Inman Connect is happening right now in New York City, if any of you are there please ping me. I couldn’t attend this year.
But we are watching! Apparently Robert Reffkin sat down Tuesday with Brad Inman for an “invite-only” chat, where Robert revealed that Compass won’t be expanding into any new markets this year, and that the Dallas Compass launch was a total success in the company’s eyes.
I have heard from industry insiders that Dallas has been Compass’s most successful launch thus far, unlike Chicago, San Francisco and a few others.
According to Inman, “Compass opened offices nationwide in 2018, but the company won’t be going into any new markets this year, according to Compass CEO Robert Reffkin. The brokerage, instead, is drilling down into its current markets with plans to hire more managers and support staff in 2019, he said.” They will, however, be making acquisitions, but in a softening real estate environment, they will not be getting out the big bucks for them.
In Texas, Compass now has offices in Dallas, Houston and Austin. Which pretty much covers the state, right? So if you are a broker in a major city that has not been “disrupted” by Compass, like say El Paso or OK City, whew! Take a breath! Toss that Xanax, all is good.
For now. Others at Inman Connect say iBuyers will be 50% of the market in ten years. (more…)