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.
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.”
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.