“It was sleek, but I can’t say it was different from anything else out there.”Investors seem bullish on real estate technology, spending “A few weeks after Redfin’s IPO, San Francisco-based Sign up for the Moguldom newsletter - business news you need to know about economic empowerment for the digital age.if you like our Facebook fanpage, you can read everyday such amazing stories. Robert Reffkin's stories. These cookies will be stored in your browser only with your consent. The much-touted technology is, according to several agents, not that different from what other brokers provide.”Compass co-founder and CEO Reffkin is the son of an Israeli immigrant who was disowned by her parents when she had a mixed-race baby. In fact, it works against them.”Reffkin countered by saying recruitment is a more cost-effective way to grow than acquisition: Rather than buying smaller firms, which is a common way that brokerages expand, Compass opted to pick up just the top talent from firms both big and small, minus the fat. Investors in the funding round included Fidelity Investments, IVP and Wellington Management, which led Compass’ Series D round. Opinions expressed are those of the author. Robert Reffkin’s mother was disowned by her parents when she had a mixed-race baby. He graduated from college (Columbia) in just over two years. “Miami’s been a difficult market because there’s been a slowdown,” he said.Former Compass employees echoed Sunshine’s sentiment, saying the startup’s principals have very different priorities than typical brokerage chiefs.“They’re approaching the business from a very ‘investment banker, management consultant’ mindset,” said one. How does it stack up?While Compass has been remarkably good at recruiting top talent — big-name hires in New York include “In New York City — where they have the most juice and the most agents — one agent has 50 percent of the listings,” said one brokerage head. Then he returned to banking, spending five years as a VP at Goldman Sachs and a year as now-president and COO Gary Cohn’s chief of staff. We also use third-party cookies that help us analyze and understand how you use this website.
Robert Reffkin's stories. “There aren’t as many big deals. Reffkin has the kind of résumé that exhausts you. Amazon is now wildly profitable, worth nearly $300 billion and poised to cash in on its dominance in the U.S. e-commerce market. But according to the firm’s CEO Robert Reffkin, profitability isn’t a pressing goal, and investors shouldn’t expect to reap rewards anytime soon.“They’re making an investment alongside the management team,” Reffkin said. Little to none of that amount has lined Compass’ own coffers.It’s possible for startups to be profitable while also spending aggressively on growth. ruth.reffkin@compass.com .
At 25, after spending two years at McKinsey and two at Lazard and getting a Columbia MBA in between, he became a White House Fellow, during which he spent a year working with Treasury Secretary John Snow. Billionaires. ‘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 agent of 17 years, left Coldwell Banker for Compass in 2015. Compass recruited her with promises of transformative technology and generous commissions, Bloomberg reported. All Billionaires; ... Robert is the Founder and CEO of Compass, a technology-driven real estate company. He claimed that if the company were to stop pushing for growth, every office would be profitable within the next six months, but declined to provide specific numbers.“They keep having to go back to the well to raise more money because you can’t sustain a company when you’re having to pay recruitment fees as well as handing out aggressive splits, which in some cases, are as high as 100 percent,” said Jeff Hyland, a principal at Hilton & Hyland.
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