{"id":3608,"date":"2022-10-26T20:09:49","date_gmt":"2022-10-26T20:09:49","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/10\/26\/in-emotional-speech-robert-reffkin-says-hes-optimistic-about-compasss-future\/"},"modified":"2025-03-13T02:47:41","modified_gmt":"2025-03-13T02:47:41","slug":"in-emotional-speech-robert-reffkin-says-hes-optimistic-about-compasss-future","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/10\/26\/in-emotional-speech-robert-reffkin-says-hes-optimistic-about-compasss-future\/","title":{"rendered":"An emotional Robert Reffkin says he&#8217;s optimistic about Compass&#8217;s future"},"content":{"rendered":"\n<p><strong>Compass<\/strong> agents from across the country have descended upon Atlanta for the brokerage\u2019s annual fall conference, the <strong>Compass REtreat<\/strong>. <a href=\"https:\/\/www.compassretreat.com\/agenda\" target=\"_blank\" rel=\"noreferrer noopener\">The gathering<\/a> officially kicked off Wednesday morning as Compass\u2019 founder and CEO Robert Reffkin, took to the main stage at the Georgia World Congress Center to address the crowd of 2,500 Compass agent attendees.<\/p>\n\n\n\n<p>In a wide-ranging \u2013&nbsp;and at times emotional \u2013 keynote speech, Reffkin addressed the various challenges and triumphs Compass has seen in its first decade of existence, as well as current obstacles and future goals he has for the firm.<\/p>\n\n\n\n<p>In 2021, Compass ascended to the No. 1 brokerage in the country by sales volume. According to the <strong><a href=\"https:\/\/preprod.realtrends.com\/blog\/500-by-volume-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">RealTrends<\/a><\/strong> rankings, Compass closed 224,067 transaction sides for a total volume of $251 billion. Despite the productivity, the brokerage has struggled to turn a profit since going public in April 2021, losing over $783 million in the past six quarters.<\/p>\n\n\n\n<p>Compass\u2019 struggles most recently resulted in <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/compass-chasing-profitability-makes-another-round-of-cuts\/\" target=\"_blank\" rel=\"noreferrer noopener\">three rounds of layoffs<\/a> between June and September 2022, including a 10% reduction in staff <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/compass-lays-off-450-halts-trading-on-nyse\/\" target=\"_blank\" rel=\"noreferrer noopener\">in June<\/a> and cutting its technology team from 1,500 employees to 700 via the August and September layoffs.<\/p>\n\n\n\n<p>\u201cSeven hundred people is still likely larger than every other traditional brokerage firm\u2019s technology combined,\u201d Reffkin told attendees. \u201cIt\u2019s larger than we were just two years ago.\u201d<\/p>\n\n\n\n<p>In addition to layoffs, the brokerage announced on its second quarter earnings call with investors that it was ending its <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/compass-ends-recruitment-incentive-program-amid-growing-losses\/\" target=\"_blank\" rel=\"noreferrer noopener\">agent recruitment incentive program<\/a> in order to cut down on costs.<\/p>\n\n\n\n<p>Although Reffkin told attendees that these decisions and especially the choice to cut staff this year was difficult to arrive at, he describes the time before the brokerage\u2019s IPO as his \u201clowest low.\u201d<\/p>\n\n\n\n<p>\u201cThat was the only time in my life where I had no hope,\u201d Reffkin said.<\/p>\n\n\n\n<p>As Reffkin has previously noted, his mother\u2019s journey of raising him as a single parent inspired him during this difficult period, but he also credited the firm\u2019s agents as another source of inspiration for their ability to bounce back from challenges with renewed passion for the industry.<\/p>\n\n\n\n<p>Looking ahead, Reffkin may again need to rely on these sources of inspiration, as he noted the more difficult decision are likely on the way given current housing market conditions, however he remains optimistic about the future of his brokerage.<\/p>\n\n\n\n<p>Reffkin\u2019s main objective for Compass is to provide \u201canything an agent needs,\u201d fully realizing \u201c<a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/can-tech-point-compass-in-the-right-direction\/\" target=\"_blank\" rel=\"noreferrer noopener\">the promise of technology<\/a>,\u201d and that the technology will be \u201cApple easy and Google fast.\u201d<\/p>\n\n\n\n<p>\u201cOur stock market\u2019s gonna go from two to 20 and well beyond. Many companies have gotten to 20 \u2014Why not us?\u201d Reffkin asked as he concluded his keynote. \u201cThe book will be how a group of 30,000 entrepreneurs banded together to improve in industry and where will we be located? Of course, all the major cities in the US but not just there. We will be in London, Hong Kong, Singapore, Dubai, and Sao Paulo.<\/p>\n\n\n\n<p>\u201cI promise you on our 20th anniversary, I will be on this stage still working for you. Yes, we will have a little more gray hair. Few more wrinkles. But we will have a lot more pride in the company that we have built together the future of real estate.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Robert Reffkin discusses the past, present and future of Compass, at the brokerage&#8217;s annual agent retreat in Atlanta.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>An emotional Robert Reffkin says he&#039;s optimistic about Compass&#039;s future - RealTrends - 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