CNBC 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. Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Compass, Inc The Journey Was the Exciting Part | Columbia College Today The Silicon Valley Bank impact its been there, but much less than expected. In these times, double down on your skills, on your knowledge, on you. Compass is gearing up for an ambitious $10 billion IPO. Markets never sleep, and neither does Bloomberg. It was sleek, but I cant say it was different from anything else out there.. He stands to receive another 14.9 million shares in coming years contingent on Reffkin Robert Reffkin Robert Reffkin wants Compass to be the Amazon of real estate The Compass CEO shared insight into his company's approach to technology and why 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. Although existing-home sales and median home prices experienced single-digit declines in March, Reffkin said affordability continues to be an issue as homebuyers attempt to solve the age-old debate between buying and renting. U.S. Federal Reserves Board of Governors. Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. WebMayor Michael R. Bloomberg today appointed Robert Reffkin to the Panel for Educational Policy, replacing Chairman David Chang who resigned from the Panel on Friday, November 5th, 2010. 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. Bloomberg Daybreak Asia. The Journey Was the Exciting Part | Columbia College Today Robert Reffkin grew up the child of a hardworking single mother. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. Sign up for notifications from Insider! 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. Top headlines from around the real estate industry. Backed by babysitting and bar mitzvah money, the young founder started a DJ company called "Rude Boy Productions" that brought in a total of $100,000 by the time he graduated from high school, the article said. On Bloomberg's Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Robert Reffkin (1979- ) - BlackPast.org Your subscription will automatically renew for on . Inman has reached out to Compass for more details and will update this story with any information the company provides. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more. Compass Inc. Chief Executive Officer Robert Reffkin started his career working in the inner sanctums of American power, from McKinsey & Co. to the White House to Goldman Sachs Group Inc. Back in 2020, for instance, Chicago-based brokerage @properties launched its own franchise brand. Please update your billing information to reactivate your membership. Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Since its founding, Compass has managed to grow into the largest company of its kind even while maintaining a centralized ownership structure. Its an industry that values longevity. Thank you for subscribing to Morning Headlines. The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the companys investors and employees. The 5-year-old company reported $62.6 million in 2017 revenue. Are you prioritizing your cable entertainment bill over protecting and investing in your family? Robert Reffkins mother was disowned by her parents when she had a mixed-race baby. A champion of diversity, Reffkin helped found a charter school in the Bronx and launched a nonprofit,New York Needs You, which finds mentors for students who are the first in their families to go to college. At Compass' annual REtreat in Atlanta, CEO Robert Reffkin used his keynote to give an honest and intimate review of his company's post-IPO performance To subscribe to exclusive newsletters, visit your email preferences in the account settings. Robert Reffkin and his mother Ruth Reffkin at a marathon in New Mexico. What Drives the Success of Robert Reffkin, Who Took Compass The buying power of the LGBTQ community is growing. Were the number one brokerage firm in the country, and we can see that buyers have accepted these mortgage rates as a new normal. ", His former boss, Cohn, said Reffkin just has an "aura of confidence.". Nelson left less than a year later and returned to Coldwell. Even his running hobby is helping others. Breaking news as it happens. Real estate is uniquely positioned to be a leader in diversity, Reffkin said in a recent Forbes guest post: Compasssaid the latest funding round will be used to expand to 10 new cities within two years and invest in new research and development. 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. Track your investments 24 hours a day, around the clock from around the world. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. He is running 50 marathons to raise $1 million for youth education nonprofits. 15 stories covering tech, special reports, video and opinion. To subscribe to exclusive newsletters, visit your email preferences in the account settings. How Robert Reffkin went from being a C-average student to the Compass has persuaded investors that it can reshape the home-buying process through technology. Sellers? 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. Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Thank you for subscribing to Morning Headlines. There seems to be a problem with your Inman Select Membership. 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. But it was a real estate startup that vaulted him to the ranks of the ultrarich. In a surprise twist, Compass CEO Robert Reffkin revealed Tuesday that his company is exploring the possibility of franchising as it works toward profitability. Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. Don't miss the premier event for real estate pros. From growing up in Berkeley, CA with a single mom, to becoming a White House fellow and rising through the ranks at Goldman Sachs before launching Compass, here are some things to know about the up-and-coming executive. The 41-year-old cofounder and CEO has risen to prominence quickly. Compass CEO says Florida continues to be a thriving residential Open Houses: The More You Go After graduation, Reffkin was an analyst at McKinsey & Co. for two years, then returned to Columbia for an M.B.A. He worked for two years in finance at Lazard, one as a White House Fellow in the U.S. Department of the Treasury and then moved back to New York City to work at Goldman Sachs. WebNov 09, 2017. Learn more about Robert's entrepreneurial pursuits and insights into the Robert Reffkin Gets Real At Annual Compass REtreat: 'Hope Is The 41-year-old cofounder All Rights Reserved. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. 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. In This Article. But he left the storied Wall Street firm in 2012 to start his company. In these times, double down on your skills, on your knowledge, on you. Top editors give you the stories you want delivered right to your inbox each weekday. It looks like youre already a Select Member! Compass Cofounder Robert Reffkin Is Worth $500 Million This is New York: Robert Reffkin, Embracing the Entrepreneurial Rents are actually flat year over year.. Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google. A tireless entrepreneur, she spent most of her career as a real estate agent. Get the week's leading headlines delivered straight to your inbox. Reffkins stake valued at $472 million after share sale, Critics say real estate brokerage needs to justify valuation, Rivians Troubles Dont End at a 93% Wipeout, Buffett Will Beat theMarket asRecession Looms, Investors Say, First Republics Jumbo Mortgages Brought On Banks Failure, Asia Stocks Set for Mixed Start as Treasuries Drop: Markets Wrap. 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