robert reffkin net worth

So instead of launching in cities like Chicago, new priorities are California markets such as San Francisco, Santa Barbara, Montecito, Pasadena and Brentwood, as well as Cambridge, Mass.He acknowledged secondary-home cities such have been tough to crack. Biz & Tech // Net Worth - Kathleen Pender Pacific Union, Compass CEOs weigh in on their mega real-estate merger Kathleen Pender Aug. 30, 2018 Updated: Aug. 30, 2018 11:42 a.m. Culture, not production, is the key to sustainable, long-term growth.Expertise from Forbes Councils members, operated under license. Fidelity bought in, making a rare bet on a private company.“To others, though, Compass looks more like a traditional realty broker, Bloomberg reported. He graduated from college (Columbia) in just over two years. Now her son is the CEO of Compass, a New York real estate tech startup that just scored a $1.8 billion valuation.Investors in the funding round included Fidelity Investments, IVP and Compass’ dashboard shows neighborhood real estate data and a Pinterest-like app for organizing home listings. Some managers too, as “When they make an announcement that a new agent has joined, the conditioned response from the real estate community is, ‘I wonder how much they got paid?’” said Billy Jack Carter, an executive manager at Hilton & Hyland, a Los Angeles-based firm competing with Compass in markets such as Beverly Hills. At some point down the road, Reffkin said, it could very well go public.But what would investors in a Compass IPO be buying into? All Rights Reserved. It is mandatory to procure user consent prior to running these cookies on your website.Round-up of top news and topics for each of the following cities:Editorially-curated headlines and news to know for the following areas:The numbers behind office leases, retail, sales and financing This website uses cookies to improve your experience while you navigate through the website.

Ori Allon & Robert Refkin: Founders, Compass... what he's doing if he didn't get paid a dime,” Buffett told Fortune of the man whose net worth Forbes pegged at $3.7 billion. Nelson left less than a year later and returned to Coldwell.

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. That figure, however, appears to be all but meaningless when it comes to Compass’ own bottom line. Try again later.We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. You can’t make money at that point.”Ever since Compass pivoted towards a traditional brokerage model in 2014, competitors have wondered: How can a company that looks and acts just like their own be “It is commonly known within the industry that a fair valuation for a real estate brokerage firm locally and nationwide is five to seven times EBITDA,” said “It’s something that can potentially power all real estate transactions across the country,” Compass co-founder Ori Allon told Fast Company last June.The firm has apps that enable agents to promote open houses, schedule showings, provide real-time market intelligence to clients and create show sheets and pitch books, all with a few swipes. But when Compass also says it “recruited $80 million in annualized GCI [gross commission income] in the first two quarters of 2016,” an odd turn of phrase. According to Everipedia, “Robert Reffkin was known as DJ Zahav, the Golden Hebrew. It employs more than 2,000 agents, who take a percentage of the selling price and gives 15 percent to 30 percent to Compass.

Licensed Associate Real Estate Broker . This category only includes cookies that ensures basic functionalities and security features of the website. Most new agents get a 5 percent bump in their prior commission split for the first year. All Billionaires; ... Robert is the Founder and CEO of Compass, a technology-driven real estate company. This was in 1994, long before the era of music streaming and easily shuffled playlists.

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“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. The Berkeley native hasn’t abandoned his public-service mission: Reffkin also founded America Needs You, a nonprofit that provides career development and mentorship to first-generation college students.© 2020 Fortune Media IP Limited. In 2008 he raised $1.3 million to help the Success Charter Network open its first school in the Bronx.

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