s annual net income and adjusted net income declined by 10 percent during the quarter. Net income declined 10 percent to $27 million while adjusted net income declined 10 percent to $36 million, according to an earnings report released on Tuesday.
Despite a tough Q2, Anywhere CEO Ryan Schneider said he’s still bullish about the company’s growth as they aim to remain on the cutting edge of artificial intelligence.
Ryan Schneider | Anywhere
“Momentum from improving volume trends in June 2025 carried into July,” he said in a prepared statement. “Anywhere is driving a bold transformation of the real estate industry, empowering agents and franchisees through advanced AI, digital innovation and the strategic scale of integrated businesses.”
Anywhere Executive Vice President, Chief Financial Officer and Treasurer Charlotte Simonelli echoed Schneider’s sentiments, highlighting realized cost savings of $25 million during Q2 — putting the company on track to reach a realized cost savings of $100 million by year’s end. The company’s free cash flow dipped from $63 million to negative $5 million during the quarter, which includes a one-time $41 million legacy tax matter payment and a $25 million impact from securitization timing.
The company also raised $500 million in new debt as part of its capital allocation strategy.
“We are continuing to build on years of disciplined operational excellence, commitment to deleveraging the balance sheet, and foresight to prime the business for its next chapter of AI-enabled growth,” she said in the earnings call. “[Our capital allocation strategy] continues to provide the balance sheet strength to invest organically or inorganically, while fortifying the business now so we can return even stronger when the housing market normalizes and our normalized market target leverage remains three times.”
During the call, Schneider highlighted Sotheby’s International Realty (SIR) and Anywhere’s corporate luxury brands, which were able to cut through the headwinds and increase closed transaction volume 3.5 percent year over year. Anywhere’s luxury sector also sold 20 percent more homes worth $10 million or more during Q2, with SIR (+13 percent) and Corcoran (+20 percent) experiencing double-digit increases in open volume in July.
The company’s broader portfolio, which includes Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Coldwell Banker Commercial and ERA, also experienced solid growth during the quarter, adding 13 new U.S. franchisees and three new international markets.
“Our compelling value proposition, centered on delivering best-in-class products and services, great marketing, and industry-leading support, is increasingly resonating with great agents across the country,” he said of the growth. “Advisors recruited 625 productive agents in the quarter, and saw 31 percent year-over-year growth in business recruited with strong gains against many of our biggest competitors, and we are having even greater success retaining top talent in this highly competitive market with Advisors’ agent retention reaching about 95 percent among the top half of producing agents.”
“This is rarefied air, right around the highest rates we’ve ever achieved,” he added. “And in our great luxury brands, our retention is even higher.”
Schneider and Simonelli said artificial intelligence innovation is at the core of the company’s value proposition, with leadership leveraging AI to improve brokerage transaction processing, improve workflows for its sales and relocation segments, and supercharge agent operations with AI-generated comparative market analyses and a series of third-party enterprise partnerships.
These innovations, they said, have helped Anywhere affiliates remain productive and snag higher value deals, which contributed to agent commission split growing 0.36 percent to 80.9 percent in Q2.
Simonelli said the company’s tech moves are part of Reimagine 25, a multi-year effort aimed at preparing Anywhere for “greater growth and success” on the other side of a market slump.
“This comprehensive program encompasses all aspects of our enterprise, and we expect it will significantly contribute to our savings targets for 2025 and beyond, by leveraging AI-enabled technology to reduce manual processes,” she said. “We aim to enhance our value proposition and unlock growth opportunities. No area of our business is out of scope for this transformation, and all our core businesses and corporate teams are engaged finding new and innovative ways to deliver better experiences, faster and at lower cost.”
