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UPDATE: Following the publication of this story on Friday, a Compass spokesperson responded to Mauricio Umansky’s claims involving Robert Reffkin. “That is factually inaccurate.”
The Company CEO and founder Mauricio Umansky has been arduous at work constructing his brokerage up into one of the well-recognized boutique luxurious manufacturers within the business since launching in 2011. Up to now, the corporate has closed greater than $41 billion in transactions and has over 850 brokers throughout greater than 50 workplaces.
In 2021 alone, the corporate considerably grew its franchise enterprise, opening 11 new franchises. Thus far in 2022, it has opened 5 extra in Canada and on the East Coast.
Inman just lately spoke with Umansky about his firm’s speedy growth, working with household and a few of his favourite reminiscences from Inman Join New York, together with a memorable change with Compass CEO Robert Reffkin. Right here’s what he needed to say, edited for brevity and readability.
Inman: Your franchise enterprise has grown quite a bit within the final yr. Do you’ve got plans for a lot of extra new franchises at this level?
Mauricio Umansky: We’re positively excited for the continued progress of franchising. I believe we opened 11 franchises final yr — I believe it’s a fantastic tempo and a fantastic cadence, and we’ve equipped our staff and workers so as to accommodate quicker progress this yr. I can let you know one of many thrilling issues I like, and one of the necessary issues in enterprise, is studying from everyone else after which innovating and altering as a result of you may’t simply do the identical factor time and again.
What we’ve finished with the franchise mannequin is a really new franchise mannequin that I’m undecided has been seen in actual property earlier than. I believe among the best international networks, personally, that has been created, and I’m solely speaking about luxurious actual property, is Sotheby’s.
One of many issues we wish to do is construct that international luxurious boutique ‘2.0,’ and what that 2.0 means is, we deal with our franchisees as corporate-owned, which I believe is likely one of the main variations. So we don’t differentiate like Sotheby’s does, whether or not they’re a franchisee or whether or not they’re corporate-owned, and I believe that’s an enormous distinction from a cultural perspective after which additionally simply from the best way we’re all collectively on one community. We don’t have workplace conferences with out the franchise workers.
Do you are feeling that retains you nearer as an organization?
Method nearer. Much more [like] household. [It’s] a part of our tradition, which is super collaboration, super openness. And we actually assume it’s necessary to construct a unprecedented community across the globe. And if you are able to do that, then you may preserve and preserve plenty of referral enterprise from workplace to workplace, [and] you may actually begin servicing the shoppers and client in a very superb approach as a result of we preserve notes on our CRM about shoppers, shoppers and all that stuff.
And [our] different distinction is admittedly simply including some nice expertise so as to make the method much more environment friendly and get to enhance our servicing to our clientele. Between these two issues — [treating franchisees as corporate-owned and adding great tech] — I don’t know of one other franchise firm that has each of these facets.
Will you finally department out to areas past Canada, Mexico and the Caribbean?
one hundred pc. Proper now we’re concentrating on our east coast growth — we’re positively beginning to have a look at Manhattan. I’m certain you recognize, we’re already in Boston and D.C. and Florida and we’re engaged on another actually enjoyable ones on the east coast that we’re tremendous enthusiastic about. However we opened final yr our first workplace in Europe, in Amsterdam, and that would be the starting of our European growth. We’re at present London, Spain, France. After which I can let you know, we’re assembling a staff now to begin trying on the Center East, Asia and Australia.
That’s actually thrilling. As we take into consideration the method of Inman Join New York, I wished to ask about how you lately offered along with your daughter Alexia at Inman Join in Las Vegas. Is she nonetheless enthusiastic about actual property and dealing with the household on this business?
[Yelling off the phone] Alexia — are you continue to enthusiastic about actual property and dealing with the household, or have you ever had sufficient of me? She mentioned she’s sick and uninterested in me. Hahaha. She’s loving it. She’s doing actually nice and she or he’s completely loving it. She’s sitting proper behind me proper now on the workplace. We now have an workplace that’s form of open door, so all of us sit in a single workplace area.
Do you’ve got another enjoyable reminiscences from previous Join occasions you’d wish to share, since that is our twenty fifth anniversary?
I bear in mind the primary time I met Robert Reffkin from Compass on the New York Join. We have been each talking on the identical panel and I bear in mind earlier than going out on the stage, he got here as much as me and mentioned to me that our actual property advertising and marketing was one of the best he’d ever seen and that he wished to let me know he copies all the pieces we do and he doesn’t invent something. And he mentioned to me, ‘Why invent when it’s already on the market and we will simply copy it?’ And I believed that was fucking hilarious. [Editor’s note: On Wednesday, Compass declined to comment on Umansky’s claim after an initial request for comment.]
I suppose that’s a praise.
It’s definitely a great praise, however not lots of people have the, pardon the language, the balls to say one thing like that, however he did. In order that was form of enjoyable.
After realizing that, we did put out a few advertising and marketing campaigns with the intention of them getting copied, which have been form of, you recognize, not the campaigns we essentially wished. And so they bought copied and we have been laughing. We had a great little inside snicker.