# Robert Reffkin: Compass

- Show: [How I Built This](https://hardwarepodcasts.com/podcast/how-i-built-this)
- Published: 2021-07-26
- Length: 1h 18m
- Page: https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass

## Summary

Robert Reffkin, co-founder of Compass, explains how he pivoted the company from a failed rental model to a technology platform for traditional real estate agents. After raising $8 million and launching Urban Compass with salaried 'neighborhood specialists,' Reffkin realized the model was too complex for customers and fired the initial strategy. He then recruited top agent Leonard Steinberg to build credibility and developed integrated CRM and marketing tools to help agents grow their businesses, leading to Compass's rapid expansion and eventual IPO.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass#t=0) Introduction: Robert Reffkin and Compass
- [3:49](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass#t=229) Reffkin's Early Life and Career
- [37:14](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass#t=2234) The Failed Urban Compass Rental Model
- [47:28](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass#t=2848) Pivoting to Support Traditional Agents
- [50:09](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass#t=3009) Building Technology and Recruiting Leonard Steinberg
- [1:00:29](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-07-26-robert-reffkin-compass#t=3629) Expansion, Criticism, and the 2020 Boom

## Topics

- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Connected products & IoT](https://hardwarepodcasts.com/topic/connected-products-and-iot)
- [Marketing & brand](https://hardwarepodcasts.com/topic/marketing-and-brand)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)

## Most relevant to

early-stage companies, companies scaling up

## Mentioned

- Compass (company)
- Urban Compass (product)
- Leonard Steinberg (other)
- Zillow (company)
- Redfin (company)
- WeWork (company)
- HubSpot (tool)
- Salesforce (tool)
- McKinsey (company)
- Goldman Sachs (company)
- Lazard (company)
- Global Infrastructure Partners (company)
- Caldwell Banker (company)
- Sotheby's (company)

## Related episodes from other shows

- [The Sims for Founders: What Agent-First Companies Actually Look Like](https://hardwarepodcasts.com/podcast/built-2-scale/2026-03-31-the-sims-for-founders-what-agent-first-companies-actually-look-like) (Built 2 Scale)
- [S1E50 Turning Personal Challenges into New Technology | Robert Chappell](https://hardwarepodcasts.com/podcast/being-an-engineer/2020-11-13-s1e50-turning-personal-challenges-into-new-technology-robert-chappell) (Being an Engineer)
- [Keenan Wyrobek (Co-founder/CTO, Zipline)](https://hardwarepodcasts.com/podcast/just-gonna-send-it/2026-07-29-keenan-wyrobek-co-founder-cto-zipline) (Just Gonna Send It)
- [S5E52 Jon Hirschtick | Founding & Developing the Solidworks and Onshape CAD Systems](https://hardwarepodcasts.com/podcast/being-an-engineer/2024-12-27-s5e52-jon-hirschtick-founding-developing-the-solidworks-and-onshape-cad-systems) (Being an Engineer)
- [Competing with Tech Giants: Approaches and Challenges with Morgan Teachworth of Cisco](https://hardwarepodcasts.com/podcast/over-the-air/2023-03-02-competing-with-tech-giants-approaches-and-challenges-with-morgan-teachworth-of-c) (Over the Air)

## Citing this page

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