NRT CEO Ryan Gorman compared Compass’ recruitment of agents and efforts to gain market share in competing marketplaces to “shoplifting” at Inman Connect Las Vegas.
NRT’s parent company Realogy is suing Compass over “unfair business practices and illegal schemes to gain market share at all costs.”
“We don’t sue for show,” Gorman told interviewer Clelia Peters, the president of Warburg Realty. “This is the real deal … the industry should take it seriously.”
Gorman encouraged everyone in the audience to read beyond the headlines and take a full look at the lawsuit. He said after reading it, people won’t wonder why Realogy is suing Compass, but rather why it took the company so long to do so.
He specifically pointed to Realogy’s allegations that Compass CEO Robert Reffkin, “personally solicited Realogy to enter into an illegal price-fixing agreement where the two companies would agree to limit agent compensation and ‘compete on brand,’ but not on price.”
“He proposed the most anti-agent thing I’ve ever heard,” Gorman said.
Watch the entire discussion above for the full scope of Gorman’s comments.
