Leading commentary by award-winning journalists. Its an industry that values longevity. Compass CEO says Florida continues to be a thriving residential 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. The Tulip Coastal Occasions Markets never sleep, and neither does Bloomberg. Robert Reffkin. Reffkin also didnt say when Compass might begin franchising, or which markets could be the first to see such an option roll out. Coalesce's Select Membership is no longer active. Fidelity bought in, making a rare bet on a private company. 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. He was inspired to enter the world of real estate by his mother, Ruth, a longtime agent who now proudly works at Compass. Real Estate Tech Startup Compass Scores A 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. Were just getting started, Compass executive chairmanOri Allonsaid in a statement. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. 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. The 41-year-old cofounder Track your investments 24 hours a day, around the clock from around 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. You will receive additional instructions via email. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. Sign up for notifications from Insider! 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. WebNotable White House Fellows. as well as other partner offers and accept our. 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. Robert Reffkin grew up the child of a hardworking single mother. Doing things he's uncomfortable with is just part of his personality, though. For more details on our payment terms and how to cancel, click here. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. Reffkin had previously served as the chief of staff to the president of Goldman Sachs and worked in the White House. Those close to him have said he has talked about someday running for public office, such as mayor of New York City. Simply enter the email address you used to create your account and click "Reset Password". Robert Reffkin Gets Real At Annual Compass REtreat: 'Hope Is ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". The 5-year-old company reported $62.6 million in 2017 revenue. Compass explores possibility of franchising, company says Compass wants 20 percent of market share in 20 major U.S. cities by 2020. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Reffkin On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Not so much. But he left the storied Wall Street firm in 2012 to start his company. 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. Still, even with sparse details, the news is a major announcement. 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. Redfin another venture-backed tech brokerage isnow worth $2.05 billion following its successful public offering. Governor, Maryland. Compass dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. It was sleek, but I cant say it was different from anything else out there.. 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. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. By clicking Sign up, you agree to receive marketing emails from Insider 15 stories covering tech, special reports, video and opinion. In addition to being the leader of Robert Reffkin Though he founded two philanthropic organizations, Reffkin's generosity doesn't end there. Unique features from hacker profiles to portal watch and video interviews. The Journey Was the Exciting Part | Columbia College Today Founder & CEO of Compass. Lael Brainard. After graduating in two years from Columbia, he began his career on Wall Street. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. He's always had big ambitions for his career, sources told Insider previously. 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. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com.
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