MIAMI—Compass is expanding into the South Florida real estate market. The technology-driven real estate platform is based New York but sees a growing opportunity in the region.
Compass has made a name for itself in New York by building data-driven insights to make the process of buying and selling property “simpler and more intelligent.” The brokerage has created a proprietary app for agents and consumers that works to inform the decision-making process. The company's mobile app is the number one downloaded and top rated real estate app in New York.
“The Compass Florida operation will be headquartered and initiated in Miami Beach,” Beth Butler, president of the new Miami office of Compass, tells GlobeSt.com. “We will move to other areas in Miami and Florida over the next few years. Our recruiting efforts will determine where the next location is, in other words, we will go where our agents need us to be.”
If Compass repeats it New York success in Miami, it will be a remarkable run. Compass was named the Mid-Size Business of the Year in 2015 by the Manhattan Chamber of Commerce—also awarded to SoulCycle and Warby Parker the last two years. Gene Martinez will serve as director of sales and business development in the Miami office.
“Given the natural connection between New York and Miami, we are thrilled to introduce our pioneering concept to the South Florida marketplace,” says Robert Reffkin, founder and CEO of Compass. “We are confident our leaders, Beth and Gene, coupled with our proprietary technology, will make a profound impact on the area's real estate business and help leading real estate professionals across the market elevate their businesses."
The company's first foray out of Manhattan came in November, opening its office in Washington, DC. Compass DC grew 275% in size with an office of over 80 agents, 15 of whom were recognized on Washingtonian's Top Agent List this year. In April, Compass DC was the number sales office in the region as measured by dollar volume of properties bought and sold, an achievement Compass hopes to replicate in South Florida.
The New York branch has also experienced explosive growth, occupying over 63,000 square feet of office space in Manhattan, with an impending Brooklyn office. Compass currently holds $1 billion in exclusive listings, $2.5 billion in its new development pipeline and over 15,000 sales and rental listings displayed on the site.
What's more, the company ranked second place among mid-size brokerages in 2015 according to The Real Deal. This year alone, Compass has added 103 agents to its roster, doubling its broker population, while revenue for the company has grown ten times year over year. Compass also boasts 100% agent retention.
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