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Compass posts strong Q2 results amid MLS antitrust challenge
Compass reported second-quarter revenue of $4.3 billion and GAAP net income of $92 million, even as regulators review its antitrust stance and its Anywhere acquisition.
Compass turned in strong second-quarter performance despite ongoing debate over its views on multiple listing service rules. HousingWire reports Compass posted $4.3 billion in Q2 revenue and $92 million in GAAP net income, more than double the $39 million recorded a year earlier, along with $363 million in adjusted EBITDA.
CEO Robert Reffkin used the earnings call to argue that MLS rules are anti-competitive. HousingWire says he pointed to mandatory rules enforced by MLS fines of up to $5,000, calling the system anti-competitive and anti-consumer, and framing Compass’s approach as a way to infuse more competition into real estate.
HousingWire also notes that U.S. regulatory scrutiny continues. The House Judiciary subcommittee has asked Compass to explain its partnership with Midwest Real Estate Data, and the New York attorney general’s office is reportedly reviewing Compass’s Anywhere acquisition over antitrust concerns.
The piece further describes how Compass frames potential changes to listing and search behavior. It says Reffkin argued that fewer mandatory sharing rules could push agents to post listings on their own brokerage sites first, with buyer inventory discovery then favoring the brokerage that becomes the main destination.