BrokerageReal Estate

Compass beats estimates in Q2 2021

The brokerage reported $7 million in Q2 2021 losses but major gains in revenue and market share

HW+ Robert Reffkin Compass
Compass CEO Robert Reffkin

Is Compass on the right track?

The New York City-headquartered residential brokerage lost money again in the second quarter. But its net loss of $7.1 million more than favorably compared to not just a deficit of $84.2 million in the second quarter of 2020 – when the real estate market faced its pandemic low point – but $212 million of negative income in this year’s first quarter.

Meanwhile, the eight-year-old brokerage’s gross revenue soared to $2.0 billion. Granted, 81% of that revenue goes back to Compass agents, mostly as their cut of sales commissions. But the $361 million in revenue – after the deduction of commissions and other related expenses – compares to $151 million revenue for the first quarter.

“We are in the strongest position we have ever been as a company,” declared Compass CEO Robert Reffkin during an earnings call Monday. …(article continues on HousingWire.com)

This article was originally published by HousingWire. The full article is available on HousingWire.com for HW+ Members.

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