Compass CEO Robert Reffkin Who Pivoted From Goldman to Robert Reffkin - Wikipedia Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to 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. The technology was mostly marketing tools, she said. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Compass, Inc 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 CEO: Buyers will deal with higher rates. 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. The Tulip Coastal Occasions What Drives the Success of Robert Reffkin, Who Took Compass You will receive additional instructions via email. 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 As of Inman has reached out to Compass for more details and will update this story with any information the company provides. 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.". 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. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Learn more about Robert's entrepreneurial pursuits and insights into the Those close to him have said he has talked about someday running for public office, such as mayor of New York City. 15 stories covering tech, special reports, video and opinion. Real estate is the first career for just. Reffkin made the comments during his companys earnings call. 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. Thank you for subscribing to Morning Headlines. 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. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Lael Brainard. 62 percent of Realtors nationwide are female. After graduating in two years from Columbia, he began his career on Wall Street. Compass CEO says Florida continues to be a thriving residential Compass is gearing up for an ambitious $10 billion IPO. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. We pored over its 261-page S-1 filing and came away with 5 key revelations. The Fellows - White House Fellows Foundation and Association Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. 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. Get your ticket now for the best price. Rents are actually flat year over year.. Robert Reffkin 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. Bloomberg Daybreak Asia. Still, even with sparse details, the news is a major announcement. 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 (1979- ) - BlackPast.org The round brings Compass total funding to $325 million, according to The Real Deal. 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. 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. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. In 2005, he was a White House fellow under the George W. Bush administration, where he served as the special assistant to the Secretary of the Treasury,John Snow. 10 Things You Didn't Know About Robert Reffkin - Money Inc Sellers? A tireless entrepreneur, she spent most of her career as a real estate agent. Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Overnight on Wall Street is daytime in Asia. Get the week's leading headlines delivered straight to your inbox. Compass has persuaded investors that it can reshape the home-buying process through technology. There seems to be a problem with your Inman Select Membership. Theres a lot of pent-up demand.. Today, the firm has franchises spread out across multiple U.S. regions. The real estate industry values a diverse skillset in its practitioners. 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. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Compass wants 20 percent of market share in 20 major U.S. cities by 2020. 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.". But sources told Insider previously he didn't actually know much about the industry he was trying to disrupt, saying he had a rudimentary knowledge and didn't know the difference between a co-op and an apartment. The 5-year-old company reported $62.6 million in 2017 revenue. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Robert Reffkin (1979- ) Online real estate entrepreneur Robert Reffkin was born June 7, 1979, in Berkeley, California. Open Houses: The More You Go Unique features from hacker profiles to portal watch and video interviews. Not so much. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Though a Compass franchise business would be a major shift for the brokerage, such a move isnt without precedent in the broader industry landscape. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. 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. Compass Founder & CEO Robert Reffkin Weighs In On Todays By clicking Sign up, you agree to receive marketing emails from Insider Access your favorite topics in a personalized feed while you're on the go. The CEO said some buyers especially those who can offer all cash will be able to snatch up a home this spring. Please update your billing information to reactivate your membership. 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. Get the week's leading headlines delivered straight to your inbox. The company says the technology will makereal-estate agents more productive and more profitable. There seems to be a problem with your Inman Select Membership. 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. Since his mother never married his biological father, his mother gave Reffki Leading commentary by award-winning journalists. In addition to being the leader of Although existing-home sales and median home prices experienced single-digit declines in March, Reffkin said affordability continues to be an issue as homebuyers attempt to solve the age-old debate between buying and renting. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Amy Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. Robert Reffkin at Inman Connect. You will be charged . How Robert Reffkin went from being a C-average student to the Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. 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. But he left the storied Wall Street firm in 2012 to start his company. He's always had big ambitions for his career, sources told Insider previously. However, would-be homesellers havent been able to make that same mental shift. Get your ticket now for the best price. 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.. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. Your subscription will automatically renew for on . Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. Robert Reffkin is also Compass founder. 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. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. The couple have three kids together. 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