Innovation happens in small spaces, which is why so many smaller CRMs are able to essentially put agents’ business on autopilot. But as agents become more and more entrenched in their tech, their CRM is becoming ripe for acquisition. Read the latest in our New Normal series, and join us next week at Inman Connect when we take the conversation live.
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The
Softbank-backed real estate brokerage went public in April in a splashy debut, taking advantage of a boom in the residential real estate market during the pandemic.
Image source: Getty Images.
The company is now the country s second-largest real estate brokerage, and fetched a valuation near $10 billion when it began trading, more than
Redfin and more than four times higher than
Realogy, the country s largest brokerage, which owns brands like Century 21, Coldwell Banker, and Corcoran. That sparked some concerns that it was overpriced, though it s now valued below $6 billion.
In its first earnings report as a public company, Compass reported 80% revenue growth to $1.1 billion as it lapped the initial pause in home sales during the early stages of the pandemic. That figure topped estimates at $968.7 million. Meanwhile, gross transaction value rose 75% to $43.8 billion, and the company s market share improved from 3.8% to 5.2%. However, Compass continued to lose money
MasterClass Announces First Class on Buying and Selling Real Estate
Entrepreneur and founder of Compass, Robert Reffkin, offers relatable insights and advice to demystify the buying and selling process
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SAN FRANCISCO, May 27, 2021 /PRNewswire/
MasterClass, the streaming platform where anyone can learn from the world s best across a wide range of subjects, today announced that Robert Reffkin, founder and CEO of Compass, will teach a class on buying and selling real estate. Through an honest and relatable approach, Reffkin will demystify the real estate market and equip members with the insights needed to buy or sell their home. Reffkin s class is now available exclusively on
Photo: Courtesy Subject/Illustration: Chloe Krammel
Robert Reffkin, the CEO of tech-focused real estate startup Compass Inc., says he never planned for the company to go public so early. The company IPOed in 2021, in the midst of a pandemic and housing bubble, and is currently valued at $7.8 billion. A housing boom and particularly strong period for IPOs helped fuel Compass s growth to become the largest independent brokerage in the nation.
The 41-year-old founder and former Goldman Sachs executive spoke to Brit Morse,
Inc. s assistant editor, in a recent stream event about his personal and professional journey as an entrepreneur, as well as his views on the housing market outlook.