Reffkin’s
confidence
in
this
stems
from
the
“historical
alliance”
he
announced
between
Compass
and

Rocket
Companies
Thursday
afternoon.
As
part
of
the
partnership,

Compass’s
Coming
Soon
Listings,
and
eventually
its
Private
Exclusive
inventory,
will
appear
on


Redfin
starting
March
16.
The
listings
will
not
show
days
on
market
or
pricing
history
and
agents
will
have
to
obtain
written
permission
from
their
sellers
for
the
listings
to
be
syndicated
to
Redfin.
The
program
is
currently
only
available
to
Compass
agents,
but
the
company
said
it
will
be
available
to
agents
at
any

CIH
brand
later
this
year.
Reffkin
also
noted
that
this
three-year
partnership
is
exclusive,
meaning
that
no
other
brokerage
wishing
to
more
broadly
market
their
coming
soon
or
exclusive
listings
can
strike
a
similar
deal
with
Rocket. 

“I
think
this
alliance
marks
the
end
of
the
restrictions
that
MLSs
have
had
on
agents
and
sellers
on
how
they
market
homes,”
Reffkin
said
during
his
firm’s
Q4
2025
earnings
call
with
investors
and
analysts
Thursday
evening.
“Because
when
they’re
restricting
the
agent
and
home
seller,
they’re
going
to
be
restricting
Rocket.
I
don’t
see
a
scenario
where
the
MLSs
will
continue
to
enforce
these
restrictive
rules
with
Rocket
and
Redfin
on
our
side
because
we
now
have
more
resources.” 

The
agreement
will
expose
NAR,
says
Reffkin

Reffkin
also
argued
that
the
alliance
degrades
the
“moral
narrative”
that
Compass
is
hiding
listings
via
its
three-phased
marketing
strategy,
which
includes
Compass
Coming
Soon
Listings.

“We’re
going
to
give
our
public
listings
to
Rocket-Redfin,
publicly
searchable
[by]
60
million
people,”
he
said.
“In
each
of
those
markets,
what’s
going
to
happen
is
that
[the]
MLS
is
going
to
send
our
agents
a
fine
for
up
to
$5,000.
The
agent
is
going
to
ask
if
we
can
help
them,
and
we
will,
but
what
is
the
MLS
going
to
tell
the
public?
Are
you
telling
me
that
you’re
fining
the
agent
$5,000
for
marketing
the
listing
publicly
on
a
site
searchable
by
60
million
people?
That
you’re
doing
that
to
protect

fair
housing?
Are
you
doing
that
to
protect
transparency?
Are
you
doing
that
to
ensure
that
we’re
not
double
ending
deals?
Or
are
you
doing
this
not
to
protect
your
transparency
but
[to]
protect
your
own
business
model?
It
is
going
to
expose
that.” 

Due
to
this,
he
views
the
partnership
as
a
win
for
“seller
choice” 
as
it
“provides
homeowners
the
flexibility
for
how
they
introduce
their
homes
to
the
market
and
does
not
subject
homeowners
to
any
negative
insights
for
listings.”  

A
win
for
consumers

According
to
Reffkin,
in
a
year,
CIH
should
have
over
200,000
private
exclusive
listings
on
its
sites
that
are
not
available
on
other
sites.
Reffkin
noted
that
Compass’s
Private
Exclusive
listing
platform
will
be
available
for
use
by
agents
joining
CIH
via
the

Anywhere
Real
Estate
acquisition
in
July
of
this
year.
Prior
to
CCP
going
into
effect,
in
2018,
Reffkin
said
90%
of
Compass
listings
began
as
publicly
searchable
coming
soon
listings
on
the
brokerage’s
website. 

According
to
Reffkin,
this
brought
“the
consumer
to
[the
firm’s]
site
to
search
as
any
normal
company
would
if
they
weren’t
being
restricted
by
non-governmental
entities
like
NAR.”
However,
if
CCP
enforcement
becomes
a
thing
of
the
past,
as
Reffkin
is
betting,
his
firm
will
obtain
more
private
exclusive
listings
driving
more
prospective
buyers
to
the
website. 

Leads
from
Rocket
and
Redfin

The
potential
for
more
buyer
leads
coming
through
Compass.com,
as
well
as
the
partnership
with
Rocket,
is
leading
more
agents
to
join
Compass
and
other
CIH
brands,
according
to
Reffkin.
During
Thursday’s
call
he
said
five
agents
had
already
reached
out
inquiring
about

joining
Compass
due
to
the
leads. 

“We
have
1.2
million
Rocket
Mortgage
and
Redfin
leads
that
will
come
to
our
agents
as
part
of
this,”
Reffkin
said. 

At
the
end
of
2025,
Compass
had
21,190
principal
agents,
up
19.4%.
As
of
Q1
2026,
due
to
the
close
of
the
Anywhere
acquisition,
CIH
boasts
340,000
agents
and
over
700,000
listings
across
all
nine
brands
under
the
CIH
umbrella. 

Integration
with
Anywhere
going
well

During
Thursday’s
call
Reffkin
also
discussed
how
integration
efforts
related
to
the
Anywhere
merger
were
going. 

“I
want
to
start
by
saying
how
pleased
I
am
by
how
well
both
our
management
teams
are
working
together,”
Reffkin
said.
“Since
close,
we’ve
made
great
progress
by
deploying
best
practices
and
integration,
including
establishing
a
transformation
office
that
will
be
a
single
control
tower
to
ensure
we
are
achieving
our
targets,
setting
a
clear
road
map
to
create
a
more
efficient
organization
across
each
of
our
business
units
and
quickly
creating
clarity
around
the
organization’s
spans
and
layers.”

In
Q4
2025,
Compass
incurred
$10.6
million
in
Anywhere
merger-
and
integration-related
expenses.
But
while
the
merger
is
costing
the
company,
Reffkin
also
discussed
the
“cost
synergies”
he
and
his
team
are
exploring.
According
to
Reffkin,
the
CIH
team
has
“moved
aggressively
on
synergies.” 

“In
just
seven
weeks,
we
have
already
actioned
$175
million
of
our
cost
synergy
target-
the
heavy
lifting
of
headcount
and
vendor
consolidation
is
already
underway,”
Reffkin
said. 

According
to
Reffkin
these
actions
were
taken
“at
various
points
throughout
the
first
quarter,”
and
he
warned
investors
and
analysts
that
“there
will
only
be
a
modest
benefit
to
Q1.” 

While
Reffkin
did
not
discuss
any
specific
information
related
to
“headcount
consolidation”
efforts,
he
did
mention
Anywhere’s
technology
team
as
an
area
CIH
was
examining
to
deliver
some
potential
cost
savings.

“Historically,
Anywhere
has
capitalized
a
large
amount
of
technology
labor
to
its
balance
sheet,
approximately
$80
million
in
2025,
and
as
part
of
our
cost
synergy
work,
a
significant
portion
of
the
projects
that
have
been
subject
to
capitalization
in
the
past
will
be
cut
as
we
shift
the
technology
focus
to
the
Compass
platform,”
Reffkin
said.

“Therefore,
of
the
roughly
$100
million
in
synergies
to
be
realized
in
2026,
I’d
assume
slightly
more
than
half
will
be
reflected
as
reduced
[capital
expenditures]
in
2026
and
remaining
will
be
reflected
as
reduced
[operating
expenses]
in
2026.”

In
an
emailed
statement
regarding
the
reports
of
layoffs
at
CIH,
a
CIH
spokesperson
wrote
that
the
company
“continuously
assesses”
its
business
needs
“to
align
resources
effectively
and
focus
on
the
areas
that
will
create
the
most
value”
for
the
firm’s
agents. 

“Post-merger,
adjustments
are
being
made
to
strengthen
our
operations
and
focus
on
our
strategic
priorities,”
the
spokesperson
added.

As
CIH
looks
ahead,
it
will
certainly
hope
to
find
more
ways
to
cut
expenses
as
Compass
the
brokerage
lost
$42.5
million
in

Q4
2025,
up
from
a
net
loss
of
$40.4
million
a
year
ago.
This
increase
came
despite
a
23.1%
annual
increase
in
revenue
to
$1.7
billion,
a
19.7%
yearly
increase
in
transactions
to
60,328
transactions
and
a
21.6%
year-over-year
jump
in
gross
transaction
value
to
$65.6
billion.

For
the
full
year,
Compass
generated
$6.962
billion
in
revenue,
up
from
$5.629
billion
a
year
ago
and
it
recorded
a
net
loss
of
$58.7
million
down
from
a
$154.5
million
net
loss
in
2024.