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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. A tireless entrepreneur, she spent most of her career as a real estate agent. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) Track your investments 24 hours a day, around the clock from around the world. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. 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.". 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. Coalesce's Select Membership is no longer active. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. 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. 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. How Robert Reffkin went from being a C-average student to the Live market coverage co-anchored from Hong Kong and New York. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. The Silicon Valley Bank impact its been there, but much less than expected. He is running 50 marathons to raise $1 million for youth education nonprofits. Robert Reffkin Agents who speak different languages and can relate to diverse clientele will become increasingly important. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Top headlines from around the real estate industry. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. 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The Fellows - White House Fellows Foundation and Association 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%. Robert Reffkin grew up the child of a hardworking single mother. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. Since his mother never married his biological father, his mother gave Reffki In This Article. 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. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. For more details on our payment terms and how to cancel, click here. He's always had big ambitions for his career, sources told Insider previously. Robert Reffkin - Wikipedia 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. Sign up for Individual Select membership today. 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. The 41-year-old cofounder and CEO has risen to prominence quickly. Reffkin made the comments during his companys earnings call. The round brings Compass total funding to $325 million, according to The Real Deal. He has said he hopes one day to run for office. Smart Policies are as low as $30 a month, No Medical Exam Required 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.. The buying power of the LGBTQ community is growing. Leading commentary by award-winning journalists. By clicking Sign up, you agree to receive marketing emails from Insider 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. 15 stories covering tech, special reports, video and opinion. Breaking news as it happens. Sellers? In these times, double down on your skills, on your knowledge, on you. Compass Founder & CEO Robert Reffkin Weighs In On Todays Today, the firm has franchises spread out across multiple U.S. regions. Reffkin had previously served as the chief of staff to the president of Goldman Sachs and worked in the White House. Even his running hobby is helping others. WebNotable White House Fellows. Rents are actually flat year over year.. as well as other partner offers and accept our. The real vision is for Compass to be everywhere.. NYC-based firms raised close to $900 million during the same period, up from $300 million last year, The Real Deal reported: A few weeks after Redfins IPO, San Francisco-basedHomelight, which uses data to connect buyers with agents, raised $40 million in a Series B led by Menlo Ventures. Compass has persuaded investors that it can reshape the home-buying process through technology. Top headlines from around the real estate industry. Robert Reffkin Gets Real At Annual Compass REtreat: 'Hope Is Get the week's leading headlines delivered straight to your inbox. But he left the storied Wall Street firm in 2012 to start his company. Thank you for subscribing to Morning Headlines. Robert Reffkin is also Compass founder. Theres a lot of pent-up demand.. U.S. Federal Reserves Board of Governors. Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. 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. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. 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. Lael Brainard. Founder & CEO of Compass. It looks like youre already a Select Member! 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 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. 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. 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. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. The 41-year-old cofounder Stay up to date with what you want to know. During his Thursday appearance on CNBCs Squawk on the Street, Compass CEO Robert Reffkin gave a cautiously optimistic assessment of the real estate market as the industry continues to wade through inflation, rising mortgage rates, and the return to a more normal sales pace. 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.. Agents see a 25 percent increase in earnings during their first year, Compass has said. We would not franchise within the same geographies of our own operations, he added. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Don't miss the premier event for real estate pros. It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. Access your favorite topics in a personalized feed while you're on the go. 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. There seems to be a problem with your Inman Select Membership. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the 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. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Immigrants are an important and growing client base. 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.". Reffkin left his banking career to start up Compass with the tech entrepreneur Ori Allon. Read more: Compass is gearing up for an ambitious $10 billion IPO. Breaking news as it happens. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. 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. 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? How Robert Reffkin went from being a C-average student to the 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. Were just getting started, Compass executive chairmanOri Allonsaid in a statement. It was sleek, but I cant say it was different from anything else out there.. Compass has persuaded investors that it can reshape the home-buying process through technology. Your subscription will automatically renew for on . 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. 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. Its an industry that values longevity. 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. Meanwhile, others may be pushed back into the rental market for the time being. Prices are up in March over both February and January. Top editors give you the stories you want delivered right to your inbox each weekday. California-based luxury brokerage The Agency also runs a franchise business. The couple have three kids together. 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. Bloomberg Daybreak Asia. But it was a real estate startup that vaulted him to the ranks of the ultrarich. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. 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.. 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. 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. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. 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 10 Things You Didn't Know About Robert Reffkin - Money Inc 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 We pored over its 261-page S-1 filing and came away with 5 key revelations. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Please update your billing information to reactivate your membership. 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. 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. and keeping a great relationship with You will be charged . CNBC 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. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. The company says the technology will makereal-estate agents more productive and more profitable. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Compass explores possibility of franchising, company says If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. 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. You will receive additional instructions via email. Your subscription will automatically renew for on . To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. Don't miss the premier event for real estate pros. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. Learn more about Robert's entrepreneurial pursuits and insights into the Reffkin grew up in Berkeley, CA, as an only child with a single mom, who is now a real estate agent for Compass. 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. Compass is gearing up for an ambitious $10 billion IPO. His mother was Israeli and his father was After graduating in two years from Columbia, he began his career on Wall Street. Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. 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. The real estate industry values a diverse skillset in its practitioners. Compass, Inc In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. 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. Simply enter the email address you used to create your account and click "Reset Password". Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Sign up for Individual Select membership today. Sign up for notifications from Insider! Thank you for subscribing to Morning Headlines. Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass The 5-year-old company reported $62.6 million in 2017 revenue. Unique features from hacker profiles to portal watch and video interviews. 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. Fidelity bought in, making a rare bet on a private company. 15 stories covering tech, special reports, video and opinion. 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. Amy In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. This is New York: Robert Reffkin, Embracing the Entrepreneurial Still, even with sparse details, the news is a major announcement. Mr. Reffkin is a Vice President in the Principal Investment Area of Goldman Sachs & Company. Compass will have an international presence within 18 months, Reffkin said in June. Real Estate Tech Startup Compass Scores A To subscribe to exclusive newsletters, visit your email preferences in the account settings. Though a Compass franchise business would be a major shift for the brokerage, such a move isnt without precedent in the broader industry landscape. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Compass CEO: Buyers will deal with higher rates. Robert Reffkin at Inman Connect. A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. 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. The Journey Was the Exciting Part | Columbia College Today 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. 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 Whatever happens at Compass, the news of possible franchise operations comes as the brokerage scrambles for profitability. Only 3 days left to register for Inman Connect Las Vegas before prices go up! 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. 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. 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. Robert Reffkin Leading commentary by award-winning journalists. Coalesce's Select Membership is no longer active. Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. Winter Catalog 2023 by Graham-Faupel-Mendenhall 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. Robert Reffkin (1979- ) - BlackPast.org WebLine up and cue Bride, Groom and Wedding party for Grand Entrance. The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. What Drives the Success of Robert Reffkin, Who Took Compass Government of New York City Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. By submitting your email address, you agree to receive marketing emails from Inman. Open Houses: The More You Go

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