https://therealdeal.com/issues_articles/compass-faces-a-reckoning WeWork’s struggles have weighed on overall private-company valuations, while Covid-19-related shutdowns are hurting real estate stocks. Compass could face its own reckoning, especially with Covid-19-related shutdowns putting a crimp on real estate transactions. But its free-spending ways are rattling rivals and shaking up the industry.After a recent $450 million infusion from Japan’s SoftBank Group Corp., Compass has a war chest of $1.2 billion. Compass is revolutionizing the Real Estate industry and I feel very fortunate to take part in the journey, working alongside incredibly talented people. “I’ve yet to see any evidence to support that Compass’ technology is making its agents more productive than the industry average,” he says. Compass’ plan to upend residential real estate using technology comes as WeWork, another highly valued SoftBank realty investment, struggles to fulfill its own technology promise. But the richly valued Compass remains far behind Realogy, whose 300,000 agents closed 1.4 million transactions worth $505 billion in 2019. Former Compass employees and real estate professionals with knowledge of the company’s operations told A Compass spokesman declined to answer questions about the company’s tech platform or the productivity of its agents.
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The company says that it’s now the largest independent brokerage in the country. Illustration by Doug Chayka Compass, a fast-growing residential real estate broker, is still trying to figure out the business. The mobile apps are useful, intuitive and have some bells and whistles not found elsewhere.The key to success, though, is convincing agents to use the software. He’s also the author of the New York Times bestseller Tomlinson Hill, and he produced the award-winning documentary film by the same name.
Existing home sales could be down 40% to 50%, year over year, through the third quarter of 2020, Micenko warns, adding: “This is coming at the worst time of the year for a cyclical business.” Last summer, the SoftBank Vision Fund and other venture-capital investors put $370 million into Compass, a real estate firm promising to shake up the residential brokerage industry.Copyright ©2020 Dow Jones & Company, Inc. All Rights ReservedThis copy is for your personal, non-commercial use only. Shares of Realogy and Re/Max have fallen 62% and 41%, respectively, this year.Several new entrants have struggled to disrupt the real estate market in a profitable way.
But its free-spending ways are rattling rivals and shaking up the industry.
Before joining the Chronicle, he spent 20 years with The Associated Press reporting on politics, conflicts and economics from more than 30 countries in Africa, the Middle East and Europe. That, right there, is my problem with Compass. Every weekday evening we highlight the consequential market news of the day and explain what's likely to matter tomorrow.
Real estate company Compass is headquartered at Ghiradelli Square in San Francisco, Calif. on Thursday, Jan. 17, 2019.The Balclutha is visible from the offices of real estate company Compass at Ghiradelli Square in San Francisco, Calif. on Thursday, Jan. 17, 2019.Real estate company Compass is headquartered at Ghiradelli Square in San Francisco, Calif. on Thursday, Jan. 17, 2019. “They make their money the same way Realogy does and Re/Max does.” WeWork is not the only real estate startup passing itself off as a tech company. Compass is building the modern brokerage by pairing the top real estate agents with smart technology to make the process of finding or selling a home more intelligent and seamless. Compass now has more than 15,000 agents and an enviable market share in certain locations, including more than 40% in San Francisco.But the Covid-19 crisis has halted the expansion plans. The deal valued Compass at $6.4 billion, which at the time made it 10 times more valuable than That's being used.
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