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Even his running hobby is helping others. The real estate industry values a diverse skillset in its practitioners. In these times, double down on your skills, on your knowledge, on you. 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.. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Top headlines from around the real estate industry. Sign up for notifications from Insider! Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. U.S. Federal Reserves Board of Governors. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. 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. By submitting your email address, you agree to receive marketing emails from Inman. 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.". 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. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. 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. 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. Smart Policies are as low as $30 a month, No Medical Exam Required Leading commentary by award-winning journalists. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. To subscribe to exclusive newsletters, visit your email preferences in the account settings. The technology was mostly marketing tools, she said. Reffkins mother raised him alone: He got a scholarship to a prestigious San Francisco prep school, graduated from Columbia University in two years, was hired as the youngest McKinsey analyst in the firms history, and eventually became chief of staff to Goldman Sachs COO Gary Cohn.. By submitting your email address, you agree to receive marketing emails from Inman. Still, even with sparse details, the news is a major announcement. 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. He has said he hopes one day to run for office. Nobody wants to give up their home in which they locked in [lower rates] years ago., The fundamental issue is that 30 percent of homeowners are locked in mortgage rates at three percent or below, he added. In a response to a question from a Wall Street analyst, he said that franchising is definitely a more profitable way to grow. Though he said the company is exploring the option, he provided few details on how it might work instead saying only that we would not do that in a way that would impair the experience for our existing agents in any way.. I think part of whats hitting the pandemic boom markets is CEOs across the country asking their employees to come back to work, he said. Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. Thank you for subscribing to Morning Headlines. 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Reffkin then referenced a recent Redfin report about pandemic boomtowns and repeated the story of a Boise-based Redfin agent who noted a precipitous drop in homebuying demand after Silicon Valley Banks March failure. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. Lael Brainard. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. Sellers? Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. The 5-year-old company reported $62.6 million in 2017 revenue. We pored over its 261-page S-1 filing and came away with 5 key revelations. 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. Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google. 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. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Inman has reached out to Compass for more details and will update this story with any information the company provides. Meanwhile, others may be pushed back into the rental market for the time being. Compass dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. 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. You will receive additional instructions via email. 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. It was sleek, but I cant say it was different from anything else out there.. 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. Robert Reffkin. But sources told Insider previously he didn't actually know much about the industry he was trying to disrupt, saying he had a rudimentary knowledge and didn't know the difference between a co-op and an apartment. 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 Simply enter the email address you used to create your account and click "Reset Password". Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Reffkin had previously served as the chief of staff to the president of Goldman Sachs and worked in the White House. Learn more about Robert's entrepreneurial pursuits and insights into the 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. 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. But it was a real estate startup that vaulted him to the ranks of the ultrarich. The real vision is for Compass to be everywhere.. For more details on our payment terms and how to cancel, click here. 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. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. 62 percent of Realtors nationwide are female. Compass has persuaded investors that it can reshape the home-buying process through technology. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Breaking news as it happens. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. One person said he's lacked experience in almost everything he's ever done but that's part of what makes him an "extraordinary person. But he left the storied Wall Street firm in 2012 to start his company. WebNov 09, 2017. ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". Forgot your username? Agents who speak different languages and can relate to diverse clientele will become increasingly important. Wes Moore. 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. Though a Compass franchise business would be a major shift for the brokerage, such a move isnt without precedent in the broader industry landscape. Top editors give you the stories you want delivered right to your inbox each weekday. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Immigrants are an important and growing client base. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Get the week's leading headlines delivered straight to your inbox. 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. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass Only 3 days left to register for Inman Connect Las Vegas before prices go up! All Rights Reserved. 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. Reffkin graduated from Columbia University in just under two years, according to Fortune, which placed him on the 40 under 40 list in 2014. Markets never sleep, and neither does Bloomberg. Inventory exiting Q1 was nine percent less than it was exiting Q4, he said. 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. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. 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. Get your ticket now for the best price. 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. 15 stories covering tech, special reports, video and opinion. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) 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. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. (Courtesy Breaking news as it happens. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. 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. Founder & CEO of Compass. 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%. This includes building new technology including real estate signage fueled by solar power, a targeted digital marketing tool and a customer relationship management (CRM) platform. 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 Only 3 days left to register for Inman Connect Las Vegas before prices go up! You will receive additional instructions via email. 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. Thursday appearance on CNBCs Squawk on the Street,, market back in line with historical norms, havent been able to make that same mental shift, stratospheric for-sale and rental price growth, asking their employees to come back to work, Compass CEO Robert Reffkin calls home offices 'the killer of culture', Real estate leaders see signs of market thawing, NYC rent soars to all-time high and it's not done yet, analysts warn, The Great Reshuffling is more complex than we realized, Troubled real estate eyed as JP Morgan takes over First Republic, 'Trailblazer and icon': Real estate reacts to Sherry Chris' retirement, What agents need to know as the complex mortgage fee hike kicks in, Totally not tech-savvy? Reffkin made the comments during his companys earnings call. California-based luxury brokerage The Agency also runs a franchise business. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. We would not franchise within the same geographies of our own operations, he added. Your subscription will automatically renew for on . 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. The CEO said some buyers especially those who can offer all cash will be able to snatch up a home this spring. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Unique features from hacker profiles to portal watch and video interviews. Live market coverage co-anchored from Hong Kong and New York. The 41-year-old cofounder and CEO has risen to prominence quickly. Robert Reffkin at Inman Connect. His mother was Israeli and his father was Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. A tireless entrepreneur, she spent most of her career as a real estate agent. The couple have three kids together. Rents are actually flat year over year.. The sale was cut in half from the companys prior target as tech shares sank this week, and it priced at the low end of a reduced range with investor enthusiasm waning for high-flying startups that got a boost from Covid-related demand. Robert Reffkin (1979- ) Online real estate entrepreneur Robert Reffkin was born June 7, 1979, in Berkeley, California. Since his mother never married his biological father, his mother gave Reffki In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. We pored over its 261-page S-1 filing and came away with 5 key revelations. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. The round brings Compass total funding to $325 million, according to The Real Deal. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. 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. Stay up to date with what you want to know. The buying power of the LGBTQ community is growing. Are you prioritizing your cable entertainment bill over protecting and investing in your family? 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. Emigrating from Israel at age 7, his mother Ruth Reffkin, after having her son, was disowned by her family after learning that their grandson was of African American descent. Reffkin is African American and Jewish and grew up in Berkeley, California. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Track your investments 24 hours a day, around the clock from around the world. 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. In these times, double down on your skills, on your knowledge, on you.
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