[20][21] The company raised $8 million of seed funding from Founders Fund, Thrive Capital, Goldman Sachs as well as several individual investors including American Express CEO Kenneth Chenault, and ZocDoc CEO Cyrus Massoumi. [30][31] Steinberg was named the agent with the highest sales volume in 2016 by Real Trends. [48] Additionally, Compass announced aggressive expansion plans to 9 more cities.[49]. [59], Compass Collections is a curated visual workspace that allows agents and clients to collaborate in real-time to organize homes, centralize their discussions, and monitor the market by receiving immediate status and price updates.[60]. ", "This startup that wants to blow up the real-estate market is now worth more than $1 billion", "Compass hires Facebook alumnus to steer recruitment strategy – Real Estate Weekly", "Compass replaces chief financial officer", "City's top-selling residential broker team jumps to new-in-town firm", "Compass reveals plans for massive expansion", "Compass nabs $400M, valuing the real estate technology startup at $4.4B", "Compass raises $400M from SoftBank, QIA; brokerage now valued at $4.4B", "Hitting the brakes: Compass won't expand to new markets this year", "Compass Raises $370M As Increasingly Crowded Real Estate Space Heats Up", "Compass goes global with India tech hub, adds Amazon veteran", "Real estate agencies put the spotlight on staging", "Brokerage Compass starts offering an easier, less expensive way to get a bridge loan", "Compass | Compass Coming Soon | Whisper Listings", "Here's a look at the tech used at SoftBank-backed real-estate brokerage Compass", "This $800 million startup just launched an app to make buying a home easier", "New York realty firm to open office in D.C.", "Compass acquires Chicago brokerage Conlon Christie's", "Compass buys Hudson Company, continuing Chicago expansion effort", "Paragon Real Estate of SF acquired by Compass to form city's largest brokerage", "Compass buying Pacific Union - its second SF real estate acquisition in two months", "Avenue Properties joins real estate tech company Compass", "Compass | Wydler Brothers Real Estate | Robert Reffkin", "Compass acquires Contactually, a CRM provider to the real estate industry", "Compass buys Alain Pinel to create Bay Area real estate behemoth", "Compass | Stribling & Associates | Residential brokerages", "Real-Estate Brokerage Compass Buys AI Startup Detectica", https://en.wikipedia.org/w/index.php?title=Compass_(company)&oldid=969143314, Real estate services companies of the United States, Real estate companies established in 2012, Creative Commons Attribution-ShareAlike License, Lindsay Reishman Real Estate (November 2014), Northwest Group Real Estate [NWG] (April 2018), Pacific Union International (August 2018), This page was last edited on 23 July 2020, at 17:09. [3][4] The Company specializes in high-margin, luxury homes in upscale, coastal markets. [39][40] The company also launched a new mobile app that offers real-time data on the real estate market. When people first hear the name Compass Real Estate, they assume that it is a real estate brokerage firm, but that isn’t what they’re all about. As with many large companies, Compass wasn’t initially … [11], Compass also expanded into Chicago in late November 2017, signing the city's number-one real estate team. [19] Reffkin had previously served as the chief of staff to the president of Goldman Sachs[12] and worked in the White House. It saves time, and ultimately money for the agents by reducing their workload. When the company went public in May of 2013, a celebration was slated. Please see a few of our case studies here. Learn how your comment data is processed. Other investors included Wellington Management, Institutional Venture Partners and Fidelity Investments. [41] Earlier in the year, the company expanded into Aspen with the acquisition of Shane Aspen Real Estate[42] as well as Los Angeles. This major event happened in 2014. They not only serve New York, but also Newport Beach, Santa Barbara, The Hamptons, Dallas, South Florida, Los Angeles, Aspen, San Francisco, Chicago, and Washington DC. Compass Real Estate provides Director-level services, specifically in business relocation and innovative property management. Fidelity Values Compass at $2 Billion", "How has Compass grown so fast? [56], Compass Bridge Loan Services provides access to bridge loan lenders, with the option to get up to six months of the loan payments fronted when the home is sold with a Compass agent. One of the first ventures that Compass was involved in was the rental industry in New York City. [25][26], At the beginning of 2014, Compass announced it would change its overall business model by contracting independent real estate agents and taking a portion of their commissions. Compass employs more than 10,000 agents who earn a percentage of the selling price and give 15 to 30 percent on each sale to Compass. The company provides software to real estate agents. They are a tech company that produces software for real estate firms and agents. They developed a proprietary mobile apps to assist real estate agents in doing their jobs. The latest figures place the company at a value of $4.4 billion. Which Breitling Galactic Model is Right for You? [12] Compass was named to Crain's Fast 50,[13] Inc. 5000,[14] and Glassdoor's Best Places to Work[15] in 2018. [34] The company also opened offices in Brooklyn, South Florida, Boston and the Hamptons. [60], Compass Markets is a mobile app that has real-time residential real estate data that provides access to recent transaction data as well as historic sales trends. They started out as a tech company. Compass undertakes the full spectrum of activity involved in a move of premises. The Advantages of Going to a Tag Heuer Outlet, Why You Should Know Your Breitling Serial Number, How Amber Rose Achieved a Net Worth of $12 Million, How Doug Demuro Achieved a Net Worth of $3 Million, How Carlos Mencia Achieved a Net Worth of $20 Million, How Dan TDM Achieved a Net Worth of $35 Million. With over 10 years experience he's covered businesses, CEOs, and investments. CEO Robert Reffkin acknowledged that the softening of the equity markets contributed to the decision not to enter new markets in 2019. Compass is said to be the first compa… After a few false starts, they persevered and, with some vision, found us a perfect unit , below our budget ; they did a great job for us and we could not be more pleased with the deal that they got for us. [22] The company publicly debuted at an event in May 2013, where then-New York City Mayor Michael Bloomberg helped celebrate the launch. The Compass Real Estate app makes your home search simple and exciting. [21][19] The initial business model employed full-time, salaried brokers, with whom users of the platform could schedule appointments online after searching for listings on the company's desktop or mobile app. The following is a list of acquisitions by Compass: 2020 Webby People’s Voice Award for Real Estate, "Compass Raises $50M at An $800M Valuation Led By IVP To Supersize Its Real Estate Platform", "Our regional offices, from coast to coast", "Tech Startup or Real-Estate Broker? Compass’ approach to property management is born out of innovation & technology. Allon had previously sold companies to Google and Twitter. In case you haven’t heard of them yet, here are ten interesting facts about Compass Real Estate that you probably didn’t know but might find useful. [45], In 2017, Compass hired several new executives to its leadership team, including Madan Nagaldinne, a former Facebook and Amazon executive, as Chief People Officer,[46] and Craig Anderson, a former Flywheel executive, as chief financial officer. [25] The software streamlines many of the functions that would take up a lot of time for agents in busy work. Partner with a local real estate agent to find the home or apartment that’s right for you. [55], The Compass Concierge program assists in selling a home by covering the cost of home improvements to prepare the home for market. Less than a year later in September 2018, Compass announced a $400 million in Series F funding at a valuation of $4.4 billion. Together with a few other big players in the financial investment game including Thrive Capital, Founder’s Fund and many individual investors, the initial round of seed fundraising brought in $8 million in startup funding which gave Compass a healthy start. [7], Compass operates in 20 U.S. regions including New York, Philadelphia, Boston, Washington D.C., Dallas, South Florida, San Francisco, Chicago, Los Angeles, Aspen, The Hamptons, Santa Barbara[8] and Newport Beach. [35][36][37][38][34], In August 2016, Compass raised a Series D financing round of $75 million, led by Wellington Management, which brought its valuation higher than $1 billion. [1] The company provides software to real estate agents. Investors included Advance Publications, Salesforce.com CEO Marc Benioff, and .406 Ventures. In November 2019, Compass announced its plan to open its India Development Centre in Hyderabad. They were off to a good start and they leased a a large space for their headquarters. [6] In September 2018, the company had a valuation of US$4.4 billion. The 10 Finest Hotel Residences in The World, The 20 Most Expensive Homes in the United States, 10 Prisons That Rival The Accommodations of …, Where $100 million in Vacation Rental Startups …, Chinese Real Estate Investors Take Foothold In …, The History of and Story Behind the Minecraft Logo, 10 Things You Didn’t Know About Ben van Beurden, The History of and Story Behind the ESPN Logo, 10 Things You Didn’t Know About Silver Lake CEO Greg Mondre. They did it, and we have forged a good, long-lasting relationship as a result of the process. A look at the numbers", "Real Estate Is Latest Target for Would-Be Disrupters", "25 Inspiring Entrepreneurs Under 40 Who Are Creating the Next Big Thing", "Compass Is Said to Raise Funds at $4.4 Billion Valuation", "Maelle Gavet is the new COO at real estate startup Compass", "Luxury real estate startup Compass expands to Newport Beach, scores top agent Rob Giem", "Real estate platform Compass raises another US$370m on a 6.4b valuation en route to an IPO", "Softbank invests $450 million in real estate tech company Compass", "Why This Real Estate App Is Making New York Brokers Nervous", "Here are all the winners of the 2019 Webby Awards", "Here are all the winners of the 2020 Webby Awards", "After cashing out to Google and Twitter, Ori Allon is going all in with Urban Compass", "Modernizing the New York apartment hunt", "With $8M in Seed Funding From Founders Fund, Goldman Sachs; Urban Compass Wants To Build A Hyper-Local, Human-Powered Database", "Urban Compass: can a startup finally fix the nightmare of renting an apartment in NYC? While they do deal in rental properties and have agents onboard, there is so much more that Compass does. However, in January 2019 the company announced its intention to halt expansion, after encountering unspecified challenges. [18], Compass was founded by entrepreneurs Ori Allon and Robert Reffkin as “Urban Compass” in 2012. If you are familiar with the way that the rentals system worked just a decade ago, then you’ll realize that it was badly in need of improvements. [50] In addition to Softbank Vision Fund, this series was led by Qatar Investment Authority,[51] which controls Qatar's sovereign wealth fund.
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