Bloomberg Daybreak Asia. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. 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Amy 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%. He has said he hopes one day to run for office. 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. 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.". Winter Catalog 2023 by Graham-Faupel-Mendenhall 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. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. Reffkin is African American and Jewish and grew up in Berkeley, California. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Compass Founder & CEO Robert Reffkin Weighs In On Todays A champion of diversity, Reffkin helped found a charter school in the Bronx and launched a nonprofit,New York Needs You, which finds mentors for students who are the first in their families to go to college. The markets that are being hit most in terms of price are the pandemic boom markets, he said. 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. In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. Whatever happens at Compass, the news of possible franchise operations comes as the brokerage scrambles for profitability. 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 Journey Was the Exciting Part | Columbia College Today 62 percent of Realtors nationwide are female. Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. Track your investments 24 hours a day, around the clock from around the world. Overnight on Wall Street is daytime in Asia. The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. Are you prioritizing your cable entertainment bill over protecting and investing in your family? A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. 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. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. The technology was mostly marketing tools, she said. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. Compass has persuaded investors that it can reshape the home-buying process through technology. The 41-year-old cofounder and CEO has risen to prominence quickly. Access your favorite topics in a personalized feed while you're on the go. 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. Sellers? Government of New York City Live market coverage co-anchored from Hong Kong and New York. Leading commentary by award-winning journalists. 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. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. It was sleek, but I cant say it was different from anything else out there.. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. WebCompass was founded by entrepreneurs Ori Allon, Robert Reffkin and Avi Dorfman as Urban Compass in 2012. Top headlines from around the real estate industry. 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. All Rights Reserved. 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. The 5-year-old company reported $62.6 million in 2017 revenue. Your subscription will automatically renew for on . It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. WebNov 09, 2017. The company says the technology will makereal-estate agents more productive and more profitable. Breaking news as it happens. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. Forgot your username? Thank you for subscribing to Morning Headlines. He is running 50 marathons to raise $1 million for youth education nonprofits. 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. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Lael Brainard. Theres a lot of pent-up demand.. Inman has reached out to Compass for more details and will update this story with any information the company provides. WebLine up and cue Bride, Groom and Wedding party for Grand Entrance. But he left the storied Wall Street firm in 2012 to start his company. Only 3 days left to register for Inman Connect Las Vegas before prices go up! There seems to be a problem with your Inman Select Membership. 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. Real estate is the first career for just. Get your ticket now for the best price. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. This is New York: Robert Reffkin, Embracing the Entrepreneurial The Tulip Coastal Occasions 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. The round brings Compass total funding to $325 million, according to The Real Deal. 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. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Though a Compass franchise business would be a major shift for the brokerage, such a move isnt without precedent in the broader industry landscape. Robert Reffkin wants Compass to be the Amazon of real estate In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. 15 stories covering tech, special reports, video and opinion. In these times, double down on your skills, on your knowledge, on you. Reffkin said during Tuesdays earnings call that he expects to be free cash flow positive in the second quarter of 2023, and overall for the year, and that he is prepared to do more cost cutting if necessary. Meanwhile, others may be pushed back into the rental market for the time being. How Robert Reffkin went from being a C-average student to the Sign up for Individual Select membership today. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. Robert Reffkin grew up the child of a hardworking single mother. Get your ticket now for the best price. 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 Don't miss the premier event for real estate pros. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. And thats not a surprise at Compass. Wes Moore. 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. Founder & CEO of Compass. 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. Stay up to date with what you want to know. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday.