Compass CEO: ‘We co-broke with everyone’
Robert Reffkin, a loud voice in the Clear Cooperation debate, invites all agents to check out the brokerage’s Coming Soon listings.
Just a couple of weeks after Zillow called the push for private listings an attempt to "double-dip" on commissions, Compass has made a point of publicly inviting all agents to access its Coming Soon listings.
"At Compass, we co-broke with everyone," CEO and Founder Robert Reffkin said in a statement.
And he suggested that the company would go further if it could, but "NAR and local MLS mandates related to the Clear Cooperation Policy prevent Compass agents from sharing their Private Exclusives with non-Compass agents," Reffkin noted.
"We are working to ensure that NAR and the MLS no longer force homeowners to market their properties in ways that disadvantage them."
How we got here: Clear Cooperation requires publicly marketed homes to be listed on the MLS within one business day, and Reffkin has been leading the charge to repeal the rule, saying homeowners deserve to have more control over how their homes are marketed and how information is shared.
Those who disagree with Reffkin say private listings are bad for consumers and the industry, and they also carry legal risks.
Compass launched a "3-phased marketing strategy" in November that encourages agents to pitch sellers on Compass' Private Exclusives channel before going to the open market. And in February, it unveiled Compass One, a client portal that aims to help buyers, sellers and agents navigate transactions — while putting the brokerage's Private Exclusives and Coming Soon listings front and center.
The company also released early data in February indicating that Compass listings "pre-marketed" on those channels before being entered on the MLS sold faster and for more money.
Reffkin's multimillion-dollar stock sales continue: While Compass has been selling consumers on private listings, its founder has been selling off stock. Reffkin started the year with around 10 million shares of Compass stock, according to an SEC filing, and throughout January and February, he sold roughly half — more than five million shares.
The proceeds amount to about $38 million during a time when the Compass stock price has been trending upward, closing out February at $8.99/share after ending December 2024 at $5.85.
A Compass spokesperson said this was a "routine, pre-planned action" tied to a trading plan adopted in May 2024. "Many public company CEOs establish 10b5-1 plans to sell shares over time for tax and financial planning purposes, and this follows that standard practice," the rep noted.