The latest on Compass

Simonsen, whose data company was bought by HW Media in 2022, will be the brokerage's first chief economist after getting "a very compelling offer" from its CEO.

The leading brokerage wants rival brokerages and MLSs to agree not to alter or monetize its private listings. It also wants to put “false accusations” to rest.

In an email to MLS and NAR leaders, CEO Robert Reffkin says the brokerage is not bound by the CCP and will not ask its agents to comply with the policy.

Revenue was also up, and CEO Robert Reffkin said top agents have been able to increase commissions “since they are now able to negotiate for themselves again.”

The brokerage also reported double-digit growth in transactions and agent count, in part due to significant acquisitions this spring.

While revenue improved 10%, the company reported steep losses — but CEO Robert Reffkin was more focused on the future of buyer agents during the earnings call.

Revenue dipped, but Compass managed to gain more than 1,000 agents in 2023 and cut losses for the year nearly by half.

In the Q3 earnings call, Robert Reffkin said Sitzer/Burnett probably won't lower commission splits, highlighted the company's strength despite continued losses.

The brokerage lost $48 million in Q2 — an improvement after substantial losses in Q1 — and the company emphasized its free positive cash flow.

With the rollout underway for its end-to-end transaction platform, and agent count up, Compass projects that it will be cash-flow positive next quarter.

Revenue was $1.1 billion, down 31% compared to Q4 2021, but cost-cutting measures may be stemming the tide of losses.

CEO and founder Robert Reffkin said that lower sales volumes are creating “significant challenges” for the housing industry as mortgage rates climb.