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Compass CEO Robert Reffkin (Compass, Getty)
UPDATED, May 12 2021, 6:35 p.m.: The bar was set high for Compass’ first quarterly earnings report as a public company.
The brokerage, which went public on April 1, reported $1.1 billion in revenue for the quarter across 40,268 transactions valued at $43.8 billion.
“This was the best first quarter for transactions in our history and our third largest quarter ever,” said Robert Reffkin, the brokerage’s CEO and co-founder, on the company’s earnings call on Wednesday. “We see this momentum continuing into the second quarter.”
Compass’ revenue is up 80 percent year-over-year from $619.9 million in the first quarter of 2020, while the number of transactions increased 67 percent. According to Bloomberg, analysts expected the company to report $968.67 million in revenue.
Joseph Sirosh
“The Glide team has built a seamless software solution that has attracted tens of thousands of real estate agents in California, including many Compass agents who love the service,” Compass Chief Technology Officer Joseph Sirosh said in a press release. “Their products have an excellent track record of saving time, reducing risk, and simplifying every step of the offer process and of course, making complex tasks seem effortless for agents and their clients.”
Founded in 2018, Glide enables agents and brokers to complete offer, disclosure and closing documents online. Glide offers a free plan for members of 60 California-based Realtor and MLS associations, and two pro plans for agents and brokers that include additional features, such as branding and the ability to upload brokerage-specific custom forms. The agent pro plan costs $45 per month, while the broker pro plan follows a sliding scale.
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