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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. Lael Brainard. His mother was Israeli and his father was Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. He has said he hopes one day to run for office. Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent. It looks like youre already a Select Member! 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. 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. In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. Mr. Reffkin is a Vice President in the Principal Investment Area of Goldman Sachs & Company. Though a Compass franchise business would be a major shift for the brokerage, such a move isnt without precedent in the broader industry landscape. Robert Reffkin - Wikipedia Open Houses: The More You Go 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. The markets that are being hit most in terms of price are the pandemic boom markets, he said. 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. 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. Even his running hobby is helping others. 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. CNBC Not everyone is convinced, but the firm said Wednesday that it isnow valued at $1.8 billion after its latest cash infusion a $100 million Series E round that will be spent on a geographic expansion. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. Nelson left less than a year later and returned to Coldwell. Robert Reffkin Gets Real At Annual Compass REtreat: 'Hope Is Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. Unique features from hacker profiles to portal watch and video interviews. Bloomberg Daybreak Asia. Compass is gearing up for an ambitious $10 billion IPO. 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. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. 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. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Rents are actually flat year over year.. His father,a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013Fast Companyreport. Thank you for subscribing to Morning Headlines. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Breaking news as it happens. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. As of 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. Leading commentary by award-winning journalists. But it was a real estate startup that vaulted him to the ranks of the ultrarich. How Robert Reffkin went from being a C-average student to the Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. Inventory exiting Q1 was nine percent less than it was exiting Q4, he said. It lures the industrys top talent with lavish signing bonuses and specializesin high-margin, luxury homes in upscale, coastal markets. Click Here to Get Smart on Protecting Your Family and Loves Ones, No Matter What Happens. Meanwhile, others may be pushed back into the rental market for the time being. 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. 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. As you mentioned, Boise, Idaho, Las Vegas [and] Phoenix, theyre getting hit the hardest.. 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. Robert Reffkin 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. The couple have three kids together. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Hes the CEO of Compass, the multibillion-dollar real estate firm he cofounded, and a celebrated entrepreneur. If you have a three percent mortgage rate, you consider that a financial asset and you dont want to lose it.. 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. 2023 The Moguldom Nation. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Don't miss the premier event for real estate pros. To subscribe to exclusive newsletters, visit your email preferences in the account settings. But he left the storied Wall Street firm in 2012 to start his company. Robert Reffkin wants Compass to be the Amazon of real estate Robert Reffkin grew up the child of a hardworking single mother. 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. 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. 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. 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. Learn more about Robert's entrepreneurial pursuits and insights into the If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. 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. The company says the technology will makereal-estate agents more productive and more profitable. Top headlines from around the real estate industry. After graduating in two years from Columbia, he began his career on Wall Street. 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. 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 Your subscription will automatically renew for on . Stay up to date with what you want to know. You will be charged . In addition to being the leader of 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.". Overnight on Wall Street is daytime in Asia. Reffkins roughly 6% stake in Compass was valued at $472 million at the IPO price. In these times, double down on your skills, on your knowledge, on you. Get your ticket now for the best price.
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