What You Need To Know About Compass Real Estate
The housing market is in flux, and Compass Real Estate, one of the brokers in the entire country, knows why. Putting the time and effort into researching a potential new company to work with takes a lot of research. And especially in real estate, where exchanges of large amounts of money take place. More so, where people’s lives feel the outcomes of a home sale or purchase.
Compass Real Estate Knows The Real Estate Market
As one of the fastest-growing real estate brokers in the entire country, Compass Real Estate has experienced a considerable amount of success, trials, and obstacles since its inception in 2012. Moreover, with that success and acclaim comes headlines and articles about the company itself. And if you’ve read any of these articles yourself, you might ask if you can trust this innovative company to help you make your real estate goals happen.
Fortunately, these issues and obstacles are a thing of the past. Furthermore, while any company will experience its fair share of ups and downs, which you can read all about if you follow this link, it’s always important to address the past. Additionally, even in this case, resolving any issues shows they know how the market works.
Who Are Compass Real Estate Brokers, And Why Do I Need To Know?
Founded by Robert Reffkin and Orio Allon, Compass experienced exponential growth due to the cutting-edge nature of its technology. In turn, this gave realtors and clients more transparency and easier access to critical information for their real estate needs.
Unfortunately, the fast trajectory of Compass has seen some unexpected stumbling blocks. Furthermore, the global pandemic and unanticipated legal issues testing the company’s resolve gave them the ability to overcome challenges.
More so, Compass Real Estate operates in multiple states. These include New York, California, Georgia, and Washington. And since its inception, have become one of the fastest-growing real estate brokerages in the US.
After ten years of operation, Compass is now worth billions of dollars. However, you can see how all their hard work demonstrates the rapid rise and achieved success.
Unexpected Layoffs Due To COVID-19 And Legal Disputes
Before the global pandemic, Compass Real Estate was subject to a lawsuit from competitor business Zillow, who filed two legal claims against the company. First, Zillow accused Compass of poaching employees who had signed non-compete clauses in their employment contracts. Furthermore, they claimed that Compass had allegedly stolen trade secrets.
Compass Real Estate vehemently denied these allegations publicly, labeling Zillow’s use of non-compete clauses as a form of scare tactics. Fortunately, the two companies agreed, and a settlement was made, permanently resolving this legal dispute.
But with the world still reeling from the coronavirus and businesses worldwide experiencing financial hardships, the housing market took an inevitable hit as the demand for real estate diminished through 2020. This unforeseen global issue led to a loss of $270 million for Compass that year. At this time, CEO Robert Reffkin decided to lay off 375 employees during the pandemic.
Moving Past These Resolved Issues
Every innovative business will stumble throughout its history. Moreover, while it’s essential to address past issues for the kind of transparency that Compass is known for, it’s even more important to learn how to move forward past these resolved obstacles.
And how has Compass fared since its woes? It was valued at a staggering $8 billion last year when it went public, further solidifying the company’s reputation as a forward-thinking and much welcome disruption to some of the more outdated methods and practices of real estate.
With the past behind them, Compass Real Estate continues to embrace technological advancements to benefit clients, realtors, and the entire industry.
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