Compass, Inc.

American residential real estate broker From Wikipedia, the free encyclopedia

Compass, Inc.

Compass, Inc. operates a residential real estate brokerage in the United States.[4][5] It has approximately 29,000 agents, who are generally independent contractors, on its platform.[2]

Quick Facts Formerly, Company type ...
Compass, Inc.
FormerlyUrban Compass, Inc. (2012–2021)
Company typePublic
NYSE: COMP
IndustryReal estate
FoundedOctober 4, 2012; 12 years ago (2012-10-04)
Founders
Headquarters,
US
Area served
United States
Key people
ServicesBroker
Revenue US$5.63 billion (2024)
US$155 million (2024)
US$154 million (2024)
Total assets US$1.18 billion (2024)
Total equity US$412 million (2024)
OwnerSoftBank Vision Fund (30.1%)
Robert Reffkin (2.1%)
Number of employees
2,566 (2024)
Websitecompass.com
Footnotes / references
[2][3]
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In 2023, the company completed 178,848 transactions for a gross dollar value of $186.1 billion. It had a market share in the U.S. of 4.5%.[2] SoftBank Vision Fund owns 30.1% of the company.[3]

History

Summarize
Perspective

Compass was founded by Ori Allon, Robert Reffkin, and Avi Dorfman as Urban Compass, Inc. in New York City in October 2012.[2][6] Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google.[7] Reffkin had previously served as the chief of staff to the president of Goldman Sachs[8] and worked in the White House.[9][10] Avi Dorfman had previously worked at McKinsey & Company and Lehman Brothers, and founded a startup.

The company raised $8 million of seed funding.[10][7] The initial business model employed full-time, salaried brokers[11] and was focused only on rentals.[12] The service was launched in May 2013.[13][12]

In January 2014, Compass announced it would change its overall business model by contracting independent real estate agents, receiving a portion of the broker commission.[14]

In July 2014, Compass signed a lease on 25,000 square feet of office space at 90 5th Avenue, which became its global headquarters.[15]

In June 2014, Leonard Steinberg, previously with Douglas Elliman, was named president of the company.[16][17] At that time, the company had 125 agents and 70 staff members.[18]

In July 2016, the company launched a mobile app.[19]

The company expanded into several markets, both organically and via acquisitions. By January 2017, the company operated in 9 U.S. markets: New York, Boston, San Francisco, Miami, Washington, the Hamptons, Los Angeles, Santa Barbara, and Aspen.[20] At that time, it had 1,300 agents.[21]

On April 1, 2021, the company became a public company via an initial public offering.[22]

In November 2021, Compass settled with Avi Dorfman, ending an 8-year dispute, and acknowledging him as a member of the founding team.[6] The company took a $21.3 million charge in connection with the matter.[23]

The company announced several rounds of layoffs in 2022 and 2023.[24][25]

Acquisitions

More information Date, Acquired ...
Date Acquired Description Source
November 2014 Lindsay Reishman Real Estate Washington, D.C.–based broker [26][27]
April 2016 Shane Aspen Real Estate Aspen-based broker [28]
January 2017 Bushari Real Estate Boston-based brokerage [29]
April 2018 Conlon Chicago-based brokerage [30][31]
April 2018 Northwest Group Real Estate Seattle-based brokerage [32][33]
June 2018 The Hudson Company Chicago-based brokerage [34][35]
July 2018 Paragon Real Estate Group San Francisco–based brokerage [36][37]
August 2018 Avenue Properties Seattle-based brokerage [38][39]
August 2018 Pacific Union International San Francisco–based brokerage [40][41]
November 2018 Wydler Brothers Washington, D.C.–based brokerage [42][43]
February 2019 Contactually CRM provider; shut down in March 2022 [44]
March 2019 Alain Pinel Realtors San Francisco–based brokerage [45][46]
April 2019 Stribling & Associates New York–based brokerage [47][48]
November 2019 Detectica AI Startup [49][50][51]
October 2020 Modus Home closing startup, shut down in June 2022 [52][53]
February 2021 KVS Title Title insurance and settlement services provider [54][55]
April 2021 Glide Labs Transaction management platform [56][57]
September 2021 First Alliance Title Title insurance and settlement services provider [58][59]
September 2021 CommonGround Abstract Title insurance and settlement services provider [60][61]
May 2022 Consumer's Title Company Title insurance and settlement services provider [62][63]
April 2023 Launch Real Estate Arizona-based brokerage [64][65]
September 2023 Deasy Penner Podley/DPP Pasadena-based luxury boutique brokerage [66]
September 2023 Realty Austin and Realty San Antonio Texas-based brokerages [67][68][69]
January 2024 Attorneys Key Title Fort Lauderdale–based title company [70]
April 2024 Latter & Blum Broker operating in Louisiana and Mississippi [71][72]
May 2024 Parks Real Estate Broker operating in Tennessee [73]
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Awards

Compass was named Mid-Sized Business of the Year by the Manhattan Chamber of Commerce in 2015.[8]

In 2018, Compass was named to Crain's Fast 50.[74]

In January 2019, it was ranked 14th on Glassdoor's Best Places to Work.[75]

In April 2019, Compass received a Webby Award for Best Real Estate Website.[76]

In August 2019, it was named one of the Best Workplaces for Innovators by Fast Company.[77]

Compass won the 2020 Webby Award in the real estate web category.[78]

References

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