compass Chief Executive Robert Reffkin hopes to gain 30% market share in 30 major U.S. cities. The new acquisition will bring it closer to that goal in Austin.
group of eight Outlook Real Estate Team is bringing its talent to Compass, adding to a group with sales of $1.21 billion since 2018.
“Our team operates as a boutique group with a strong commitment to honesty, integrity and making our customers’ days brighter through fun and a smile,” Denise Bodman, co-head of the group, said in a statement. Wonderful. “These values fit seamlessly into the Compass culture. We are eager to start leveraging the benefits that Compass offers to enhance our customer service.”
The team has a particularly large share of new development sales, having sold 1,500 new-build apartments. They specialize in 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 to expand in the company’s key markets, identifying 30 of those markets. It plans to gain 30% market share in these cities through “a combination of organic growth and creative mergers and acquisitions.”
The company added that it is very selective about which teams it adds due to financial synergies. Compass also stated that its national market share in the second quarter of 2024 was 5.13%, an increase of 50 basis points from the same period last year and an increase of 37 basis points from the previous quarter.
The brokerage has been very aggressive in increasing its headcount. Just in the past month, it has added teams and agents in Dallas, Florida, New Jersey and Colorado.
“Compass’ commitment to providing agents with state-of-the-art tools and resources is the best in the industry,” Emily Lee, co-lead of Prospect’s real estate team, said in a statement. “We look forward to integrating these technologies into our operations to provide greater value to our customers.”
