Compass

“The average real estate agent in the United States is a 55 year old white woman. Like, at Compass, I think it's like 57. At, you know, all the other firms, it might be even a little bit older, our average agent is 28.”

“He said, how about this? I'll give you 500,000 dollars. I'll be your first investor, and if you fail in a year, then I'll hire you.”

“We were not giving good customer service because people are not looking for a friend. They're looking for someone who has expertise and that has done this many, many, many times before.”

“We pivoted. We lost over a third of our people because they thought we weren't going the right direction.”

“Their core competency is taking this multi-party transaction with all these different entities that it takes to close and think of like a very extensive Gantt chart of all these different entities. They're the ones who just keep on pushing it forward. You know…”

“That's a hypothesis. It's a hypothesis. It might be true. It might be false. Let's go and test it. And if it turns out that I'm wrong, I would love your feedback on other ways that we can value agents in a way that the industry just hasn't before. Before. And …”

“The people that are best at doing that, I could see were agents who had been doing it for 10 years, not people that we hired, you know, from restaurants or hotels that were really, really nice, and trying to train them to, like, meet someone on a corner and sh…”

“One morning, Ori Was invited to a breakfast by one of the senior members of the team. He goes to breakfast, and everyone is there on the senior team except me. And they basically tell him that they want to fire me.”

“Over a third of the team left.”

“Leonard was the number one agent in New York the prior year, having sold or put in contract, five hundred million dollars in listings.”

“You can't work for everyone. And who's your customer? Your customer is the person that pays you. And buyers and sellers don't pay brokerage firms. They pay agents. And agents are the ones that pay brokerage firms. They split a percentage of what they make with…”

“We would market the Compass brand outside of the offices of our competing firms, and so there's like a phone booth or a billboard or a bus stop, outside of our competing firms, that's where we would put the brands so that agents at other companies would say, o…”

“The average agent that comes to Compass has grown their business 19% in their first year.”

“On the real estate side, I think that we have a permanent shift in the demand curve, where people will continue to want more space and more multiple home ownership.”

“At a big real estate conference, one of the top, you know, brokerage firms says, oh, you know, this was like in 2018 I think compass is going to go out of business in five years. And then the head of the fourth largest broker from the country says, oh, I think…”

“We don't think that's going to work. What we think is going to work is sort of a humans combined with good technology, kind of like what compass is doing, what Atrium is doing.”

“In my portfolio alone, We've already done follow-ons or multiple follow-ons into companies like DoorDash, Compass, Katerra, Opendoor, as some examples”

“So we take a 40% cut on everything that comes through our marketplace.”

“So we set all the pricing, the average cost of a compass website is just under a thousand dollars.”

“We typically see 40 to 60 dollars an hour, even for these price points that we have, because we're taking all of the client management overhead out of the equation for them.”

“We don't have like a massive network of like hundreds of designers. We actually know all of them personally at this point. So we've got just under 40 all over the country.”

“Total 20 15 revenue that was Again, just doing some quick math. Revenue was around 40 grand.”

“So that's around 250 grand.”

“So we've been growing like 30% month over month.”

“We do things like we get all the content and do the whole content strategy for customers before they even meet a designer. So by the time they meet a designer, they have everything they need throughout the entire project. We also broker like very standardized …”

“The technology is actually the easier part. The really hard part is just managing humans and expectations and all of those softer things that go into making a marketplace like this work.”

“So we raised a 300,000 dollar angel round late last year.”

“I actually don't like following CEOs that much cause it just makes you feel bad usually cause the CEOs you follow are generally like at some peak of success. I like following athletes more and like thinking about their habits. So really looking at Steph Curry …”