Compass sets sights on Long Island’s North Shore

Elliman’s Nicholas Colombos and Angela Dooley bring team to Compass

TRD TRI-STATE /
Feb.February 18, 2020 01:45 PM
Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

Compass’ Rory Golod and Long Island’s North Shore (Credit: Long Island)

Since last winter, Compass has sworn off launching new markets as it focuses on “depth, not breadth.” But on Long Island, that’s about to change.

The SoftBank-backed brokerage is planning to launch on the North Shore, with offices in Manhasset and Cold Spring Harbor. No managers or leases are in place, sources said. But Douglas Elliman’s Nicholas Colombos announced his move to Compass on social media earlier this month. Colombos, along with Angela Dooley and their six-person team, joined Compass, the company confirmed.

Angela Dooley

Angela Dooley

In a statement, regional president Rory Golod said a Long Island presence would boost Compass’ footprint in New York, where it also has offices in the Hamptons and Westchester. “Agents can now support their clients with Compass’ technology and suite of services whether they’re in Manhattan, Montauk, or Manhasset,” he said.

The last market Compass entered was Denver in January 2019. But it was also around that time when CEO Robert Reffkin signaled the company would shift its focus to existing markets. “This year, we don’t want to spread ourselves thin,” he said at the time. “Last year we did a bit.”

Nick Colombos

Nick Colombos

After launching in New York City in 2013, Compass now has more than 15,000 agents. It currently has 2,000 agents in the New York area, including 200 in the Hamptons and 119 agents in Westchester.

“We wish him all the best,” a spokesperson for Douglas Elliman said of Colombos’ departure.

On Long Island, Elliman is the market leader, with more than $4 billion in annual sales volume, according to The Real Deal’s most recent ranking. Daniel Gale Sotheby’s International Realty, Realty Connect and Coldwell Banker are also among the area’s heavy hitters.

After spending heavily to grow quickly in recent years, Compass has tried to defend its valuation and focus on profitability in recent months. In January, Compass laid off 40 employees in marketing and IT as it consolidated roles that service agents.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Avi Dorfman and Compass' Robert Reffkin and Ori Allon (Getty; iStock)

Cash, no stock: Compass aims to cut down any Avi Dorfman windfall

Cash, no stock: Compass aims to cut down any Avi Dorfman windfall
LA’s market makers: A ranking of top resi agents by on-market deals

LA’s market makers: A ranking of top resi agents by on-market deals

LA’s market makers: A ranking of top resi agents by on-market deals
(iStock)

Manhattan apartment vacancy smashes 5% barrier

Manhattan apartment vacancy smashes 5% barrier
(iStock)

Suburban housing market surged in August while Manhattan trailed

Suburban housing market surged in August while Manhattan trailed
Survival of the slimmest: TRD looks at the future of the residential brokerage

Survival of the slimmest: TRD looks at the future of the residential brokerage

Survival of the slimmest: TRD looks at the future of the residential brokerage
arrow_forward_ios

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

Loading...