In a LinkedIn post Thursday after his company went public on the New York Stock Exchange, Reffkin said, "I started Compass because of my mom, Ruth, a single mom who embodies the entrepreneurial spirit.". During his latest CNBC appearance, Compass CEO Robert Reffkin outlined the catch-22 of higher mortgage rates and why early pandemic boomtowns are facing a devastating bust. Read more: Compass is gearing up for an ambitious $10 billion IPO. In 2005, he was a White House fellow under the George W. Bush administration, where he served as the special assistant to the Secretary of the Treasury,John Snow. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. By clicking Sign up, you agree to receive marketing emails from Insider Top editors give you the stories you want delivered right to your inbox each weekday. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) Unique features from hacker profiles to portal watch and video interviews. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. 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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. Overnight on Wall Street is daytime in Asia. Reffkins stake valued at $472 million after share sale, Critics say real estate brokerage needs to justify valuation, Rivians Troubles Dont End at a 93% Wipeout, Buffett Will Beat theMarket asRecession Looms, Investors Say, First Republics Jumbo Mortgages Brought On Banks Failure, Asia Stocks Set for Mixed Start as Treasuries Drop: Markets Wrap. You will receive additional instructions via email. It would also make Compass look more like its older rivals; firms, such as RE/MAX and brands under parent company Anywhere have long operated franchises. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. 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. Compass CEO says Florida continues to be a thriving residential Are you prioritizing your cable entertainment bill over protecting and investing in your family? In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. 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. He then rose through the ranks at Goldman Sachs, eventually becoming the chief of staff for Gary Cohn, the former president and chief operating officer of Goldman. His "primary philanthropic undertaking" has been running a marathon in each of the 50 states in the US to raise $1 million for youth education and enrichment programs, he said in a bio on America Needs You. All Rights Reserved. Real estate is uniquely positioned to be a leader in diversity, Reffkin said in a recent Forbes guest post: Compasssaid the latest funding round will be used to expand to 10 new cities within two years and invest in new research and development. Prices are up in March over both February and January. Sign up for Individual Select membership today. With all that capital raised, all signs are pointing to that direction, said Ashkan Zandieh, founder of property data startup Falkon and research company RE:Tech., Vera Nelson,a California real-estate agentof 17 years, left Coldwell Banker for Compass in 2015. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. Don't miss the premier event for real estate pros. Self-made millionaire and Compass CEO Robert Reffkin uses simple tests when making decisions about who to hire and who to let go during job interviews. There seems to be a problem with your Inman Select Membership. Rents are actually flat year over year.. WebNotable White House Fellows. Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. Compass will have an international presence within 18 months, Reffkin said in June. Robert Reffkin Gets Real At Annual Compass REtreat: 'Hope Is 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. Coalesce's Select Membership is no longer active. Reffkin made the comments during his companys earnings call. Investors seem bullish on real estate technology, spendingalmost $6 billionon it in the first three quarters of 2017, compared to $3.2 billion during the same period in 2016, according to RE:Tech data. Markets never sleep, and neither does Bloomberg. Access your favorite topics in a personalized feed while you're on the go. CNBC Smart Policies are as low as $30 a month, No Medical Exam Required In This Article. If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. 11 tools for neophytes, 23 video content ideas real estate agents can't afford to miss, New-home sales soar to 1-year high in March as purchases leap 9.6%. Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. Sellers? Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Stay up to date with what you want to know. Compass Founder & CEO Robert Reffkin Weighs In On Todays The markets that are being hit most in terms of price are the pandemic boom markets, he said. You will receive additional instructions via email. Compass CEO Robert Reffkin Who Pivoted From Goldman to Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. 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. Robert Reffkin Meanwhile, others may be pushed back into the rental market for the time being. Only 3 days left to register for Inman Connect Las Vegas before prices go up! By submitting your email address, you agree to receive marketing emails from Inman. 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. He has said he hopes one day to run for office. Compass Cofounder Robert Reffkin Is Worth $500 Million 15 stories covering tech, special reports, video and opinion. Sign up for Individual Select membership today. Your subscription will automatically renew for on . Compass Inc. Chief Executive Officer Robert Reffkin started his career working in the inner sanctums of American power, from McKinsey & Co. to the White House to Goldman Sachs Group Inc. 2023 The Moguldom Nation. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. Not so much. Its an industry that values longevity. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Governor, Maryland. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google. The couple have three kids together. At Compass' annual REtreat in Atlanta, CEO Robert Reffkin used his keynote to give an honest and intimate review of his company's post-IPO performance Compass has persuaded investors that it can reshape the home-buying process through technology. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the U.S. Federal Reserves Board of Governors. Top headlines from around the real estate industry. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. The buying power of the LGBTQ community is growing. Compass explores possibility of franchising, company says, 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, What you need to know to start your day with all the latest industry developments. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. During his Thursday appearance on CNBCs Squawk on the Street, Compass CEO Robert Reffkin gave a cautiously optimistic assessment of the real estate market as the industry continues to wade through inflation, rising mortgage rates, and the return to a more normal sales pace. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Bloomberg Daybreak Asia. Agents who speak different languages and can relate to diverse clientele will become increasingly important. Even his running hobby is helping others. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Breaking news as it happens. One is Success Academy Charter Schools, a school system for low-income Black and Hispanic students in New York City that helps diminish educational disparities. Reffkin was ultimately upbeat about Compass prospects, but in his companys earnings report also described 2022 as one of the worst years for the real estate market.. Robert Reffkin - Wikipedia 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. The CEO said some buyers especially those who can offer all cash will be able to snatch up a home this spring. During his latest CNBC appearance, Compass CEO Robert Reffkin outlined the catch-22 of higher mortgage rates and why early pandemic boomtowns are facing a devastating bust. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. After graduation, Reffkin was an analyst at McKinsey & Co. for two years, then returned to Columbia for an M.B.A. He worked for two years in finance at Lazard, one as a White House Fellow in the U.S. Department of the Treasury and then moved back to New York City to work at Goldman Sachs. Immigrants are an important and growing client base. Wes Moore. Track your investments 24 hours a day, around the clock from around the world. Real estate is the first career for just. Robert Reffkin is the founder and CEO of Compass, a real estate company, and an entrepreneur on a mission to help everyone find their place in the world. Robert Reffkin wants Compass to be the Amazon of real estate The Compass CEO shared insight into his company's approach to technology and why Coalesce's Select Membership is no longer active. 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. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. Not so much, During his latest CNBC appearance, Compass CEO Robert Reffkin outlined the catch-22 of higher mortgage rates and why early pandemic boomtowns are facing a devastating bust, What you need to know to start your day with all the latest industry developments. Forgot your username? Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Robert Reffkin wants Compass to be the Amazon of real estate Breaking news as it happens. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Compass has persuaded investors that it can reshape the home-buying process through technology. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. The Fellows - White House Fellows Foundation and Association Compass co-founder and CEO Reffkinis the son of an Israeli immigrant who was disowned by her parents when she had a mixed-race baby. The round brings Compass total funding to $325 million, according to The Real Deal. As of early afternoon Eastern Time, cofounder and CEO Robert Reffkin was worth more than $500 million, Forbes estimates. Reffkin, 41, owns 2.3% of Compass normal Class A stock and 100% of its Class C stock, which has 20 times the voting power of normal shares. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. grow into the largest company of its kind, increased competition lately from companies, such as Side, Compass CEO Robert Reffkin calls home offices 'the killer of culture', Compass names Wendy Forsythe president of 3 western states, EXp cites 'volatile housing market' for double-digit sales decline in Q4, Compass revenue falls in Q4 but losses narrow despite 'difficult year', 'Trailblazer and icon': Real estate reacts to Sherry Chris' retirement, Inside the lavish world of luxury real estate and high-net-worth clients, Highlights from Sotheby's biggest brand networking event ever, Coldwell Banker Realty's new CEO: There's 'opportunity' in diversity, What to expect at Corcoran's conference in Nashville this week. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Inman has reached out to Compass for more details and will update this story with any information the company provides. Today, the firm has franchises spread out across multiple U.S. regions. We pored over its 261-page S-1 filing and came away with 5 key revelations. Reffkin said Compass website traffic increased 18 percent from the fourth quarter of 2022 to Q1 2023, and signals buyers growing commitment to navigating market challenges rather than waiting for a quote-unquote better time to buy. It was sleek, but I cant say it was different from anything else out there.. WebNov 09, 2017. The technology was mostly marketing tools, she said. In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. Since his mother never married his biological father, his mother gave Reffki Reffkin ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". This is New York: Robert Reffkin, Embracing the Entrepreneurial WebMayor Michael R. Bloomberg today appointed Robert Reffkin to the Panel for Educational Policy, replacing Chairman David Chang who resigned from the Panel on Friday, November 5th, 2010. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation.