The much-touted technology is, according to severalagents, not that different from what other brokers provide., Black Americans Have the Highest Mortality Rates But Lowest Levels of Life Insurance Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Compass has persuaded investors that it can reshape the home-buying process through technology. The Journey Was the Exciting Part | Columbia College Today Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Are you prioritizing your cable entertainment bill over protecting and investing in your family? Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. 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. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Reffkin is African American and Jewish and grew up in Berkeley, California. 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.. Reffkin grew up in Berkeley, CA, as an only child with a single mom, who is now a real estate agent for Compass. Read more: Compass is gearing up for an ambitious $10 billion IPO. Top headlines from around the real estate industry. 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.". 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. Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. You will be charged . His mother was Israeli and his father was Inventory exiting Q1 was nine percent less than it was exiting Q4, he said. Governor, Maryland. Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. Not so much. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. Compass dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Live market coverage co-anchored from Hong Kong and New York. In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. In these times, double down on your skills, on your knowledge, on you. It looks like youre already a Select Member! It looks like youre already a Select Member! 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. Sellers? Get your ticket now for the best price. He is running 50 marathons to raise $1 million for youth education nonprofits. Top headlines from around the real estate industry. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. In This Article. Unique features from hacker profiles to portal watch and video interviews. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the 15 stories covering tech, special reports, video and opinion. After graduating in two years from Columbia, he began his career on Wall Street. 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. In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. 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. 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. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. 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. The 41-year-old cofounder and CEO has risen to prominence quickly. The Silicon Valley Bank impact its been there, but much less than expected. 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. Only 3 days left to register for Inman Connect Las Vegas before prices go up! 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 customerservice@inman.com. He stands to receive another 14.9 million shares in coming years contingent on Wes Moore. Leading commentary by award-winning journalists. 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. 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. 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 In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. The round brings Compass total funding to $325 million, according to The Real Deal. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. 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. Reffkin graduated from Columbia University in just under two years, according to Fortune, which placed him on the 40 under 40 list in 2014. Coalesce's Select Membership is no longer active. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Don't miss the premier event for real estate pros. 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. 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. Reffkin made the comments during his companys earnings call. And thats not a surprise at Compass. 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. Stay up to date with what you want to know. There seems to be a problem with your Inman Select Membership. 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.. Still, even with sparse details, the news is a major announcement. 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. User promo code onward25 during checkout to save 25% on your Inman Select Membership. How Robert Reffkin went from being a C-average student to the 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. Learn more about Robert's entrepreneurial pursuits and insights into the For more details on our payment terms and how to cancel, click here. 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. You will receive additional instructions via email. Meanwhile, others may be pushed back into the rental market for the time being. Prices are up in March over both February and January. Doing things he's uncomfortable with is just part of his personality, though. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. 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 Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. 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. Agents see a 25 percent increase in earnings during their first year, Compass has said. The company says the technology will makereal-estate agents more productive and more profitable. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. WebLine up and cue Bride, Groom and Wedding party for Grand Entrance. Since his mother never married his biological father, his mother gave Reffki In these times, double down on your skills, on your knowledge, on you. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. 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. 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. A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. Rents are actually flat year over year.. 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? Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. 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%. For more details on our payment terms and how to cancel, click here. 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.. Sign up for Individual Select membership today. U.S. Federal Reserves Board of Governors. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. Breaking news as it happens. Forgot your username? Compass has persuaded investors that it can reshape the home-buying process through technology. Compass will have an international presence within 18 months, Reffkin said in June. 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. Bloomberg Daybreak Asia. 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.". Fidelity bought in, making a rare bet on a private company. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Track your investments 24 hours a day, around the clock from around the world. Thank you for subscribing to Morning Headlines. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. In addition to being the leader of 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. 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. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Your subscription will automatically renew for on . 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. We pored over its 261-page S-1 filing and came away with 5 key revelations. The technology was mostly marketing tools, she said. By submitting your email address, you agree to receive marketing emails from Inman. Amy Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. Robert Reffkin grew up the child of a hardworking single mother. Get your ticket now for the best price. Compass is gearing up for an ambitious $10 billion IPO. 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. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Sign up for Individual Select membership today. You will receive additional instructions via email.

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