Fidelity bought in, making a rare bet on a private company. The 41-year-old cofounder Breaking news as it happens. 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. 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. 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. Robert Reffkin (1979- ) Online real estate entrepreneur Robert Reffkin was born June 7, 1979, in Berkeley, California. It was sleek, but I cant say it was different from anything else out there.. In these times, double down on your skills, on your knowledge, on you. 62 percent of Realtors nationwide are female. Immigrants are an important and growing client base. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. Top headlines from around the real estate industry. 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. Not so much. 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. Top editors give you the stories you want delivered right to your inbox each weekday. A Compass foray into franchising would upend the status quo, potentially allowing the company to expand its brand more quickly and nimbly. 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. ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". 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. California-based luxury brokerage The Agency also runs a franchise business. 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. Don't miss the premier event for real estate pros. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. 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 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. 15 stories covering tech, special reports, video and opinion. Smart Policies are as low as $30 a month, No Medical Exam Required Only 3 days left to register for Inman Connect Las Vegas before prices go up! Doing things he's uncomfortable with is just part of his personality, though. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. After graduating in two years from Columbia, he began his career on Wall Street. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. You will receive additional instructions via email. The 5-year-old company reported $62.6 million in 2017 revenue. 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. The CEO said some buyers especially those who can offer all cash will be able to snatch up a home this spring. Compass is gearing up for an ambitious $10 billion IPO. Simply enter the email address you used to create your account and click "Reset Password". WebNov 09, 2017. To others, though,Compass looks more like a traditional realty broker, Bloomberg reported. Forgot your username? Founder & CEO of Compass. If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. Compass CEO Robert Reffkin said Floridas residential market, especially along the west coast, has seen sustained buyer demand despite the Markets never sleep, and neither does Bloomberg. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. By clicking Sign up, you agree to receive marketing emails from Insider You will be charged . 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.. 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. You will receive additional instructions via email. Sign up for notifications from Insider! 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. Revenue was down year over year, but that loss was actually an improvement compared to the final months of 2021. 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. He has said he hopes one day to run for office. Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass Series D round. U.S. Federal Reserves Board of Governors. Only 3 days left to register for Inman Connect Las Vegas before prices go up! His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Assist Band or DJ in cueing important events (ie grand entrance, cake cutting, bouquet toss, dance, etc.) Mr. Reffkin is a Vice President in the Principal Investment Area of Goldman Sachs & Company. In addition to being the leader of Your subscription will automatically renew for on . 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. In September, U.K.-based Purplebricks another investor-backed, low-fee brokerage launched a U.S. operation after raising $60 million from investors. Founder & CEO Robert Reffkin started Compass in 2012 Compass In my continuing coverage of the countrys real estate market, I reached out to Compass 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. How Robert Reffkin went from being a C-average student to the 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. 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. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. 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. 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. 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. In This Article. 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.". 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. 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. But it was a real estate startup that vaulted him to the ranks of the ultrarich. Coalesce's Select Membership is no longer active. Robert Reffkin is also Compass founder. Please update your billing information to reactivate your membership. Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. He's always had big ambitions for his career, sources told Insider previously. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation. Track your investments 24 hours a day, around the clock from around the world. 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. 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. 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