The latest financial results from tree.com show more agents have left its realestate.com Realtors business.
realestate.com ended Q1 with 910 agents, but that was down to 787 at the end of Q3 and has now dropped to 641. The online brokerage is still operating in 20 markets across the US.
Along with the decrease in agent numbers, tree.com also posted a drop in revenue. The company generated revenue of US$51.2 million for the fourth quarter of 2010, down from $53.2 million in Q3, but an improvement over the $47.8 million the company made in Q4 2009.
"Overall we are pleased with the bottom line results in the fourth quarter in the face of a change in the mortgage market and seasonally low mortgage volume," says tree.com chairman and CEO Doug Lebda.
"We've been talking about the shift in the market that would come with rising interest rates, and we have been preparing for it," Lebda adds. "We are now executing our plans to grow and succeed in a very different market in 2011 than what we had in the last three years."