Robert Refkin, the founder of Compass, a real estate tech company, is a billionaire in the US real estate industry. Refkin, who felt inferior and doubted his academic ability while growing up, was told by his high school guidance counselor that he wasn’t academically fit for the schools in Columbia. However, his determination and motivation to succeed led him to study and make it into Columbia.
Although he struggled academically, his desire to succeed with the support from his mother who was a real estate agent geared up his entrepreneurial spirit to start Compass. By empowering real estate agents with the necessary tools and support to excel in their roles. Refkin’s success is not only significant for his own achievements but also for Black achievements. As one of the few Black American billionaires, he serves as a role model to many Black entrepreneurs worldwide.
The real estate industry in the US has traditionally been dominated by established players who have been resistant to change. Still, Refkin’s disruptive approach through technology has proved to be a game-changer. Compass which is currently worth $4 billion has grown rapidly and gaining traction through its innovative business model since its establishment in 2014, and it now works with thousands of real estate agents in 20 major cities across the US.
Refkin’s success is remarkable as one of the few Black American billionaires in the US and serves as an inspiration to many Black entrepreneurs around the world. According to Mckinsey, its real estate agent ecosystem has grown significantly, with over 8,000 agents on the platform. The Association of Real Estate License Law Officials reports over 3 million individuals with active real estate licenses, with 1.6 million actively working as realtors.
Before his success with Compass, Refkin worked for management consulting firm Mckinsey & Company, Goldman Sachs, and the US Department of Treasury as a White House fellow according to Master Class. His journey to becoming a billionaire is testament to the power of determination. “Don’t let anyone get in the way of your dream. Not society, not your colleagues, not even yourself. Whenever anyone tells you to slow down, speed up”. he told Tech Crunch.
Overall, Robert Refkin’s success with Compass is a compelling example of how technology can disrupt traditional industries and create opportunities to empower stakeholders. His ascent to becoming a billionaire serves as a beacon of hope for Black entrepreneurs worldwide. He is a visionary entrepreneur who has managed to transform the real estate industry in the US through technology.
