Compass takes on Atlanta in march toward national market share

The VC-backed firm will open 30 offices in existing markets in 2018

TRD NATIONAL /
Aug.August 16, 2018 03:01 PM

Robert Reffkin (Credit: iStock)

Compass is taking a bite out of the Peach State.

The New York-based brokerage announced Thursday that it’s launching an office in Atlanta — the latest city it’s encountered in its march toward national market share.

In a statement, Compass said it hired 13 full-time employees in Atlanta, where it will open additional offices in Buckhead and Midtown. So far, Compass has recruited two well-known agents: Jim Getzinger, who sold $70 million in 2017, and Jere Metcalf, whose team closed $37 million in sales over the past 12 months. Both were previously associated with Atlanta Fine Homes Sotheby’s International Realty.

Compass, which was founded in 2012, is valued at $2.2 billion following Softbank’s $450 million investment last year. The venture capital-backed firm has since accelerated its plan to attain 20 percent market share in 20 U.S. cities by 2020.

The brokerage currently has more than 90 offices in 16 cities with 4,500 agents to date. By the end of the year, it is targeting another three cities. It’s also planning to add 30 offices in existing markets.

Earlier this week, Compass announced a merger with Seattle-based Avenue Properties, whose 100 agents did $1 billion in sales last year, according to local news reports. In July, Compass acquired Paragon, a 225-agent firm in San Francisco with $2.3 billion in 2017 sales. Compass plans to draw on Paragon’s experience to grow its commercial brokerage division, which it launched with two hires in New York earlier this month. The firm brought on former Eastern Consolidated brokers Adelaide Polsinelli and Ronda Rogovin in New York.


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
Clipper Equity's David Bistricer (REIT)

David Bistricer’s Clipper Realty reports record Q2 profit

David Bistricer’s Clipper Realty reports record Q2 profit
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...