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. 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. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Compass has persuaded investors that it can reshape the home-buying process through technology. Inman has reached out to Compass for more details and will update this story with any information the company provides. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. Overnight on Wall Street is daytime in Asia. 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. The markets that are being hit most in terms of price are the pandemic boom markets, he said. Only 3 days left to register for Inman Connect Las Vegas before prices go up! You will receive additional instructions via email. Compass CEO says Florida continues to be a thriving residential 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? The technology was mostly marketing tools, she said. We would not franchise within the same geographies of our own operations, he added. CNBC Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass 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. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. Sign up for Individual Select membership today. By clicking Sign up, you agree to receive marketing emails from Insider Don't miss the premier event for real estate pros. Smart Policies are as low as $30 a month, No Medical Exam Required It looks like youre already a Select Member! The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. 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 may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. There seems to be a problem with your Inman Select Membership. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Simply enter the email address you used to create your account and click "Reset Password". His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Please update your billing information to reactivate your membership. Reffkin left his banking career to start up Compass with the tech entrepreneur Ori Allon. After graduating in two years from Columbia, he began his career on Wall Street. As of Amy Meanwhile, others may be pushed back into the rental market for the time being. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Compass dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. 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. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. 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. Rents are actually flat year over year.. The real estate industry values a diverse skillset in its practitioners. 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 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. Breaking news as it happens. Unique features from hacker profiles to portal watch and video interviews. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. Forgot your username? Its an industry that values longevity. Robert Reffkin is also Compass founder. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. It was sleek, but I cant say it was different from anything else out there.. Winter Catalog 2023 by Graham-Faupel-Mendenhall 10 Things You Didn't Know About Robert Reffkin - Money Inc 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. 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. 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 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. Wes Moore. In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. 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. 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. Don't miss the premier event for real estate pros. You will be charged . Get your ticket now for the best price. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. Forgot your username? The couple have three kids together. 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. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the But he left the storied Wall Street firm in 2012 to start his company. 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. Read more: Compass is gearing up for an ambitious $10 billion IPO. 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. ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". Stay up to date with what you want to know. 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. In these times, double down on your skills, on your knowledge, on you. WebCompass was founded by entrepreneurs Ori Allon, Robert Reffkin and Avi Dorfman as Urban Compass in 2012. Unique features from hacker profiles to portal watch and video interviews. Today, the firm has franchises spread out across multiple U.S. regions. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. Theres a lot of pent-up demand.. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby.
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