R
obert Reffkin, the 46‑year‑old CEO of Compass, is reshaping the U.S. real‑estate landscape by challenging the status quo set by the National Association of Realtors (NAR) and the home‑search giant Zillow. His battle began in September when Compass announced a $1.6 billion acquisition of Anywhere Real Estate, the country’s second‑largest brokerage. The merger would give the combined firm roughly a quarter of all U.S. home sales.
Reffkin’s approach is rooted in a deep belief that agents should drive the market. Unlike most brokerage leaders, he never worked his way up through real‑estate sales. A former McKinsey consultant, Goldman Sachs analyst, and White House fellow, he co‑founded Compass in 2012 at age 33. From the start, he focused on technology, personalized branding, and generous incentives—cash, stock, and higher commission splits—to attract top talent. His relentless outreach, including thousands of surprise calls to agents each year, has earned him a reputation for being both hands‑on and fiercely protective of his agents.
In 2024, Reffkin launched a “three‑phase marketing strategy” that would keep listings exclusive to Compass for a period before they appear publicly. The plan involves an internal database for Compass agents, a “coming soon” listing on the Compass website, and finally a full MLS and Zillow release. The strategy exploits a loophole in the NAR’s Clear Cooperation Policy, which requires agents to share a newly marketed home in the local MLS within one business day or face hefty fines. Reffkin argues that the policy unfairly limits sellers’ and agents’ marketing options and that the NAR’s influence over the market is disproportionate.
Zillow’s response was swift. In the summer, the portal began banning listings that were not shared within a day of public marketing, citing the NAR rule. Compass sued Zillow in federal court, accusing the company of abusing its monopoly power to stifle Compass’s innovative model. Reffkin’s testimony in court framed the dispute as a fight for consumer choice: if buyers can see only a fraction of available homes, the market becomes opaque and less competitive.
Critics warn that exclusive listings could create a “private garden” effect, where buyers must navigate multiple platforms to find inventory, potentially disadvantaging smaller brokerages and independent agents. Some Compass agents have voiced concerns that the strategy forces them to sift through private channels to locate homes, adding complexity to an already difficult process. Yet many agents remain loyal, praising the tech platform and Reffkin’s personal engagement.
The merger with Anywhere, expected to close late next year, would add over 170,000 agents to Compass’s roster and cement its position as the largest brokerage by sales volume. In key markets—New York, San Francisco, Washington—Compass and Anywhere could command 30–50% market share. The deal would also give Reffkin greater leverage to shape industry rules, but it faces regulatory scrutiny and could increase the company’s debt by more than $2 billion.
Reffkin’s crusade has made him a polarizing figure. While some industry leaders block him on LinkedIn for voicing opposition, others admire his ambition and willingness to confront entrenched power structures. He maintains that his goal is not to hide listings but to give sellers and agents the freedom to market homes on their own terms without fear of penalties for price cuts or days on market.
Whether the legal battle with Zillow and the merger with Anywhere will succeed remains uncertain. If Compass’s model prevails, the way Americans search for homes could become more fragmented, with Compass.com potentially becoming a primary destination for exclusive inventory. Reffkin’s determination, however, suggests he will continue to push for change, regardless of the outcome.
