Compass continues its M&A efforts with the addition of the Austin team
Compass CEO Robert Reffkin wants to reach a 30% market share in 30 major US cities. A new addition will bring that goal closer in Austin.
The eight person Prospect Real Estate Team brings its talents to Compass, adding a group that has achieved $1.21 billion in revenue since 2018.
“Our team operates as a boutique group with a strong commitment to honesty, integrity and brightening our customers’ days with a touch of fun and a smile,” said Denise Bodman, co-CEO of the group, in a statement. “These values fit seamlessly with the Compass culture. We are eager to get started and improve our customer service with the benefit that Compass offers.”
The team has a particularly large footprint in the sale of new developments, having sold 1,500 new-build apartments. They exclusively represent developments such as Natiivo Austin, Vesper, Parkside at Mueller, HOM, Axiom, Eastgate and Cascade.
During the brokerage’s second-quarter 2024 earnings call, Compass laid out an aggressive plan for expansion in the company’s key markets after identifying 30 of them. It plans to reach a 30% market share in these cities through “a mix of organic growth and creative mergers and acquisitions.”
The company added that it is highly selective about which teams to add, citing the need for financial synergies. Compass also said its national market share was 5.13% in the second quarter of 2024, up 50 basis points year-over-year and 37 basis points higher quarter-over-quarter.
The brokerage has been extremely aggressive in increasing its workforce. In the past month alone, teams and agents have been added in Dallas, Florida, New Jersey and Colorado.
“Compass’ commitment to providing agents with cutting-edge tools and resources is the best in the industry,” said Emily Lee, co-director of the Prospect Real Estate Team, in a statement. “We look forward to integrating these technologies into our operations and delivering even more value to our customers.”
