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Four Takeaways From Elliman's Annual Report

Four Takeaways From Elliman's Annual Report
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Compass' costs to scale, LinkedIn and Zynga founders to take Hippo public

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Compass’ costs to scale, LinkedIn and Zynga founders to take Hippo public
National /
Compass’ cost of doing business
Ahead of its buzzed-about IPO, Compass offered investors a peek at its financials via an S-1 filed March 1.
Highlights from the 263-page document include the fact that Compass took in $3.7 billion in revenue last year, four times its revenue of $884.7 million in 2018. The tech-focused resi brokerage also lost $270.2 million in 2020, down from $388 million in 2019.
But one key takeaway is how much Compass spent to grow to its current size: 19,000 agents with $151.7 billion in sales last year. ....

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How Much Compass Spent Buying Brokerages Since 2018

Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
Since 2018, Compass has spent more than $300 million to scale its business, buying other brokerages and tech companies to support its “end-to-end platform,” according to the company’s IPO filing.
Backed by $1.5 billion in venture capital from investors including Fidelity, Wellington and SoftBank, Compass’ growth story has been unmatched in residential real estate. The brokerage aggressively courted agents after launching in 2012, but six years later, it switched gears and began scooping up firms wholesale.
Generally speaking, Compass’ acquisition strategy is to buy brokerages in markets that are top priorities for recruitment. Recent purchases of technology companies indicate Compass is not above buying a ready-made platform instead of building it in-house. ....

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