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There seems to be a problem with your Inman Select Membership. 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. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Self-made millionaire and Compass CEO Robert Reffkin uses simple tests when making decisions about who to hire and who to let go during job interviews. 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. We pored over its 261-page S-1 filing and came away with 5 key revelations. Unique features from hacker profiles to portal watch and video interviews. As of On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. The real vision is for Compass to be everywhere.. 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. Real estate is the first career for just. Compass has persuaded investors that it can reshape the home-buying process through technology. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. The real estate industry values a diverse skillset in its practitioners. Compass dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. You will receive additional instructions via email. 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. In This Article. Sellers? Unique features from hacker profiles to portal watch and video interviews. 2023 The Moguldom Nation. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google. Stay up to date with what you want to know. Coalesce's Select Membership is no longer active. Top headlines from around the real estate industry. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. There seems to be a problem with your Inman Select Membership. It looks like youre already a Select Member! His "primary philanthropic undertaking" has been running a marathon in each of the 50 states in the US to raise $1 million for youth education and enrichment programs, he said in a bio on America Needs You. Leading commentary by award-winning journalists. Learn more about Robert's entrepreneurial pursuits and insights into the Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. 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. Theres a lot of pent-up demand.. Reffkin graduated from Columbia University in just under two years, according to Fortune, which placed him on the 40 under 40 list in 2014. Reffkin left his banking career to start up Compass with the tech entrepreneur Ori Allon. 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. Sign up for Individual Select membership today. Thank you for subscribing to Morning Headlines. Founder & CEO of Compass. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. 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. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. 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 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. 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. 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 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. In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. 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. 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. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass Inventory exiting Q1 was nine percent less than it was exiting Q4, he said. But he left the storied Wall Street firm in 2012 to start his company. Breaking news as it happens. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. Still, even with sparse details, the news is a major announcement. Agents see a 25 percent increase in earnings during their first year, Compass has said. Were just getting started, Compass executive chairmanOri Allonsaid in a statement. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Immigrants are an important and growing client base. Lael Brainard. 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.. Robert Reffkin. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Top headlines from around the real estate industry. His mother was Israeli and his father was In addition to being the leader of Get the week's leading headlines delivered straight to your inbox. WebNotable White House Fellows. 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.. 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. Doing things he's uncomfortable with is just part of his personality, though. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. And thats not a surprise at Compass. Robert Reffkin grew up the child of a hardworking single mother. as well as other partner offers and accept our. The buying power of the LGBTQ community is growing. The 5-year-old company reported $62.6 million in 2017 revenue. By clicking Sign up, you agree to receive marketing emails from Insider It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. 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. 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 co-founder and CEO Reffkinis the son of an Israeli immigrant who was disowned by her parents when she had a mixed-race baby. Fidelity bought in, making a rare bet on a private company. After graduating in two years from Columbia, he began his career on Wall Street. 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You will receive additional instructions via email. The couple have three kids together. Inman has reached out to Compass for more details and will update this story with any information the company provides. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. 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. The round brings Compass total funding to $325 million, according to The Real Deal. 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. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. Breaking news as it happens. User promo code onward25 during checkout to save 25% on your Inman Select Membership. For more details on our payment terms and how to cancel, click here. 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. It looks like youre already a Select Member! 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. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. 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. The couple have three kids together. 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.". Your subscription will automatically renew for on . The sale was cut in half from the companys prior target as tech shares sank this week, and it priced at the low end of a reduced range with investor enthusiasm waning for high-flying startups that got a boost from Covid-related demand. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Robert Reffkin is also Compass founder. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Reffkin had previously served as the chief of staff to the president of Goldman Sachs and worked in the White House. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. Wes Moore. WebNov 09, 2017. Robert Reffkin (1979- ) Online real estate entrepreneur Robert Reffkin was born June 7, 1979, in Berkeley, California. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. By submitting your email address, you agree to receive marketing emails from Inman. 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. Are you prioritizing your cable entertainment bill over protecting and investing in your family? Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. Amy Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. 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%. 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. However, would-be homesellers havent been able to make that same mental shift. Rents are actually flat year over year.. Forgot your username? The Silicon Valley Bank impact its been there, but much less than expected. 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. How Robert Reffkin went from being a C-average student to the Track your investments 24 hours a day, around the clock from around the world. 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. Thank you for subscribing to Morning Headlines. Reffkin is African American and Jewish and grew up in Berkeley, California. The Journey Was the Exciting Part | Columbia College Today 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. For more details on our payment terms and how to cancel, click here. 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. Compass has persuaded investors that it can reshape the home-buying process through technology. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. 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. The 41-year-old cofounder and CEO has risen to prominence quickly. 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. 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. Your subscription will automatically renew for on . Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. 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 Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. WebLine up and cue Bride, Groom and Wedding party for Grand Entrance. Robert Reffkin at Inman Connect. Sign up for notifications from Insider! Top editors give you the stories you want delivered right to your inbox each weekday. 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. 62 percent of Realtors nationwide are female. 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. Compass is gearing up for an ambitious $10 billion IPO. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. Prices are up in March over both February and January. 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.. Sign up for Individual Select membership today. Since his mother never married his biological father, his mother gave Reffki 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. Coalesce's Select Membership is no longer active. Smart Policies are as low as $30 a month, No Medical Exam Required Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Nelson left less than a year later and returned to Coldwell. Governor, Maryland. 15 stories covering tech, special reports, video and opinion. Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. Don't miss the premier event for real estate pros. Not so much. He has said he hopes one day to run for office. Today, the firm has franchises spread out across multiple U.S. regions. 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, 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. 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. 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. To subscribe to exclusive newsletters, visit your email preferences in the account settings.