WebNotable White House Fellows. In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. 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. As of Backed by babysitting and bar mitzvah money, the young founder started a DJ company called "Rude Boy Productions" that brought in a total of $100,000 by the time he graduated from high school, the article said. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. 15 stories covering tech, special reports, video and opinion. Prices are up in March over both February and January. But he left the storied Wall Street firm in 2012 to start his company. Reffkin Immigrants are an important and growing client base. How Robert Reffkin went from being a C-average student to the Compass has persuaded investors that it can reshape the home-buying process through technology. By submitting your email address, you agree to receive marketing emails from Inman. Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. There seems to be a problem with your Inman Select Membership. Agents who speak different languages and can relate to diverse clientele will become increasingly important. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) 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. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. Unique features from hacker profiles to portal watch and video interviews. Theres a lot of pent-up demand.. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Forgot your username? Meanwhile, others may be pushed back into the rental market for the time being. Founder & CEO of Compass. Robert Reffkin (1979- ) Online real estate entrepreneur Robert Reffkin was born June 7, 1979, in Berkeley, California. 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.. Winter Catalog 2023 by Graham-Faupel-Mendenhall The 41-year-old cofounder and CEO has risen to prominence quickly. Breaking news as it happens. Get your ticket now for the best price. The Journey Was the Exciting Part | Columbia College Today His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. 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. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. 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. If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. Compass, Inc Don't miss the premier event for real estate pros. Forgot your username? Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. A tireless entrepreneur, she spent most of her career as a real estate agent. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Smart Policies are as low as $30 a month, No Medical Exam Required Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. 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. 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. Leading commentary by award-winning journalists. Compass is gearing up for an ambitious $10 billion IPO. 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. 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. Access your favorite topics in a personalized feed while you're on the go. Reffkin graduated from Columbia University in just under two years, according to Fortune, which placed him on the 40 under 40 list in 2014. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. Overnight on Wall Street is daytime in Asia. Real estate is the first career for just. Compass CEO says Florida continues to be a thriving residential Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Inman has reached out to Compass for more details and will update this story with any information the company provides. In addition to being the leader of You will be charged . ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". 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. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the You will receive additional instructions via email. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. 10 Things You Didn't Know About Robert Reffkin - Money Inc Lael Brainard. 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. You will receive additional instructions via email. Were just getting started, Compass executive chairmanOri Allonsaid in a statement. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. Reffkin had previously served as the chief of staff to the president of Goldman Sachs and worked in the White House. Not so much. Robert Reffkin grew up the child of a hardworking single mother. 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. Compass CEO: Buyers will deal with higher rates. Reffkin is African American and Jewish and grew up in Berkeley, California. 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. The couple have three kids together. The buying power of the LGBTQ community is growing. Sign up for Individual Select membership today. Get your ticket now for the best price. 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. Whatever happens at Compass, the news of possible franchise operations comes as the brokerage scrambles for profitability. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Only 3 days left to register for Inman Connect Las Vegas before prices go up! This is New York: Robert Reffkin, Embracing the Entrepreneurial Robert Reffkin wants Compass to be the Amazon of real estate Agents see a 25 percent increase in earnings during their first year, Compass has said. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Last updated: Sep 27, 2022 5 min read Robert Reffkins story is about dreaming big, making an impact, and finding a place to call home. 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. Please update your billing information to reactivate your membership. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. 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. Thank you for subscribing to Morning Headlines. For more details on our payment terms and how to cancel, click here. 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. Still, even with sparse details, the news is a major announcement. 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. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. By clicking Sign up, you agree to receive marketing emails from Insider Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. Don't miss the premier event for real estate pros. Simply enter the email address you used to create your account and click "Reset Password". On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Government of New York City 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. Learn more about Robert's entrepreneurial pursuits and insights into the User promo code onward25 during checkout to save 25% on your Inman Select Membership. 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.. Amy Nelson left less than a year later and returned to Coldwell. Thank you for subscribing to Morning Headlines. 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. He's always had big ambitions for his career, sources told Insider previously. The 5-year-old company reported $62.6 million in 2017 revenue. 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. Reffkin grew up in Berkeley, Calif., as an only child. His mother, Ruth, emigrated from Israel with her family when she was 7, but became estranged from her parents in adulthood. Reffkins father was absent from his life, too, having passed away when Reffkin was 11. I didnt have a dad, grandparents or anyone other than my mom. 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. Governor, Maryland. Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. Robert Reffkin - Wikipedia 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.". Top editors give you the stories you want delivered right to your inbox each weekday. as well as other partner offers and accept our. Today, the firm has franchises spread out across multiple U.S. regions. The round brings Compass total funding to $325 million, according to The Real Deal. 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. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. 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. 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. Compass explores possibility of franchising, company says 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. Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Fidelity bought in, making a rare bet on a private company. Please update your billing information to reactivate your membership. To subscribe to exclusive newsletters, visit your email preferences in the account settings. After graduating in two years from Columbia, he began his career on Wall Street. WebCompass was founded by entrepreneurs Ori Allon, Robert Reffkin and Avi Dorfman as Urban Compass in 2012. Robert Reffkin is also Compass founder. He is running 50 marathons to raise $1 million for youth education nonprofits. 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. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Reffkin left his banking career to start up Compass with the tech entrepreneur Ori Allon. 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.. Your subscription will automatically renew for on . But it was a real estate startup that vaulted him to the ranks of the ultrarich. For more details on our payment terms and how to cancel, click here. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. 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. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. Rents are actually flat year over year.. Breaking news as it happens. I think people have realized is not about productivity, its about connectivity, and leaders have an obligation to develop their people and its harder to develop people virtually than in person.. A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering.
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