Compass, Inc.
American residential real estate broker From Wikipedia, the free encyclopedia
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]
 | |
Engineering Hub in Seattle | |
| Formerly | Urban Compass, Inc. (2012–2021) |
|---|---|
| Company type | Public |
| NYSE: COMP | |
| Industry | Real estate |
| Founded | October 4, 2012 |
| Founders |
|
| Headquarters | , US |
Area served | United States |
Key people |
|
| Services | Broker |
| 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) |
| Owner | SoftBank Vision Fund (30.1%) Robert Reffkin (2.1%) |
Number of employees | 2,566 (2024) |
| Website | compass |
| Footnotes / references [2][3] | |
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
| 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] |
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
External links
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