Robert Reffkin and Ori Allon. $ 13 Million Robert Griffin III Net Worth: Robert Lee Griffin III nicknamed RG3 or RGIII, is an American football quarterback for the Baltimore Ravens of the National Football League (NFL). “Early investors want growth, and that torrid growth doesn’t come with profitability.”There’s no doubt recruiting top talent from established firms and placing them in glitzy offices costs a lot. At 25, after spending two years at McKinsey and two at Lazard and getting a Columbia MBA in between, he became a White House Fellow, during which he spent a year working with Treasury Secretary John Snow. Its “2020 by 2020” plan, shared at a companywide meeting in New York on Oct. 24, means expansion to Seattle, San Diego, Phoenix, Dallas, Austin, Houston, Atlanta, Charlotte, Philadelphia and Chicago. WeWork is one example, though it recently “You can assume they’re burning through all that money,” said Zachary Aarons, a founder of real estate tech incubator MetaProp NYC. Courtesy Compass. This was in 1994, long before the era of music streaming and easily shuffled playlists. 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. While going public is “more likely than not, it’s not the goal.”Several times during the interview, he compared Compass to Amazon, which didn’t bother with profitability in its early years and instead focused on developing its technology and attracting users. Not everyone is convinced, but the firm said Wednesday that it is now valued at $1.8 billion after its latest cash infusion — a $100 million Series E round that will be spent on a geographic expansion. 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. Compass will have an international presence within 18 months, Reffkin said in June.“We’re just getting started,” Compass’ executive chairman The new funding is a sign that Compass is headed for a public offering, The Real Deal reported. It is now in eight regions, and in New York City, its largest market, it closed over $650 million worth of sell-side deals during a 12-month period ending Feb. 29. “If we’re saying the average split is 80 percent, they have to be being paying 90 percent or more with perks for anyone that’s a top player.
Little to none of that amount has lined Compass’ own coffers.It’s possible for startups to be profitable while also spending aggressively on growth. He claimed that if the company were to stop pushing for growth, every office would be profitable within the next six months, but declined to provide specific numbers.“They keep having to go back to the well to raise more money because you can’t sustain a company when you’re having to pay recruitment fees as well as handing out aggressive splits, which in some cases, are as high as 100 percent,” said Jeff Hyland, a principal at Hilton & Hyland. 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. One of its newer tools lets agents instantly see a list of other agents (both within and outside Compass) who’ve recently done deals in a certain neighborhood or price range. Agents see a 25 percent increase in earnings during their first year, Compass has said. His father, a San Francisco jazz musician with a drug problem, left the family when Reffkin was a toddler, according to a 2013 “He got a scholarship to a prestigious San Francisco prep school, graduated from Columbia University in two years, was hired as the youngest McKinsey analyst in the firm’s history, and eventually became chief of staff to Goldman Sachs COO Gary Cohn.”A champion of diversity, Reffkin helped found a charter school in the Bronx and launched a nonprofit, Real estate is uniquely positioned to be a leader in diversity, Reffkin said in a recent Compass wants 20 percent of market share in 20 major U.S. cities by 2020. He was drafted by the Washington Redskins second overall in the first round of the 2012 NFL Draft, who traded up to get him. “There aren’t as many big deals. This wasn’t Robert’s first rodeo in Dallas. At Many agents have been offered seven-figure signing bonuses or high splits, generous marketing budgets and other incentives, sources said. “The technology was mostly marketing tools,” she said. R obert Reffkin ’00, BUS’03 started his first business when he was just 15 — a DJ company funded with his bar mitzvah and babysitting savings. 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? “Miami’s been a difficult market because there’s been a slowdown,” he said.Former Compass employees echoed Sunshine’s sentiment, saying the startup’s principals have very different priorities than typical brokerage chiefs.“They’re approaching the business from a very ‘investment banker, management consultant’ mindset,” said one.