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Robert Reffkin, CEO of Compass, speaks on stage on November 06, 2019 in New York Metropolis.
Brad Barket | Getty Photographs
Compass, an actual property brokerage agency with greater than 19,000 brokers throughout the nation, filed to go public on Monday, and informed potential traders that income jumped 56% final yr as housing costs soared.
Based in 2012, the New York-based firm has sought to convey superior expertise to actual property brokers, giving them higher knowledge, advertising and marketing instruments and buyer relationship software program than they’ll get from a typical brick-and-mortar brokerage.
Compass is among the many many tech-powered actual property corporations to profit from a flood of enterprise capital cash that is enabled rising companies to develop quick whereas burning money. Income climbed to $3.7 billion final yr from $2.4 billion in 2019, however the firm spent 88% of its gross sales on commissions and “different transaction-related expense.”
Web loss for the yr narrowed to $270.2 million from $388 million in 2019 and its money and equivalents shrank by 20% to $440.1 million.
Compass was final valued at about $6.4 billion in a 2019 financing spherical led by SoftBank’s Imaginative and prescient Fund, which additionally invested in office-rental firm WeWork, home-flipping website OpenDoor and construction-technology firm Katerra. OpenDoor went public late final yr by means of a reverse merger and is now price over $17 billion, whereas WeWork remains to be attempting to bounce again from a close to collapse in 2019. SoftBank owns 35% of Compass’s Class A shares.
Residential actual property has been a booming market over the previous yr, pushed by Covid-19 and the lockdowns that pressured individuals to do business from home. With the belief that distant work is right here to remain, householders have appeared to maneuver to extra fascinating places, however new provide has been restricted, inflicting costs to leap.
House costs nationally elevated 10.4% in December, in contrast with a yr earlier, in keeping with the S&P CoreLogic Case-Shiller House Value Indices. That is the strongest annual progress charge in over six years and one of many largest annual features within the greater than 30-year historical past of the index.
Like many actual property companies, Compass confronted challenges originally of the pandemic due to stay-at-home orders and uncertainty across the financial system. The corporate lower 15% of its employees in March 2020.
Nonetheless, enterprise rebounded dramatically within the second half of the yr and “whole transactions elevated to 144,784, a 66% enhance from 2019, however the impact of the COVID-19 pandemic,” Compass mentioned within the submitting.
Shares of on-line actual property website Zillow have tripled up to now yr, whereas Redfin’s inventory is up nearly as a lot.
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