Reffkin, who co-founded Compass in 2013, is now guiding a massive ship. In 2023, Compass maintained its No. 1 position as the nation’s largest brokerage with over 28,000 agents who do approximately $228 billion in annual sales.
The firm also reignited its acquisition engine in 2023 with the purchase of Realty Austin, a massive Texas brokerage with over 600 agents who do over $5 billion in annual sales. This move likely solidifies Compass a 2024 top brokerage position again.
In addition, Reffkin worked hard to trim the company’s expenses and tighten up its operations as it continues to shift from hypergrowth to an operations focus. In the first nine months of 2023, the company brought in $3.8 billion in revenue but reported a net loss of $236.3 million.
While that loss remains high, it represents a significant reduction (by over 100%) of the losses the company reported for the same period in 2022. The company is getting more efficient and is refining its business as it hunts profitability. That remains one of (if not the) primary tasks Reffkin must tackle in 2024.
Reffkin has shown he has the aptitude, willingness, and, importantly, resources to battle the daunting challenge of making the large company he built at blazing speed into a profitable one. Given his achievements and position, Reffkin has solidified his position as one of the industry’s most powerful leaders.