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 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. Forgot your username? California-based luxury brokerage The Agency also runs a franchise business. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. (Courtesy Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Governor, Maryland. 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. 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! He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. 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. He is running 50 marathons to raise $1 million for youth education nonprofits. WebNotable White House Fellows. Robert Reffkin grew up the child of a hardworking single mother. The couple have three kids together. You will receive additional instructions via email. 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. 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. In This Article. Are you prioritizing your cable entertainment bill over protecting and investing in your family? In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. 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. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. 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. 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. 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. 2023 The Moguldom Nation. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. 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. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. Compass has persuaded investors that it can reshape the home-buying process through technology. 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. 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. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Rents are actually flat year over year.. Inventory exiting Q1 was nine percent less than it was exiting Q4, he said. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. 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 Meanwhile, others may be pushed back into the rental market for the time being. By clicking Sign up, you agree to receive marketing emails from Insider Markets never sleep, and neither does Bloomberg. It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. 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. Simply enter the email address you used to create your account and click "Reset Password". Top headlines from around the real estate industry. Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. Unique features from hacker profiles to portal watch and video interviews. as well as other partner offers and accept our. 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. The buying power of the LGBTQ community is growing. In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. 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. In these times, double down on your skills, on your knowledge, on you. 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. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. You will be charged . We would not franchise within the same geographies of our own operations, he added. Lael Brainard. Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. 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. 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. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. 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. 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. For more details on our payment terms and how to cancel, click here. The real vision is for Compass to be everywhere.. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Reffkin grew up in Berkeley, CA, as an only child with a single mom, who is now a real estate agent for Compass. Smart Policies are as low as $30 a month, No Medical Exam Required Inman has reached out to Compass for more details and will update this story with any information the company provides. The markets that are being hit most in terms of price are the pandemic boom markets, he said. Read more: Compass is gearing up for an ambitious $10 billion IPO. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. 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. 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. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. 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. The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. Don't miss the premier event for real estate pros. In addition to being the leader of Whatever happens at Compass, the news of possible franchise operations comes as the brokerage scrambles for profitability. Forgot your username? Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. The 41-year-old cofounder and CEO has risen to prominence quickly. 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. 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. 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. Doing things he's uncomfortable with is just part of his personality, though. Still, even with sparse details, the news is a major announcement. 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. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. Sellers? Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. There seems to be a problem with your Inman Select Membership. 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 Stay up to date with what you want to know. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the 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.". Reffkin is African American and Jewish and grew up in Berkeley, California. 15 stories covering tech, special reports, video and opinion. In these times, double down on your skills, on your knowledge, on you. Your subscription will automatically renew for on . 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. Since his mother never married his biological father, his mother gave Reffki 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. The CEO said some buyers especially those who can offer all cash will be able to snatch up a home this spring. It was sleek, but I cant say it was different from anything else out there.. Real estate is the first career for just. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. Thank you for subscribing to Morning Headlines. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. For more details on our payment terms and how to cancel, click here. Today, the firm has franchises spread out across multiple U.S. regions. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Here Are The Challenges Facing Incoming Qantas CEO Vanessa Hudson, I Squared Said to Acquire Australian Trailer Leaser Rentco, Taiwan Sees Accelerating Shift of Production Away From China, Corporate America Focuses on Cost Cuts and Layoffs Not Growth, Peru Inflation Falls Below 8%, Supporting Central Bank Ambitions, The Inside Story of Buffetts Big Japan Bet, Over Glasses of Coke at Four Seasons, NXP Rallies After Maker of Automotive Chips Gives Rosy Forecast, IBM to Pause Hiring for Jobs That AI Could Do, Airbuss Newest A321 Jet Running Late as Delays Become New Norm, India Startup Byjus Seeks to Reassure Workers After Office Raid, Biden, Marcos Reaffirm Ironclad Alliance as Tensions With China Grow, Republican Party Has a Future Beyond Trump, Youngkin Says, First Republic Sale Fills Bankers With Relief and Worry, Morgan Stanley Plans 3,000 More Job Cuts as Dealmaking Slumps, FIFA Threatens to Pull Broadcast of Womens World Cup in Europe, MGM Resorts Tops Estimates, Cites Gains in Vegas and Macau, JPMorgan Jumped On First Republic's Exploding Manhole Cover, More Companies Head to Space, But No One Can Agree on the Rules Up There, Why Chinese Banks Arent Worried About Depositors Fleeing, The Boring Old Box Truck Gets the Tesla Treatment, E. Jean Carroll Testifies TrumpCritic Conway Encouraged Her Lawsuit, Trump Is Denied Mistrial Over Unfair Rulings in E. Jean Carroll Case, State Street CEO: Divestment Will Slow Clean Energy Transition, Brookfield Eyes Green Steel for Multibillion New Transition Fund, Germany Sets the New Standard for Cheap, National Mass Transit, Chinas Now Spurning Ugliest Buildings That Symbolized Its Meteoric Rise, Broke Chinese Gen Zs Turn Factory Town into Top Tourist Spot, Nigerias SEC Plans to Allow Asset-Backed Tokens But Not Crypto, Bitcoin Sags After its Longest Streak of Monthly Gains Since 2021, Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. Amy Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. 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. 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. But he left the storied Wall Street firm in 2012 to start his company. Leading commentary by award-winning journalists. 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. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. 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. Robert Reffkin is also Compass founder. 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. He has said he hopes one day to run for office. 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. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. 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 may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. 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. Breaking news as it happens. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Sign up for Individual Select membership today. Agents who speak different languages and can relate to diverse clientele will become increasingly important. 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. Your subscription will automatically renew for on .
Warframe War Within Repeat Bug,
Howard University Dissertations,
Casas De Renta En Los Angeles 90011,
Oakley Sutro Lens Clip,
When Can You Feel Baby Kick From Outside,
Articles R