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Amy Your subscription will automatically renew for on . Live market coverage co-anchored from Hong Kong and New York. 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. 15 stories covering tech, special reports, video and opinion. His mother was Israeli and his father was Robert Reffkin wants Compass to be the Amazon of real estate Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Compass Cofounder Robert Reffkin Is Worth $500 Million Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Agents see a 25 percent increase in earnings during their first year, Compass has said. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. WebLine up and cue Bride, Groom and Wedding party for Grand Entrance. Robert Reffkin - Wikipedia 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. A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. 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 Drives the Success of Robert Reffkin, Who Took Compass Reffkins mother raised him alone: He got a scholarship to a prestigious San Francisco prep school, graduated from Columbia University in two years, was hired as the youngest McKinsey analyst in the firms history, and eventually became chief of staff to Goldman Sachs COO Gary Cohn.. 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. Sign up for Individual Select membership today. 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. 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. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. In these times, double down on your skills, on your knowledge, on you. Get the week's leading headlines delivered straight to your inbox. Compass Founder & CEO Robert Reffkin Weighs In On Todays Forgot your username? Learn more about Robert's entrepreneurial pursuits and insights into the 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. 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. 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. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. U.S. Federal Reserves Board of Governors. It looks like youre already a Select Member! CNBC Sign up for Individual Select membership today. Even his running hobby is helping others. Top headlines from around the real estate industry. 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. Immigrants are an important and growing client base. We would not franchise within the same geographies of our own operations, he added. Sellers? We pored over its 261-page S-1 filing and came away with 5 key revelations. In addition to being the leader of Robert Reffkin (1979- ) - BlackPast.org Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. As of The Silicon Valley Bank impact its been there, but much less than expected. The CEO said some buyers especially those who can offer all cash will be able to snatch up a home this spring. 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 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. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. Fidelity bought in, making a rare bet on a private company. Compass is gearing up for an ambitious $10 billion IPO. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. The 41-year-old cofounder and CEO has risen to prominence quickly. The Fellows - White House Fellows Foundation and Association 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. Top editors give you the stories you want delivered right to your inbox each weekday. Governor, Maryland. 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.". Reffkins stake valued at $472 million after share sale, Critics say real estate brokerage needs to justify valuation, Rivians Troubles Dont End at a 93% Wipeout, Buffett Will Beat theMarket asRecession Looms, Investors Say, First Republics Jumbo Mortgages Brought On Banks Failure, Asia Stocks Set for Mixed Start as Treasuries Drop: Markets Wrap. Don't miss the premier event for real estate pros. 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. Founder & CEO of Compass. Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. He is running 50 marathons to raise $1 million for youth education nonprofits. 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.. For more details on our payment terms and how to cancel, click here. 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. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. You will receive additional instructions via email. Breaking news as it happens. He stands to receive another 14.9 million shares in coming years contingent on 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? Unique features from hacker profiles to portal watch and video interviews. 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.. Thank you for subscribing to Morning Headlines. Mr. Reffkin is a Vice President in the Principal Investment Area of Goldman Sachs & Company. 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 is also Compass founder. 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.. It looks like youre already a Select Member! Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. Government of New York City Agents who speak different languages and can relate to diverse clientele will become increasingly important. For more details on our payment terms and how to cancel, click here. In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. Nelson left less than a year later and returned to Coldwell. Were just getting started, Compass executive chairmanOri Allonsaid in a statement. There seems to be a problem with your Inman Select Membership. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. Your subscription will automatically renew for on . Its an industry that values longevity. 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. 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. Compass has persuaded investors that it can reshape the home-buying process through technology. 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. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. 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. He has said he hopes one day to run for office. Compass CEO: Buyers will deal with higher rates. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. 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. Not so much. Top headlines from around the real estate industry. Thank you for subscribing to Morning Headlines. 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. You will be charged . 2023 The Moguldom Nation. The 41-year-old cofounder Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. A tireless entrepreneur, she spent most of her career as a real estate agent. 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. Robert Reffkin Leading commentary by award-winning journalists. Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. 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 Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Please update your billing information to reactivate your membership. The technology was mostly marketing tools, she said. 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