Top headlines from around the real estate industry. Your subscription will automatically renew for on . Amy 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.. Meanwhile, others may be pushed back into the rental market for the time being. 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. What Drives the Success of Robert Reffkin, Who Took Compass The Journey Was the Exciting Part | Columbia College Today Just last month, Oakland, Calif.-basedRoofstock, a platform for buying and selling rental properties, raised a $35 million Series C round.. For more details on our payment terms and how to cancel, click here. 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. This is New York: Robert Reffkin, Embracing the Entrepreneurial To subscribe to exclusive newsletters, visit your email preferences in the account settings. The 41-year-old cofounder and CEO has risen to prominence quickly. Robert Reffkin wants Compass to be the Amazon of real estate 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. You will receive additional instructions via email. 10 Things You Didn't Know About Robert Reffkin - Money Inc 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. He's always had big ambitions for his career, sources told Insider previously. 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. Forgot your username? Unique features from hacker profiles to portal watch and video interviews. And thats not a surprise at Compass. Prices are up in March over both February and January. In these times, double down on your skills, on your knowledge, on you. 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. Robert Reffkin. Compass is gearing up for an ambitious $10 billion IPO. Wes Moore. Breaking news as it happens. 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. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. Overnight on Wall Street is daytime in Asia. 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. By submitting your email address, you agree to receive marketing emails from Inman. The Fellows - White House Fellows Foundation and Association By clicking Sign up, you agree to receive marketing emails from Insider If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Then you have 72 percent of homeowners locked into mortgage rates at four percent and below. But he left the storied Wall Street firm in 2012 to start his company. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. 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 In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. 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. U.S. Federal Reserves Board of Governors. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". (Courtesy Compass Cofounder Robert Reffkin Is Worth $500 Million He is running 50 marathons to raise $1 million for youth education nonprofits. 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. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. 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Robert Reffkin is also Compass founder. 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. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) 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. If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. In This Article. Robert Reffkin Rents are actually flat year over year.. Government of New York City All Rights Reserved. Simply enter the email address you used to create your account and click "Reset Password". 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. Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. Fidelity bought in, making a rare bet on a private company. Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. Agents see a 25 percent increase in earnings during their first year, Compass has said. You will be charged . 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. and keeping a great relationship with 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. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. Get your ticket now for the best price. Robert Reffkin (1979- ) - BlackPast.org Breaking news as it happens. Governor, Maryland. 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. The technology was mostly marketing tools, she said. 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. 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 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. Robert Reffkin grew up the child of a hardworking single mother. Attend Inman Connect Las Vegas to gain takeaways to achieve success in 2023. 2023 The Moguldom Nation. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Read more: Compass is gearing up for an ambitious $10 billion IPO. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Today, the firm has franchises spread out across multiple U.S. regions. 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. Sign up for Individual Select membership today. Your subscription will automatically renew for on . Get the week's leading headlines delivered straight to your inbox. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. 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 couple have three kids together. The 5-year-old company reported $62.6 million in 2017 revenue. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. 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 round brings Compass total funding to $325 million, according to The Real Deal. In total, Compass brought in $1.11 billion in revenue and suffered a net loss of $158 million during the fourth quarter of 2022. Forgot your username? Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Compass CEO Robert Reffkin Who Pivoted From Goldman to Open Houses: The More You Go He stands to receive another 14.9 million shares in coming years contingent on 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. WebNotable White House Fellows. As of 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. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Real estate is the first career for just. Please update your billing information to reactivate your membership. 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 CEO says Florida continues to be a thriving residential 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. 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. 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. 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. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. 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. 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. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass Are you prioritizing your cable entertainment bill over protecting and investing in your family? There seems to be a problem with your Inman Select Membership. Robert Reffkin at Inman Connect. Only 3 days left to register for Inman Connect Las Vegas before prices go up! 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. Robert Reffkin (1979- ) Online real estate entrepreneur Robert Reffkin was born June 7, 1979, in Berkeley, California. Real Estate Tech Startup Compass Scores A It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percentto 30 percentto Compass. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Get your ticket now for the best price. Live market coverage co-anchored from Hong Kong and New York. 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. WebNov 09, 2017. It looks like youre already a Select Member! The Journey Was the Exciting Part | Columbia College Today To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. Immigrants are an important and growing client base. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. Simply enter the email address you used to create your account and click "Reset Password". 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. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Even his running hobby is helping others. 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. 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. Sign up for notifications from Insider! Top editors give you the stories you want delivered right to your inbox each weekday. Doing things he's uncomfortable with is just part of his personality, though. To subscribe to exclusive newsletters, visit your email preferences in the account settings. Compass explores possibility of franchising, company says Still, even with sparse details, the news is a major announcement. 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.". Markets never sleep, and neither does Bloomberg. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. 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. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. 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? Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. 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. Robert Reffkin - Wikipedia How Robert Reffkin went from being a C-average student to the Thank you for subscribing to Morning Headlines. Compass will have an international presence within 18 months, Reffkin said in June.