Compass, Inc.

Last updated

Compass, Inc.
FormerlyUrban Compass, Inc. (2012–2021)
Company type Public
NYSE:  COMP
Industry Real estate
FoundedOctober 4, 2012;13 years ago (2012-10-04)
Founders
Headquarters
New York City
,
US
Area served
United States
Key people
Services Broker
RevenueDecrease2.svg US$5.63 billion (2024)
Increase Negative.svg US$−155 million (2024)
Increase Negative.svg US$−154 million (2024)
Total assets Increase2.svg US$1.18 billion (2024)
Total equity Decrease2.svg US$412 million (2024)
Owner SoftBank Vision Fund (11.4%)
Robert Reffkin (2.1%)
Number of employees
2,566 (2024)
Website compass.com
Footnotes /references
[2] [3]

Compass, Inc. operates a residential real estate brokerage in the United States. [4] [5] It has approximately 33,000 agents, who are generally independent contractors, on its platform. [2] It operates under many brand names including Compass, Better Homes and Gardens Real Estate, Century 21 Real Estate, Coldwell Banker, Corcoran Group, Sotheby's International Realty, and Christie's International Real Estate. [2]

Contents

In 2024, the company completed 205,122 transactions for a gross dollar value of $216.8 billion. It had a market share in the U.S. of 4.95%. [2]

History

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]

In June 2025, Compass sued Zillow for violation of federal antitrust laws with its policy that any home that was put on the market but not available for listing on Zillow within 24 hours would be banned from its site. [26]

Acquisitions

DateAcquiredDescriptionSource
November 2014Lindsay Reishman Real EstateWashington, D.C.–based broker [27] [28]
April 2016Shane Aspen Real EstateAspen-based broker [29]
January 2017Bushari Real EstateBoston-based brokerage [30]
April 2018ConlonChicago-based brokerage [31] [32]
April 2018Northwest Group Real EstateSeattle-based brokerage [33] [34]
June 2018The Hudson CompanyChicago-based brokerage [35] [36]
July 2018Paragon Real Estate GroupSan Francisco–based brokerage [37] [38]
August 2018Avenue PropertiesSeattle-based brokerage [39] [40]
August 2018Pacific Union InternationalSan Francisco–based brokerage [41] [42]
November 2018Wydler BrothersWashington, D.C.–based brokerage [43] [44]
February 2019ContactuallyCRM provider; shut down in March 2022 [45]
March 2019 Alain Pinel Realtors San Francisco–based brokerage [46] [47]
April 2019Stribling & AssociatesNew York–based brokerage [48] [49]
November 2019DetecticaAI Startup [50] [51] [52]
October 2020ModusHome closing startup, shut down in June 2022 [53] [54]
February 2021KVS TitleTitle insurance and settlement services provider [55] [56]
April 2021Glide LabsTransaction management platform [57] [58]
September 2021First Alliance TitleTitle insurance and settlement services provider [59] [60]
September 2021CommonGround AbstractTitle insurance and settlement services provider [61] [62]
May 2022Consumer's Title CompanyTitle insurance and settlement services provider [63] [64]
April 2023Launch Real EstateArizona-based brokerage [65] [66]
September 2023Deasy Penner Podley/DPPPasadena-based luxury boutique brokerage [67]
September 2023Realty Austin and Realty San AntonioTexas-based brokerages [68] [69] [70]
January 2024Attorneys Key TitleFort Lauderdale–based title company [71]
April 2024Latter & BlumBroker operating in Louisiana and Mississippi [72] [73]
May 2024Parks Real EstateBroker operating in Tennessee [74]
December 2024 Christie's International Real Estate Brokerage brand; price was $150 million in cash and $294 million in Compass stock [75]
February 2025Washington Fine PropertiesBroker operating in Washington, D.C. [76]
July 2025PorchLight Real Estate GroupBroker operating in Colorado [77]
July 2025Cottingham ChalkBrokerage based in Charlotte, NC [78]
January 2026 Anywhere Real Estate Brokerage operating under the names Better Homes and Gardens Real Estate, Century 21 Real Estate, Coldwell Banker, Corcoran Group, and Sotheby's International Realty [79]

References

  1. ↑ McPherson, Marian (September 16, 2021). "Avi Dorfman's 8-year battle with Compass is finally over". Bradley Inman .
  2. 1 2 3 4 5 "Compass, Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 25, 2025.
  3. ↑ "Schedule 14A (Rule 14a-101) Information Required in Proxy Statement Schedule 14A Information". U.S. Securities and Exchange Commission. April 4, 2025.
  4. ↑ Delprete, Mike (May 1, 2019). "How has Compass grown so fast? A look at the numbers". Bradley Inman .
  5. ↑ Bourque, Andre (September 28, 2016). "25 Inspiring Entrepreneurs Under 40 Who Are Creating the Next Big Thing". Entrepreneur .
  6. 1 2 Mascarenhas, Natasha (November 16, 2021). "Avi Dorfman's legal battle to be named founding member of Compass has ended in a settlement". TechCrunch .
  7. 1 2 Popper, Ben (November 27, 2012). "After cashing out to Google and Twitter, Ori Allon is going all in with Urban Compass". The Verge .
  8. ↑ Titlow, John Paul (June 18, 2015). "Why This Real Estate App Is Making New York Brokers Nervous". Fast Company .
  9. ↑ Roberts, Daniel (October 13, 2014). "Modernizing the New York apartment hunt" . Fortune .
  10. 1 2 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 .
  11. ↑ Popper, Ben (May 7, 2013). "Urban Compass: can a startup finally fix the nightmare of renting an apartment in NYC?". The Verge .
  12. 1 2 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 .
  13. ↑ 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 .
  14. ↑ Wiggin, Teke (January 15, 2014). "The big pivot: why Urban Compass has gone traditional" . Bradley Inman .
  15. ↑ Delaporte, Gus (July 22, 2014). "Urban Compass Signs Lease at RFR's 90 Fifth Avenue". Observer Media .
  16. ↑ Samtani, Hiten; Kussin, Zachary (June 2, 2014). "Leonard Steinberg exits Douglas Elliman for Urban Compass" . The Real Deal .
  17. ↑ Taufen, Amber (June 24, 2016). "The Real Trends/WSJ Thousand list for 2016 has been unveiled" . Bradley Inman .
  18. ↑ Hagey, Paul (November 15, 2014). "Urban Compass launches nationwide expansion push with Washington, DC, acquisition". Bradley Inman .
  19. ↑ McAlone, Nathan (July 20, 2016). "This $800 million startup just launched an app to make buying a home easier". Business Insider .
  20. ↑ Lunden, Ingrid (January 18, 2017). "Maelle Gavet is the new COO at real estate startup Compass". TechCrunch .
  21. ↑ Kalfus, Marilyn (February 5, 2017). "Luxury real estate startup Compass expands to Newport Beach, scores top agent Rob Giem" . Orange County Register .
  22. ↑ Podder, Sohini (April 1, 2021). "SoftBank-backed Compass valued at $8.22 bln in NYSE debut". Reuters .
  23. ↑ "EX-99.1". U.S. Securities and Exchange Commission.
  24. ↑ 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 .
  25. ↑ C, Priyamvada (January 5, 2023). "Real estate broker Compass to cut more jobs to deal with housing downturn". Reuters .
  26. ↑ Kamin, Debra (June 23, 2025). "Compass Sues Zillow, Accusing Site of Gate-Keeping Home Listings" . The New York Times . ISSN   0362-4331.
  27. ↑ Haynes, Dion (November 13, 2014). "New York realty firm to open office in D.C." The Washington Post .
  28. ↑ "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.
  29. ↑ Glendenning, Lauren (April 1, 2016). "Tech company Compass acquires Shane Aspen Real Estate". The Aspen Times .
  30. ↑ Sims, Stephanie; Terchek, Natalie (January 19, 2018). "Compass acquires Bushari Real Estate". Boston Agent Magazine.
  31. ↑ Rodkin, Dennis (April 25, 2018). "Compass acquires Chicago brokerage Conlon Christie's". Crain's Chicago Business .
  32. ↑ South, Gill (April 25, 2018). "Compass acquires Chicago's Conlon Real Estate" . Bradley Inman .
  33. ↑ Solomont, E.B.; Blake, Matthew (March 2, 2020). "Compass faces a reckoning" . The Real Deal .
  34. ↑ Stiles, Marc (April 25, 2018). "$2.2 billion real estate tech company enters the Puget Sound region market". American City Business Journals .
  35. ↑ Lynch, Dennis (June 25, 2018). "Compass buys Hudson Company, continuing Chicago expansion effort" . The Real Deal .
  36. ↑ Kearns, Patrick (June 25, 2018). "Compass acquires Chicago indie brokerage The Hudson Company" . Bradley Inman .
  37. ↑ "Paragon Real Estate of SF acquired by Compass to form city's largest brokerage". San Francisco Chronicle . July 10, 2018.
  38. ↑ Kearns, Patrick (July 9, 2018). "Compass acquires Paragon, seeks San Francisco market supremacy" . Bradley Inman .
  39. ↑ Stiles, Marc (August 14, 2018). "Avenue Properties joins real estate tech company Compass" . American City Business Journals .
  40. ↑ Kearns, Patrick (August 14, 2018). "Compass takes over Avenue Properties' Seattle offices" . Bradley Inman .
  41. ↑ "Compass buying Pacific Union – its second SF real estate acquisition in two months". San Francisco Chronicle . August 22, 2018.
  42. ↑ Norman, Hannah (August 29, 2018). "Compass acquires Pacific Union" . American City Business Journals .
  43. ↑ "Compass acquires DC indie brokerage" . The Real Deal . November 13, 2018.
  44. ↑ Kearns, Patrick (November 12, 2018). "Compass Acquires D.C. Indie Wydler Brothers Real Estate" . Bradley Inman .
  45. ↑ Lunden, Ingrid (February 27, 2019). "Compass acquires Contactually, a CRM provider to the real estate industry". TechCrunch .
  46. ↑ Pender, Kathleen (March 5, 2019). "Compass buys Alain Pinel to create Bay Area real estate behemoth". San Francisco Chronicle .
  47. ↑ Kelliher, Fiona (March 4, 2019). "Alain Pinel turned down Compass' acquisition offer last year. Now, it's changed its mind". American City Business Journals .
  48. ↑ Solomont, E.B. (April 3, 2019). "Compass strikes deal to buy Stribling" . The Real Deal .
  49. ↑ Kearns, Patrick (April 3, 2019). "Compass to acquire Stribling & Associates" . Bradley Inman .
  50. ↑ Council, Jared (November 19, 2019). "Real-Estate Brokerage Compass Buys AI Startup Detectica" . The Wall Street Journal . ISSN   0099-9660.
  51. ↑ "Compass Acquires Detectica, Deepening Artificial Intelligence and Machine Learning Capabilities Across The Compass Real Estate Platform" (Press release). PR Newswire. November 19, 2019.
  52. ↑ Rosacia, Pam (November 19, 2019). "Home trading platform Compass buys AI company Detectica". S&P Global .
  53. ↑ Soper, Taylor (October 5, 2020). "Real estate brokerage Compass to acquire Seattle-based home closing startup Modus". GeekWire .
  54. ↑ Soper, Taylor (June 16, 2022). "Real estate giant Compass shuts down Modus, the Seattle-based title business it acquired in 2020". GeekWire .
  55. ↑ "Compass Acquires KVS Title" (Press release). PR Newswire. February 25, 2021.
  56. ↑ Kearns, Patrick (February 25, 2021). "Compass moves deeper into closing services with KVS Title acquisition" . Bradley Inman .
  57. ↑ James, Cordilia (April 26, 2021). "Compass buys Glide, RE transaction management platform" . The Real Deal .
  58. ↑ "Compass Agrees to Acquire Real Estate Transaction-Management Platform Glide" (Press release). PR Newswire. April 26, 2021.
  59. ↑ "Compass Agrees to Acquire First Alliance Title" (Press release). PR Newswire. September 22, 2021.
  60. ↑ Dalrymple II, Jim (September 22, 2021). "Compass scoops up yet another title company" . Bradley Inman .
  61. ↑ "Compass Agrees to Acquire CommonGround Abstract" (Press release). PR Newswire. September 28, 2021.
  62. ↑ Dalrymple II, Jim (September 28, 2021). "Compass acquiring third title company in less than a month" . Bradley Inman .
  63. ↑ "Compass Agrees to Acquire Consumer's Title Company of California" (Press release). PR Newswire. May 3, 2022.
  64. ↑ Verde, Ben (May 3, 2022). "Compass acquires Consumer's Title Company of California" . Bradley Inman .
  65. ↑ Gonzales, Angela (April 6, 2023). "Scottsdale's Launch Real Estate joins national giant, introducing it to metro Phoenix" . American City Business Journals .
  66. ↑ Dalrymple II, Jim (April 6, 2023). "Compass scoops up 300-agent indie brokerage in Arizona" . Bradley Inman .
  67. ↑ Asch, Andrew (September 19, 2023). "Compass acquires Pasadena firm DPP" . The Real Deal .
  68. ↑ Baird, Cody (September 27, 2023). "Compass buys Realty Austin, Realty San Antonio" . American City Business Journals .
  69. ↑ McPherson, Marian (September 27, 2023). "Compass acquires No. 1 indie brokerage in Central Texas" . Bradley Inman .
  70. ↑ Lovinger, Joe (September 27, 2023). "Compass Acquires Realty Austin, Realty San Antonio" . The Real Deal .
  71. ↑ Hinsche, Kate (January 16, 2024). "Compass to acquire Fort Lauderdale-based Attorneys Key Title" . The Real Deal .
  72. ↑ Riegel, Stephanie; Daigle, Adam (April 3, 2024). "Louisiana's dominating Latter & Blum sells to country's largest brokerage". The Times-Picayune/The New Orleans Advocate .
  73. ↑ Dalrymple II, Jim (April 3, 2024). "Compass acquires 3,100-agent Gulf Coast giant Latter & Blum" . Bradley Inman .
  74. ↑ "Compass Strengthens Footprint in Southeastern U.S., Welcoming the Top Brokerage in Tennessee". PR Newswire (Press release). May 13, 2024.
  75. ↑ "Compass Strengthens Footprint in Southeastern U.S., Welcoming the Top Brokerage in Tennessee". PR Newswire (Press release). May 13, 2024.
  76. ↑ Indursky, Jake (February 20, 2025). "Compass acquires luxury brokerage in DC amid market drama". The Real Deal (Press release).
  77. ↑ "Compass Welcomes PorchLight Real Estate Group, Expanding Presence In Colorado". July 9, 2025.
  78. ↑ "Compass Grows North Carolina Footprint, Welcomes Cottingham Chalk". July 29, 2025.
  79. ↑ "Compass to acquire Anywhere, creating world's largest brokerage". RealEstateNews.com. September 22, 2025. Retrieved September 22, 2025.
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