Turns out real estate brokerage company Compass does have a good sense of direction! The New York-based, largely tech-powered real estate company found its way to the public markets with a recent IPO filing.
Compass reported an impressive 56% jump in revenue last year (to $3.7b) due to a boom in housing prices. While the pandemic may have initially affected the market, the demand for residential homes quickly increased as the work-from-home restrictions encouraged people to look for better housing options. Bet your once-lovely one-bedroom apartment suddenly started feeling way too small, didn’t it? Same.
PS, Compass is backed by SoftBank’s Vision Fund, which would make it a success story for the fund (finally!) whose real estate investments have been rather hit-and-miss — let’s take a moment to pick on troubled office rental startup WeWork and disgraced construction tech company Katerra.