Comments on: A Word (or Two) About Realogy http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/?utm_source=rss&utm_medium=rss&utm_campaign=rss Conversations about the real estate industry, marketing, technology, and public policy Sat, 11 Feb 2012 02:48:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: You… on You Tube? « Thriving Agent http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-2201 You… on You Tube? « Thriving Agent Mon, 14 Dec 2009 20:06:21 +0000 http://robhahn.wordpress.com/?p=438#comment-2201 [...] Sotheby’s & ERA cancelled all of their national conventions this year. Noted as the most vulnerable real estate company per the S&P, Realogy has had to make changes across the board to make ends [...] [...] Sotheby’s & ERA cancelled all of their national conventions this year. Noted as the most vulnerable real estate company per the S&P, Realogy has had to make changes across the board to make ends [...]

]]> By: -Rob http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-595 -Rob Fri, 24 Apr 2009 16:36:03 +0000 http://robhahn.wordpress.com/?p=438#comment-595 It's been ages since I've reviewed the relevant parts of the Bankruptcy Code, but I really doubt that the trustee will own an NRT agent's listings, transactions in contract, or escrow. Escrow doesn't belong to the NRT; it belongs to the buyer until closing, when the funds are released to the seller. It's a strictly custodial account. I see no ownership interest by the NRT or the agent there. Transactions in contract, or listings on market -- it's entirely unclear to me that these can even be considered assets. Plus, I'm pretty sure all NRT agents are 1099 independent contractors, which means that any money owed them from a transaction is governed by terms of their contract. I don't know whether real estate agents would be considered employees or vendors for purposes of determining priority of payments, but I'm pretty sure either way, they'd rank above shareholders. It will be disruptive, for sure, but I don't think the doomsday scenario is quite what will happen. -rsh It’s been ages since I’ve reviewed the relevant parts of the Bankruptcy Code, but I really doubt that the trustee will own an NRT agent’s listings, transactions in contract, or escrow.

Escrow doesn’t belong to the NRT; it belongs to the buyer until closing, when the funds are released to the seller. It’s a strictly custodial account. I see no ownership interest by the NRT or the agent there.

Transactions in contract, or listings on market — it’s entirely unclear to me that these can even be considered assets.

Plus, I’m pretty sure all NRT agents are 1099 independent contractors, which means that any money owed them from a transaction is governed by terms of their contract. I don’t know whether real estate agents would be considered employees or vendors for purposes of determining priority of payments, but I’m pretty sure either way, they’d rank above shareholders.

It will be disruptive, for sure, but I don’t think the doomsday scenario is quite what will happen.

-rsh

]]> By: -Rob http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-3841 -Rob Fri, 24 Apr 2009 16:36:00 +0000 http://robhahn.wordpress.com/?p=438#comment-3841 It's been ages since I've reviewed the relevant parts of the Bankruptcy Code, but I really doubt that the trustee will own an NRT agent's listings, transactions in contract, or escrow. Escrow doesn't belong to the NRT; it belongs to the buyer until closing, when the funds are released to the seller. It's a strictly custodial account. I see no ownership interest by the NRT or the agent there. Transactions in contract, or listings on market -- it's entirely unclear to me that these can even be considered assets. Plus, I'm pretty sure all NRT agents are 1099 independent contractors, which means that any money owed them from a transaction is governed by terms of their contract. I don't know whether real estate agents would be considered employees or vendors for purposes of determining priority of payments, but I'm pretty sure either way, they'd rank above shareholders. It will be disruptive, for sure, but I don't think the doomsday scenario is quite what will happen. -rsh It’s been ages since I’ve reviewed the relevant parts of the Bankruptcy Code, but I really doubt that the trustee will own an NRT agent’s listings, transactions in contract, or escrow.

Escrow doesn’t belong to the NRT; it belongs to the buyer until closing, when the funds are released to the seller. It’s a strictly custodial account. I see no ownership interest by the NRT or the agent there.

Transactions in contract, or listings on market — it’s entirely unclear to me that these can even be considered assets.

Plus, I’m pretty sure all NRT agents are 1099 independent contractors, which means that any money owed them from a transaction is governed by terms of their contract. I don’t know whether real estate agents would be considered employees or vendors for purposes of determining priority of payments, but I’m pretty sure either way, they’d rank above shareholders.

It will be disruptive, for sure, but I don’t think the doomsday scenario is quite what will happen.

-rsh

]]> By: Franklin Hanks http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-596 Franklin Hanks Thu, 23 Apr 2009 15:09:38 +0000 http://robhahn.wordpress.com/?p=438#comment-596 If they file, its the sales associates at the NRT offices that will be hurt the most. A trustee will own their listings and any transactions that they have in contract or escrow become property of the trustee as well. Tens of thousand of agents will looose all of their income and potential income to the trustee. Franchisees will be damaged by the it as well. The press will be all over it and no consumer in the right mind will list with a Realogy franchisee. Everybody looses. ( except the competition) If they file, its the sales associates at the NRT offices that will be hurt the most. A trustee will own their listings and any transactions that they have in contract or escrow become property of the trustee as well. Tens of thousand of agents will looose all of their income and potential income to the trustee. Franchisees will be damaged by the it as well. The press will be all over it and no consumer in the right mind will list with a Realogy franchisee. Everybody looses. ( except the competition)

]]> By: Franklin Hanks http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-3842 Franklin Hanks Thu, 23 Apr 2009 15:09:00 +0000 http://robhahn.wordpress.com/?p=438#comment-3842 If they file, its the sales associates at the NRT offices that will be hurt the most. A trustee will own their listings and any transactions that they have in contract or escrow become property of the trustee as well. Tens of thousand of agents will looose all of their income and potential income to the trustee. Franchisees will be damaged by the it as well. The press will be all over it and no consumer in the right mind will list with a Realogy franchisee. Everybody looses. ( except the competition) If they file, its the sales associates at the NRT offices that will be hurt the most. A trustee will own their listings and any transactions that they have in contract or escrow become property of the trustee as well. Tens of thousand of agents will looose all of their income and potential income to the trustee. Franchisees will be damaged by the it as well. The press will be all over it and no consumer in the right mind will list with a Realogy franchisee. Everybody looses. ( except the competition)

]]> By: Matt Gentile http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-593 Matt Gentile Thu, 26 Feb 2009 14:39:27 +0000 http://robhahn.wordpress.com/?p=438#comment-593 "Realogy says Apollo has its back" See complete story for details: http://twurl.nl/id5x6k. “Realogy says Apollo has its back” See complete story for details: http://twurl.nl/id5x6k.

]]> By: Matt Gentile http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-3839 Matt Gentile Thu, 26 Feb 2009 14:39:00 +0000 http://robhahn.wordpress.com/?p=438#comment-3839 "Realogy says Apollo has its back" See complete story for details: http://twurl.nl/id5x6k. “Realogy says Apollo has its back” See complete story for details: http://twurl.nl/id5x6k.

]]> By: Debby Crawford http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-594 Debby Crawford Thu, 26 Feb 2009 04:41:50 +0000 http://robhahn.wordpress.com/?p=438#comment-594 A number of C-21 offices closed in Atlanta because the Franchise owners had financial problems. Real Estate is a relationship based business and most Buyers and Sellers choose an agent first not the Brand. As pointed out the assets of the Company are its agents. additionally, their listings. The individual agents will be the first to jump ship and without them there is NO business. Franchise owners may stay in longer because of an investment and as pointed out they are the owners of the Real property and assets. I would have moved my business already. There is enough drama for Sellers to deal with now. I would not want to add any additional. A number of C-21 offices closed in Atlanta because the Franchise owners had financial problems. Real Estate is a relationship based business and most Buyers and Sellers choose an agent first not the Brand. As pointed out the assets of the Company are its agents. additionally, their listings. The individual agents will be the first to jump ship and without them there is NO business. Franchise owners may stay in longer because of an investment and as pointed out they are the owners of the Real property and assets.

I would have moved my business already. There is enough drama for Sellers to deal with now. I would not want to add any additional.

]]> By: Debby Crawford http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-3840 Debby Crawford Thu, 26 Feb 2009 04:41:00 +0000 http://robhahn.wordpress.com/?p=438#comment-3840 A number of C-21 offices closed in Atlanta because the Franchise owners had financial problems. Real Estate is a relationship based business and most Buyers and Sellers choose an agent first not the Brand. As pointed out the assets of the Company are its agents. additionally, their listings. The individual agents will be the first to jump ship and without them there is NO business. Franchise owners may stay in longer because of an investment and as pointed out they are the owners of the Real property and assets. I would have moved my business already. There is enough drama for Sellers to deal with now. I would not want to add any additional. A number of C-21 offices closed in Atlanta because the Franchise owners had financial problems. Real Estate is a relationship based business and most Buyers and Sellers choose an agent first not the Brand. As pointed out the assets of the Company are its agents. additionally, their listings. The individual agents will be the first to jump ship and without them there is NO business. Franchise owners may stay in longer because of an investment and as pointed out they are the owners of the Real property and assets.

I would have moved my business already. There is enough drama for Sellers to deal with now. I would not want to add any additional.

]]> By: -Rob http://www.notorious-rob.com/2008/11/19/a-word-or-two-about-realogy/#comment-592 -Rob Wed, 11 Feb 2009 20:10:45 +0000 http://robhahn.wordpress.com/?p=438#comment-592 By the way, as the trackback link says, some additional info on Realogy and bankruptcy: http://notorious-rob.com/2009/02/11/realogy-sure-sounds-confident/ Short summary: They don't sound like they need it. -rsh By the way, as the trackback link says, some additional info on Realogy and bankruptcy:

http://notorious-rob.com/2009/02/11/realogy-sure-sounds-confident/

Short summary: They don’t sound like they need it.

-rsh

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