Reffkin: The average real estate agent uses 13 third-party software tools
Robert Reffkin · Robert Reffkin: Compass · Jul 26, 2021 · at 56:24
Robert Reffkin, co-founder of Compass, explains why Compass built an integrated all-in-one software suite for agents.
0:00 / 0:06exact quote · 6.2s
720p mp4 · rendered on demand · StarZero watermark
“A mobile app can connect to 13 different third party tools, which is how many tools the average agent uses.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Robert Reffkin
Reffkin: Compass senior team secretly asked co-founder Ori Allon to fire me
“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.”
Reffkin: A real estate brokerage's customer is the agent, not the homebuyer
“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…”
Reffkin: Average agent grows business 19% in first year at Compass
“The average agent that comes to Compass has grown their business 19% in their first year.”
Reffkin: In 2018, rival brokerage heads claimed Compass would fail within five years
“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…”
Reffkin: Searching listings is less than 5% of an agent's business
“Everyone thought that real estate was like searching listings, what aggregators do. That's probably less than five percent of what an agent's business is.”
Reffkin: Traditional brokerages pocketed profits instead of investing in R&D
“This has been a model for over a hundred years where brokerage firms had taken the profits from the agents, split it between the manager, the manager's manager, and the owner, and on balance that owner put in their pocket and then they went on vacation. But wh…”