Transcript
Introduction
Matt
This is Matt Reustle and today we are breaking down the real estate broker Compass. We have Geoff Collette, founder of Aeon Capital Partners, back as a guest. You may remember his breakdown on Goosehead, and we thought it was fitting to cover another flavor of a broker.
Now, Compass itself is a fascinating business and historically a controversial stock. It was founded in just 2012 by Robert Reffkin, and Compass has scaled in that short period of time to become the largest real estate brokerage in the United States. So Geoff and I cover the history, some of those early pivots, but I'd argue most importantly, we get into the critiques of Compass, whether those are fact or fiction, what has changed since the early days, and whether it's agent commissions, operating leverage in the business, the Zillow suit. There is a ton of interesting stuff around Compass today, and that's before you get into the tech stack, the infrastructure, the idea of controlling such a large percentage of the market with top agents.