Compass has persuaded investors that it can reshape the home-buying process through technology. WebAbout the Instructor As the CEO and founder of Compass, Robert Reffkin has used modern technology to revolutionize the real estate industry in the U.S. Now hes demystifying the ins and outs of the American home-buying process and sharing tools that will help you buy or sell a home with confidence. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. He stands to receive another 14.9 million shares in coming years contingent on In these times, double down on your skills, on your knowledge, on you. Overnight on Wall Street is daytime in Asia. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. Some of the most talented and successful agents Ive met are those whove seen the industry through multiple housing downturns and can leverage that experience, Reffkin wrote. You will be charged . Affordability is a real issue on the sales side, and if you combine that with a lack of inventory, its driving people to the rental market, he said. Fidelity bought in, making a rare bet on a private company. Unique features from hacker profiles to portal watch and video interviews. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Winter Catalog 2023 by Graham-Faupel-Mendenhall What Drives the Success of Robert Reffkin, Who Took Compass For more details on our payment terms and how to cancel, click here. Its 2020 by 2020 plan, shared at a companywide meeting in New York on Oct. 24, means expansion to Seattle, San Diego, Phoenix, Dallas, Austin, Houston, Atlanta, Charlotte, Philadelphia and Chicago. After covering the national trends, Reffkin acknowledged the impact of the markets greatest challenges is different from market to market, with pandemic boomtowns experiencing major busts in buyer demand and temporarily-abandoned urban markets experiencing stratospheric for-sale and rental price growth as employers reverse course on remote working. Robert Reffkin (1979- ) - BlackPast.org CNBC Nelson left less than a year later and returned to Coldwell. Top headlines from around the real estate industry. Live market coverage co-anchored from Hong Kong and New York. His father was an African American man from Louisiana, who already had two children, and shortly after Reffkin was born abandoned him and his mother. Not everyone is convinced, but the firm said Wednesday that it isnow valued at $1.8 billion after its latest cash infusion a $100 million Series E round that will be spent on a geographic expansion. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. Doing things he's uncomfortable with is just part of his personality, though. Thank you for subscribing to Morning Headlines. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. We would not franchise within the same geographies of our own operations, he added. Whatever happens at Compass, the news of possible franchise operations comes as the brokerage scrambles for profitability. The second is a 501c3 non-profit called America Needs You, which according to its website, "fights for economic mobility for ambitious, first-generation college students.". In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. The company says the technology will makereal-estate agents more productive and more profitable. The Journey Was the Exciting Part | Columbia College Today The markets that are being hit most in terms of price are the pandemic boom markets, he said. For more details on our payment terms and how to cancel, click here. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. Robert Reffkin Gets Real At Annual Compass REtreat: 'Hope Is Prices are up in March over both February and January. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 [email protected]. In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. In these times, double down on your skills, on your knowledge, on you. He's always had big ambitions for his career, sources told Insider previously. The Fellows - White House Fellows Foundation and Association CEO Robert Reffkin floated the idea of a franchise brand during an earnings call Tuesday, describing it as a more profitable method of growing the business. Breaking news as it happens. Agents see a 25 percent increase in earnings during their first year, Compass has said. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Compass CEO: Buyers will deal with higher rates. Thank you for subscribing to Morning Headlines. 2023 The Moguldom Nation. So in March, existing home sales were down 2 percent year over year, Reffkin said while noting the decline puts the market back in line with historical norms. Compass has also faced increased competition lately from companies, such as Side which provide back-office support for agents who want to operate their own brands. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. As Robert and Greg mentioned, we intend to bring down our non-GAAP operating expenses after commissions and other expenses to $1.05 billion to $1.15 billion as we exit 2022. Compass dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. Compass explores possibility of franchising, company says Government of New York City Compass is gearing up for an ambitious $10 billion IPO. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. He then became the youngest business analyst ever hired at McKinsey & Company where he spent two years before returning to his alma mater to get his MBA and then going back to Wall Street as an associate at Lazard. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. He dubbed her the "most important person" in his life and an inspiration, in a LinkedIn post from Mother's Day 2019 that documented how she lived the American Dream. The couple have three kids together. In This Article. You will receive additional instructions via email. A tireless entrepreneur, she spent most of her career as a real estate agent. The couple have three kids together. 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Jean Carroll Testifies TrumpCritic Conway Encouraged Her Lawsuit, Trump Is Denied Mistrial Over Unfair Rulings in E. Jean Carroll Case, State Street CEO: Divestment Will Slow Clean Energy Transition, Brookfield Eyes Green Steel for Multibillion New Transition Fund, Germany Sets the New Standard for Cheap, National Mass Transit, Chinas Now Spurning Ugliest Buildings That Symbolized Its Meteoric Rise, Broke Chinese Gen Zs Turn Factory Town into Top Tourist Spot, Nigerias SEC Plans to Allow Asset-Backed Tokens But Not Crypto, Bitcoin Sags After its Longest Streak of Monthly Gains Since 2021, Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. Although existing-home sales and median home prices experienced single-digit declines in March, Reffkin said affordability continues to be an issue as homebuyers attempt to solve the age-old debate between buying and renting. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the User promo code onward25 during checkout to save 25% on your Inman Select Membership. Reffkin had previously served as the chief of staff to the president of Goldman Sachs and worked in the White House. He dubbed her the "most important person" in his life and an inspiration, in a LinkedIn post from Mother's Day 2019 that documented how she lived the American Dream. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Prices for sales were down in March a little less than 1 percent year over year [and it was the] same in February; however, sequentially, prices are up. Leading commentary by award-winning journalists. Immigrants are an important and growing client base. California-based luxury brokerage The Agency also runs a franchise business. As of We pored over its 261-page S-1 filing and came away with 5 key revelations. From growing up in Berkeley, CA with a single mom, to becoming a White House fellow and rising through the ranks at Goldman Sachs before launching Compass, here are some things to know about the up-and-coming executive. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Simply enter the email address you used to create your account and click "Reset Password". He is running 50 marathons to raise $1 million for youth education nonprofits. 15 stories covering tech, special reports, video and opinion. Reffkin left his banking career to start up Compass with the tech entrepreneur Ori Allon. 10 Things You Didn't Know About Robert Reffkin - Money Inc as well as other partner offers and accept our. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Robert Reffkin is also Compass founder. At best, agents who wanted more control could form teams, but they couldnt actually own their own businesses in the same way a franchisee at another company might.
