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. Whatever happens at Compass, the news of possible franchise operations comes as the brokerage scrambles for profitability. Markets never sleep, and neither does Bloomberg. 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. There seems to be a problem with your Inman Select Membership. Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. 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. 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. 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. 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. 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. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. The company says the technology will makereal-estate agents more productive and more profitable. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) The round brings Compass total funding to $325 million, according to The Real Deal. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. Inman has reached out to Compass for more details and will update this story with any information the company provides. The technology was mostly marketing tools, she said. 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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. WebNov 09, 2017. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. The couple have three kids together. Robert Reffkin is also Compass founder. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Your subscription will automatically renew for on . 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. In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Though a Compass franchise business would be a major shift for the brokerage, such a move isnt without precedent in the broader industry landscape. Founder & CEO of Compass. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. 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.. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. The Journey Was the Exciting Part | Columbia College Today Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. Immigrants are an important and growing client base. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. To subscribe to exclusive newsletters, visit your email preferences in the account settings. 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.. For more details on our payment terms and how to cancel, click here. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. 2023 The Moguldom Nation. 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. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. Leading commentary by award-winning journalists. Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. The real estate industry values a diverse skillset in its practitioners. In This Article. 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. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass Sellers? Top headlines from around the real estate industry. He's always had big ambitions for his career, sources told Insider previously. Get your ticket now for the best price. Since his mother never married his biological father, his mother gave Reffki Your subscription will automatically renew for on . 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. 62 percent of Realtors nationwide are female. Meanwhile, others may be pushed back into the rental market for the time being. Sign up for Individual Select membership today. Are you prioritizing your cable entertainment bill over protecting and investing in your family? Still, even with sparse details, the news is a major announcement. 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. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. 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. Simply enter the email address you used to create your account and click "Reset Password". Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. Overnight on Wall Street is daytime in Asia. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Unique features from hacker profiles to portal watch and video interviews. 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. Investors seem bullish on real estate technology, spendingalmost $6 billionon it in the first three quarters of 2017, compared to $3.2 billion during the same period in 2016, according to RE:Tech data. In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. The Silicon Valley Bank impact its been there, but much less than expected. Lael Brainard. 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 Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. He is running 50 marathons to raise $1 million for youth education nonprofits. Read more: Compass is gearing up for an ambitious $10 billion IPO. WebNotable White House Fellows. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. Thank you for subscribing to Morning Headlines. Mr. Reffkin is a Vice President in the Principal Investment Area of Goldman Sachs & Company. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. In these times, double down on your skills, on your knowledge, on you. By clicking Sign up, you agree to receive marketing emails from Insider 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%. 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. You will be charged . Breaking news as it happens. 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. 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. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Wes Moore. Access your favorite topics in a personalized feed while you're on the go. Compass has persuaded investors that it can reshape the home-buying process through technology. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Theres a lot of pent-up demand.. 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. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. 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. Learn more about Robert's entrepreneurial pursuits and insights into the Governor, Maryland. The real vision is for Compass to be everywhere.. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. WebLine up and cue Bride, Groom and Wedding party for Grand Entrance. Sign up for notifications from Insider! 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. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Smart Policies are as low as $30 a month, No Medical Exam Required Prices are up in March over both February and January. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Breaking news as it happens. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook.
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