Company:Compass, Inc.
Engineering Hub in Seattle | |
Type | Public |
---|---|
NYSE: COMP | |
Industry | Real estate |
Founded | October 4, 2012 |
Founder | Ori Allon Robert Reffkin Avi Dorfman[1] |
Headquarters | New York, New York , United States |
Area served | United States |
Key people |
|
Services | Broker |
Revenue | US$6.018 billion (2022) |
US$−589 million (2022) | |
US$−601 million (2022) | |
Total assets | US$1.533 billion (2022) |
Total equity | US$520 million (2022) |
Owner | SoftBank Vision Fund (30.1%) Robert Reffkin (2.1%) |
Number of employees | 3,191 (2022) |
Website | compass |
Footnotes / references [2][3] |
Compass, Inc. operates a residential real estate brokerage in the United States.[4][5] It has approximately 28,000 agents, who are generally independent contractors, on its platform.[2]
In 2022, the company completed 211,538 transactions for a gross dollar value of $230.3 billion. It had a market share in the U.S. of 4.5%.[2] SoftBank Vision Fund owns 30.1% of the company.[3]
For its customers who sell their homes, in addition to regular brokerage services, the company provides access to loans to make home improvements[6] and access to bridge loans to fund down payments on new homes before the customers' previous home is sold.[7][8]
History
Compass was founded by Ori Allon, Robert Reffkin, and Avi Dorfman as Urban Compass, Inc. in New York City in October 2012.[2][9] Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google.[10] Reffkin had previously served as the chief of staff to the president of Goldman Sachs[11] and worked in the White House.[12][13] Avi Dorfman had previously worked at McKinsey & Company and Lehman Brothers, and founded a startup.
The company raised $8 million of seed funding.[13][10] The initial business model employed full-time, salaried brokers[14] and was focused only on rentals.[15] The service was launched in May 2013.[16][15]
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.[17]
In July 2014, Compass signed a lease on 25,000 square feet of office space at 90 5th Avenue, which became its global headquarters.[18]
In June 2014, Leonard Steinberg, previously with Douglas Elliman, was named president of the company.[19][20] At that time, the company had 125 agents and 70 staff members.[21]
In July 2016, the company launched a mobile app.[22]
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.[23] At that time, it had 1,300 agents.[24]
On April 1, 2021, the company became a public company via an initial public offering.[25]
In November 2021, Compass formally settled with Avi Dorfman, ending an 8-year dispute, and acknowledging him as a member of the founding team.[9] The company took a $21.3 million charge in connection with the matter.[26]
The company announced several rounds of layoffs in 2022 and 2023.[27][28]
Acquisitions
Date | Acquired | Description | Source |
---|---|---|---|
November 2014 | Lindsay Reishman Real Estate | Washington, D.C.-based broker | [29][30] |
April 2016 | Shane Aspen Real Estate | Aspen-based broker | [31] |
January 2017 | Bushari Real Estate | Boston-based brokerage | [32] |
April 2018 | Conlon | Chicago-based brokerage | [33][34] |
April 2018 | Northwest Group Real Estate | Seattle-based brokerage | [35][36] |
June 2018 | The Hudson Company | Chicago-based brokerage | [37][38] |
July 2018 | Paragon Real Estate Group | San Francisco-based brokerage | [39][40] |
August 2018 | Avenue Properties | Seattle-based brokerage | [41][42] |
August 2018 | Pacific Union International | San Francisco-based brokerage | [43][44] |
November 2018 | Wydler Brothers | Washington, D.C.-based brokerage | [45][46] |
February 2019 | Contactually | CRM provider; shut down in March 2022 | [47] |
March 2019 | Alain Pinel Realtors | San Francisco-based brokerage | [48][49] |
April 2019 | Stribling & Associates | New York-based brokerage | [50][51] |
November 2019 | Detectica | AI Startup | [52][53][54] |
October 2020 | Modus | Home closing startup, shut down in June 2022 | [55][56] |
February 2021 | KVS Title | Title insurance and settlement services provider | [57][58] |
April 2021 | Glide Labs | Transaction management platform | [59][60] |
September 2021 | First Alliance Title | Title insurance and settlement services provider | [61][62] |
September 2021 | CommonGround Abstract | Title insurance and settlement services provider | [63][64] |
May 2022 | Consumer's Title Company | Title insurance and settlement services provider | [65][66] |
April 2023 | Launch Real Estate | Arizona-based brokerage | [67][68] |
September 2023 | Deasy Penner Podley/DPP | Pasadena-based luxury boutique brokerage | [69] |
September 2023 | Realty Austin and Realty San Antonio | Texas-based brokerages | [70][71][72] |
January 2024 | Attorneys Key Title | Fort Lauderdale-based title company | [73] |
Awards
Compass was named Mid-Sized Business of the Year by the Manhattan Chamber of Commerce in 2015.[11]
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 to Fast Company's Best Workplaces for Innovators.[77]
Compass won the 2020 Webby Award in the real estate web category.[78]
References
- ↑ MCPHERSON, MARIAN (September 16, 2021). "Avi Dorfman's 8-year battle with Compass is finally over". Bradley Inman. https://www.inman.com/2021/11/16/avi-dorfmans-8-year-battle-with-compass-is-finally-over/.
- ↑ 2.0 2.1 2.2 2.3 "Compass, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 1, 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1563190/000156319023000038/comp-20221231.htm.
- ↑ 3.0 3.1 "SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1563190/000156319023000084/comp-20230412.htm.
- ↑ Delprete, Mike (May 1, 2019). "How has Compass grown so fast? A look at the numbers". Bradley Inman. https://www.inman.com/2019/05/01/how-has-compass-grown-so-fast-a-look-at-the-numbers/.
- ↑ Bourque, Andre (September 28, 2016). "25 Inspiring Entrepreneurs Under 40 Who Are Creating the Next Big Thing". Entrepreneur. https://www.entrepreneur.com/article/281616#.
- ↑ Zafar, Nina (June 24, 2019). "Real estate agencies put the spotlight on staging". The Washington Post. https://www.washingtonpost.com/business/2019/06/24/real-estate-agencies-put-spotlight-staging/.
- ↑ Olick, Diana (October 21, 2019). "Brokerage Compass starts offering an easier, less expensive way to get a bridge loan". CNBC. https://www.cnbc.com/2019/10/21/brokerage-compass-offers-easier-less-expensive-way-to-get-bridge-loan.html.
- ↑ Kearns, Patrick (October 21, 2019). "Compass launches bridge loan program". Bradley Inman. https://www.inman.com/2019/10/21/compass-launches-bridge-loan-program/.
- ↑ 9.0 9.1 Mascarenhas, Natasha (November 16, 2021). "Avi Dorfman’s legal battle to be named founding member of Compass has ended in a settlement". TechCrunch. https://techcrunch.com/2021/11/16/avi-dorfmans-legal-battle-to-be-named-founding-member-of-compass-has-ended-in-a-settlement/.
- ↑ 10.0 10.1 Popper, Ben (November 27, 2012). "After cashing out to Google and Twitter, Ori Allon is going all in with Urban Compass". The Verge. https://www.theverge.com/2012/11/27/3692738/ori-allon-urban-compass-twitter-google-goldman-sachs.
- ↑ 11.0 11.1 TITLOW, JOHN PAUL (June 18, 2015). "Why This Real Estate App Is Making New York Brokers Nervous". Fast Company. https://www.fastcompany.com/3047603/why-this-real-estate-app-is-making-new-york-brokers-nervous.
- ↑ ROBERTS, DANIEL (October 13, 2014). "Modernizing the New York apartment hunt". Fortune. https://fortune.com/2014/10/13/modernizing-the-new-york-apartment-hunt/.
- ↑ 13.0 13.1 Lunden, Ingrid (December 16, 2012). "With $8M in Seed Funding From Founders Fund, Goldman Sachs; Urban Compass Wants To Build A Hyper-Local, Human-Powered Database". TechCrunch. https://techcrunch.com/2012/12/16/urban-compass/.
- ↑ Popper, Ben (May 7, 2013). "Urban Compass: can a startup finally fix the nightmare of renting an apartment in NYC?". The Verge. https://www.theverge.com/2013/5/7/4304374/urban-compass.
- ↑ 15.0 15.1 SHEFTELL, JASON (May 7, 2013). "High-tech start-up Urban Compass hopes to change how we rent and live in new york city". New York Daily News. https://www.nydailynews.com/2013/05/07/high-tech-start-up-urban-compass-hopes-to-change-how-how-we-rent-and-live-in-new-york-city/.
- ↑ Lunden, Ingrid (May 7, 2013). "Urban Compass Comes Out Of Stealth with a Hyperlocal Social Network, And A Disruptive Rental Portal That Will Serve As A Magnet". TechCrunch. https://techcrunch.com/2013/05/07/urban-compass-debuts-a-hyperlocal-social-network-and-a-rental-portal-to-serve-as-its-magnet/.
- ↑ Wiggin, Teke (January 15, 2014). "The big pivot: why Urban Compass has gone traditional". Bradley Inman. https://www.inman.com/2014/01/15/the-big-pivot-why-urban-compass-has-gone-traditional/.
- ↑ DELAPORTE, GUS (July 22, 2014). "Urban Compass Signs Lease at RFR's 90 Fifth Avenue". Observer Media. https://commercialobserver.com/2014/07/urban-compass-signs-lease-at-rfrs-90-fifth-avenue/.
- ↑ Samtani, Hiten; Kussin, Zachary (June 2, 2014). "Leonard Steinberg exits Douglas Elliman for Urban Compass". The Real Deal. https://therealdeal.com/new-york/2014/06/02/leonard-steinberg-exiting-douglas-elliman-for-urban-compass/.
- ↑ Taufen, Amber (June 24, 2016). "The Real Trends/WSJ Thousand list for 2016 has been unveiled". Bradley Inman. https://www.inman.com/2016/06/24/real-trendswsj-thousand-list-2016-unveiled/.
- ↑ Hagey, Paul (November 15, 2014). "Urban Compass launches nationwide expansion push with Washington, DC, acquisition". Bradley Inman. https://www.inman.com/2014/11/15/urban-compass-launches-nationwide-expansion-push-with-washington-d-c-acquisition/.
- ↑ McAlone, Nathan (July 20, 2016). "This $800 million startup just launched an app to make buying a home easier". Business Insider. https://www.businessinsider.com/compass-real-estate-startup-launches-new-app-2016-7.
- ↑ Lunden, Ingrid (January 18, 2017). "Maelle Gavet is the new COO at real estate startup Compass". TechCrunch. https://techcrunch.com/2017/01/18/maelle-gavet-is-the-new-coo-at-real-estate-startup-compass/.
- ↑ KALFUS, MARILYN (February 5, 2017). "Luxury real estate startup Compass expands to Newport Beach, scores top agent Rob Giem". Orange County Register. https://www.ocregister.com/2017/02/05/luxury-real-estate-startup-compass-expands-to-newport-beach-scores-top-agent-rob-giem/.
- ↑ Podder, Sohini (April 1, 2021). "SoftBank-backed Compass valued at $8.22 bln in NYSE debut". Reuters. https://www.reuters.com/business/finance/softbank-backed-compass-valued-over-8-bln-nyse-debut-2021-04-01/.
- ↑ "EX-99.1". U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1563190/000119312521326001/d256657dex991.htm.
- ↑ Turner, Matt; Geiger, Daniel; Parker Erb, Jordan; Bullock, Hallam (December 18, 2022). "Compass is reeling from a horrible year, from financial losses to tech troubles to mass layoffs". Business Insider. https://www.businessinsider.com/google-sergey-brin-larry-page-compass-memo-tech-layoffs-2022-12.
- ↑ C, Priyamvada (January 5, 2023). "Real estate broker Compass to cut more jobs to deal with housing downturn". Reuters. https://www.reuters.com/business/real-estate-broker-compass-cut-more-jobs-deal-with-housing-downturn-2023-01-05/.
- ↑ Haynes, Dion (November 13, 2014). "New York realty firm to open office in D.C.". The Washington Post. https://www.washingtonpost.com/news/where-we-live/wp/2014/11/13/new-york-realty-firm-to-open-office-in-d-c/.
- ↑ "Urban Compass Takes First Milestone Step in National Expansion by Acquiring Lindsay Reishman Real Estate in Washington, D.C. Market" (Press release). PR Newswire. November 13, 2014.
- ↑ Glendenning, Lauren (April 1, 2016). "Tech company Compass acquires Shane Aspen Real Estate". The Aspen Times. https://www.aspentimes.com/news/tech-company-compass-acquires-shane-aspen-real-estate/.
- ↑ Sims, Stephanie; Terchek, Natalie (January 19, 2018). "Compass acquires Bushari Real Estate". Boston Agent Magazine. https://bostonagentmagazine.com/2018/01/19/compass-acquires-bushari-real-estate/.
- ↑ Rodkin, Dennis (April 25, 2018). "Compass acquires Chicago brokerage Conlon Christie's". Crain's Chicago Business. https://www.chicagobusiness.com/article/20180425/CRED0701/180429918/compass-acquires-chicago-brokerage-conlon-christie-s.
- ↑ SOUTH, GILL (April 25, 2018). "Compass acquires Chicago's Conlon Real Estate". Bradley Inman. https://www.inman.com/2018/04/25/compass-acquires-chicagos-conlon-real-estate/.
- ↑ Solomont, E.B.; Blake, Matthew (March 2, 2020). "Compass faces a reckoning". The Real Deal. https://therealdeal.com/magazine/new-york-march-2020/compass-faces-a-reckoning/.
- ↑ Stiles, Marc (April 25, 2018). "$2.2 billion real estate tech company enters the Puget Sound region market". American City Business Journals. https://www.bizjournals.com/seattle/news/2018/04/25/compass-real-estate-tech-company-expands-seattle.html.
- ↑ Lynch, Dennis (June 25, 2018). "Compass buys Hudson Company, continuing Chicago expansion effort". The Real Deal. https://therealdeal.com/chicago/2018/06/25/compass-buys-residential-brokerage-hudson-company-continuing-city-expansion/.
- ↑ Kearns, Patrick (June 25, 2018). "Compass acquires Chicago indie brokerage The Hudson Company". Bradley Inman. https://www.inman.com/2018/06/25/compass-acquires-chicago-indie-brokerage-the-hudson-company/.
- ↑ "Paragon Real Estate of SF acquired by Compass to form city's largest brokerage". San Francisco Chronicle. July 10, 2018. https://www.sfchronicle.com/business/networth/article/Paragon-Real-Estate-of-SF-acquired-by-Compass-to-13061063.php.
- ↑ Kearns, Patrick (July 9, 2018). "Compass acquires Paragon, seeks San Francisco market supremacy". Bradley Inman. https://www.inman.com/2018/07/09/compass-acquires-paragon-seeks-san-francisco-market-supremacy/.
- ↑ Stiles, Marc (August 14, 2018). "Avenue Properties joins real estate tech company Compass". American City Business Journals. https://www.bizjournals.com/seattle/news/2018/08/14/compass-merger-avenue-properties-real-estate-tech.html.
- ↑ Kearns, Patrick (August 14, 2018). "Compass takes over Avenue Properties' Seattle offices". Bradley Inman. https://www.inman.com/2018/08/14/compass-takes-over-avenue-properties-and-expands-to-oregon/.
- ↑ "Compass buying Pacific Union – its second SF real estate acquisition in two months". San Francisco Chronicle. August 22, 2018. https://www.sfchronicle.com/business/networth/article/Compass-buying-Pacific-Union-second-SF-real-13172961.php.
- ↑ Norman, Hannah (August 29, 2018). "Compass acquires Pacific Union". American City Business Journals. https://www.bizjournals.com/sanfrancisco/news/2018/08/29/compass-acquires-pacific-union.html.
- ↑ "Compass acquires DC indie brokerage". The Real Deal. November 13, 2018. https://therealdeal.com/new-york/2018/11/13/compass-acquires-dc-indie-brokerage/.
- ↑ Kearns, Patrick (November 12, 2018). "Compass Acquires D.C. Indie Wydler Brothers Real Estate". Bradley Inman. https://www.inman.com/2018/11/12/compass-acquires-d-c-indie-wydler-brothers-real-estate/.
- ↑ Lunden, Ingrid (February 27, 2019). "Compass acquires Contactually, a CRM provider to the real estate industry". TechCrunch. https://techcrunch.com/2019/02/27/compass-acquires-contactually-a-crm-provider-to-the-real-estate-industry/.
- ↑ Pender, Kathleen (March 5, 2019). "Compass buys Alain Pinel to create Bay Area real estate behemoth". San Francisco Chronicle. https://www.sfchronicle.com/business/networth/article/Compass-buys-Alain-Pinel-to-create-Bay-Area-real-13662639.php.
- ↑ Kelliher, Fiona (March 4, 2019). "Alain Pinel turned down Compass' acquisition offer last year. Now, it's changed its mind". American City Business Journals. https://www.bizjournals.com/sanfrancisco/news/2019/03/04/compass-alain-pinel-realtors-acquires-brokerage.html.
- ↑ Solomont, E.B. (April 3, 2019). "Compass strikes deal to buy Stribling". The Real Deal. https://therealdeal.com/new-york/2019/04/03/compass-strikes-deal-to-buy-stribling-associates/.
- ↑ Kearns, Patrick (April 3, 2019). "Compass to acquire Stribling & Associates". Bradley Inman. https://www.inman.com/2019/04/03/compass-to-acquire-stribling-associates/.
- ↑ Council, Jared (November 19, 2019). "Real-Estate Brokerage Compass Buys AI Startup Detectica". The Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/real-estate-brokerage-compass-buys-ai-startup-detectica-11574159402.
- ↑ "Compass Acquires Detectica, Deepening Artificial Intelligence and Machine Learning Capabilities Across The Compass Real Estate Platform" (Press release). PR Newswire. November 19, 2019.
- ↑ Rosacia, Pam (November 19, 2019). "Home trading platform Compass buys AI company Detectica". S&P Global. https://www.spglobal.com/marketintelligence/en/news-insights/trending/ywtk3sruxg4lagprpethng2.
- ↑ SOPER, TAYLOR (October 5, 2020). "Real estate brokerage Compass to acquire Seattle-based home closing startup Modus". GeekWire. https://www.geekwire.com/2020/real-estate-brokerage-compass-acquire-seattle-based-home-closing-startup-modus/.
- ↑ SOPER, TAYLOR (June 16, 2022). "Real estate giant Compass shuts down Modus, the Seattle-based title business it acquired in 2020". GeekWire. https://www.geekwire.com/2022/real-estate-giant-compass-shuts-down-modus-the-seattle-based-title-business-it-acquired-in-2020/.
- ↑ "Compass Acquires KVS Title" (Press release). PR Newswire. February 25, 2021.
- ↑ Kearns, Patrick (February 25, 2021). "Compass moves deeper into closing services with KVS Title acquisition". Bradley Inman. https://www.inman.com/2021/02/25/compass-moves-deeper-into-closing-services-with-kvs-title-acquisition/.
- ↑ James, Cordilia (April 26, 2021). "Compass buys Glide, RE transaction management platform". The Real Deal. https://therealdeal.com/new-york/2021/04/26/compass-buys-glide-re-transaction-management-platform/.
- ↑ "Compass Agrees to Acquire Real Estate Transaction-Management Platform Glide" (Press release). PR Newswire. April 26, 2021.
- ↑ "Compass Agrees to Acquire First Alliance Title" (Press release). PR Newswire. September 22, 2021.
- ↑ DALRYMPLE II, JIM (September 22, 2021). "Compass scoops up yet another title company". Bradley Inman. https://www.inman.com/2021/09/22/compass-scoops-up-yet-another-title-company/.
- ↑ "Compass Agrees to Acquire CommonGround Abstract" (Press release). PR Newswire. September 28, 2021.
- ↑ DALRYMPLE II, JIM (September 28, 2021). "Compass acquiring third title company in less than a month". Bradley Inman. https://www.inman.com/2021/09/28/compass-acquiring-third-title-company-in-less-than-a-month/.
- ↑ "Compass Agrees to Acquire Consumer's Title Company of California" (Press release). PR Newswire. May 3, 2022.
- ↑ VERDE, BEN (May 3, 2022). "Compass acquires Consumer's Title Company of California". Bradley Inman. https://www.inman.com/2022/05/03/compass-acquires-consumers-title-company-of-california/.
- ↑ Gonzales, Angela (April 6, 2023). "Scottsdale's Launch Real Estate joins national giant, introducing it to metro Phoenix". American City Business Journals. https://www.bizjournals.com/phoenix/news/2023/04/06/scottsdale-launch-real-estate-joins-compass-inc.html.
- ↑ DALRYMPLE II, JIM (April 6, 2023). "Compass scoops up 300-agent indie brokerage in Arizona". Bradley Inman. https://www.inman.com/2023/04/06/compass-scoops-up-300-agent-indie-brokerage-in-arizona/.
- ↑ Asch, Andrew (September 19, 2023). "Compass acquires Pasadena firm DPP". The Real Deal. https://therealdeal.com/la/2023/09/19/compass-acquires-pasadena-real-estate-firm-dpp/.
- ↑ Baird, Cody (September 27, 2023). "Compass buys Realty Austin, Realty San Antonio". American City Business Journals. https://www.bizjournals.com/austin/news/2023/09/27/compass-buys-realty-austin-realty-san-antonio.html.
- ↑ MCPHERSON, MARIAN (September 27, 2023). "Compass acquires No. 1 indie brokerage in Central Texas". Bradley Inman. https://www.inman.com/2023/09/27/compass-acquires-no-1-independent-brokerage-in-central-texas/.
- ↑ Lovinger, Joe (September 27, 2023). "Compass Acquires Realty Austin, Realty San Antonio". The Real Deal. https://therealdeal.com/texas/2023/09/27/compass-acquires-realty-austin-realty-san-antonio/.
- ↑ Hinsche, Kate (January 16, 2024). "Compass to acquire Fort Lauderdale-based Attorneys Key Title". The Real Deal. https://therealdeal.com/miami/2024/01/16/compass-to-acquire-fort-lauderdale-title-company/.
- ↑ ANUTA, JOE (October 14, 2018). "Compass". Crain Communications. https://www.crainsnewyork.com/awards/compass-fast-50-2018.
- ↑ Renzulli, Kerri Anne (January 8, 2019). "WORK: The 15 best tech companies to work for in 2019, according to Glassdoor". CNBC. https://www.cnbc.com/2019/01/07/glassdoor-best-tech-companies-to-work-for-in-2019.html.
- ↑ Liao, Shannon (April 23, 2019). "Here are all the winners of the 2019 Webby Awards". The Verge. https://www.theverge.com/2019/4/23/18511329/2019-webby-awards-all-the-winners.
- ↑ "The 50 best workplaces for innovators". Fast Company. August 5, 2019. https://www.fastcompany.com/best-workplaces-for-innovators/2019.
- ↑ Kastrenakes, Jacob (May 20, 2020). "Here are all the winners of the 2020 Webby Awards". The Verge. https://www.theverge.com/2020/5/20/21263445/2020-webby-awards-winners-lil-nas-x-nasa-jon-krasinski.
External links
- Business data for Compass, Inc.:
Original source: https://en.wikipedia.org/wiki/Compass, Inc..
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