As the craze of earnings season draws to a close, here's a look back at some of the most exciting (and some less so) results from Q4. Today, we are looking at real estate services stocks, starting with Newmark (NASDAQ:NMRK).

Technology has been a double-edged sword in real estate services. On the one hand, internet listings are effective at disseminating information far and wide, casting a wide net for buyers and sellers to increase the chances of transactions. On the other hand, digitization in the real estate market could potentially disintermediate key players like agents who use information asymmetries to their advantage.

The 14 real estate services stocks we track reported a weaker Q4; on average, revenues beat analyst consensus estimates by 1.7%. while next quarter's revenue guidance was 21.1% below consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and real estate services stocks have had a rough stretch, with share prices down 13.9% on average since the previous earnings results.

Newmark (NASDAQ:NMRK)

Founded in 1929, Newmark (NASDAQ:NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.

Newmark reported revenues of $747.4 million, up 23.1% year on year, in line with analyst expectations. It was a mixed quarter for the company, with a miss of analysts' earnings estimates. Newmark's 2024 guidance, however, was quite bullish as it expects industry volumes to accelerate in the second half of the year, leading to anticipated earnings outperformance.

The stock is down 7.4% since the results and currently trades at $9.64.

Read our full report on Newmark here, it's free.

Best Q4: CBRE (NYSE:CBRE)

Established in 1906, CBRE (NYSE:CBRE) is one of the largest commercial real estate services firms in the world.

CBRE reported revenues of $8.95 billion, up 9.2% year on year, outperforming analyst expectations by 6%. It was an impressive quarter for the company, with a solid beat of analysts' revenue estimates.

The stock is down 2.1% since the results and currently trades at $85.14.

Is now the time to buy CBRE? Access our full analysis of the earnings results here, it's free.

Weakest Q4: Offerpad (NYSE:OPAD)

Known for giving homeowners cash offers within 24 hours, Offerpad (NYSE:OPAD) operates a tech-enabled platform specializing in direct home buying and selling solutions.

Offerpad reported revenues of $240.5 million, down 64.5% year on year, falling short of analyst expectations by 4.7%. It was a weak quarter for the company, with a miss of analysts' homes sold estimates and revenue guidance for next quarter missing analysts' expectations.

Offerpad had the weakest performance against analyst estimates in the group. The stock is down 14.7% since the results and currently trades at $7.85.

Read our full analysis of Offerpad's results here.

Zillow (NASDAQ:ZG)

Founded by Expedia co-founders Lloyd Frink and Rich Barton, Zillow (NASDAQ:ZG) is the leading U.S. online real estate marketplace.

Zillow reported revenues of $474 million, up 9% year on year, surpassing analyst expectations by 5%. It was a mixed quarter for the company, with an impressive beat of analysts' earnings and revenue estimates. On the other hand, its number of monthly active users unfortunately missed and its operating margin fell short of Wall Street's estimates.

The stock is down 20.1% since the results and currently trades at $41.58.

Read our full, actionable report on Zillow here, it's free.

Marcus & Millichap (NYSE:MMI)

Founded in 1971, Marcus & Millichap (NYSE:MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.

Marcus & Millichap reported revenues of $166.2 million, down 36.7% year on year, falling short of analyst expectations by 2.9%. It was a weaker quarter for the company, with a miss of analysts' revenue estimates.

The stock is down 22.4% since the results and currently trades at $31.

Read our full, actionable report on Marcus & Millichap here, it's free.

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