Another top agent from Coldwell Banker’s Los Angeles team has jumped ship to Compass.
The departure of Ginger Glass — announced Monday — now marks the second big agent that Compass has snagged in less than one week.
Glass, who pulled in $84.5 million in sales volume in 2018, ranked as the top selling and leasing agent in Coldwell’s Beverly Hills “North Office” at 301 North Canon Drive. Last week, Coldwell lost Chris Cortazzo — its biggest producer globally with more than $500 million in sales last year — to Compass. Cortazzo also took with him 16 agents from Coldwell.
Glass, who moved to Compass’ Beverly Hills office, brought her assistant with her.
In an emailed statement, Jamie Duran, president of Coldwell’s Southern California region, said: “Ginger began her real estate career at Coldwell Banker where she has been an important part of our family for many years and we were great partners for her and her clients. We understand in an uncertain and changing market that a short-term singing bonus can be attractive for some agents. Coldwell Banker is a solid and proven long-term company that will continue to expand and evolve to serve its agents and consumers with the best marketing and technology in the industry.”
Glass’ ultra high-end listings include some of the biggest in L.A. She is selling the 43,000-square-foot Wallingford Estate in Beverly Hills, on the market for $135 million; as well as a Holmby Hills spec home that is on the market for $55 million. Previously, she sold a home developed by Gala Asher for $100 million. The buyer was Detroit Pistons’ owner Tom Gores.
Glass’ jump to Compass comes as sources say Coldwell is consolidating its two Beverly Hills offices into the North office, shifting over 150 agents. Duran confirmed discussions were taking place about the move, but stressed that no plans were final.
Coldwell’s parent company, Realogy, has also been struggling to retain market share.
In a second-quarter earnings call last week, company executives revealed its revenue had dropped 5 percent year over year to $1.7 billion. Despite the slip in revenue and net income, its stock jumped to around $6 per share after the call. Last year, Realogy’s stock was trading closer to $22 per share.
Meanwhile, New York-based Compass recently raised another $370 million in a Series G funding, bringing its valuation to $6.4 billion. Its hiring spree of star brokers from competing agencies and capital influx comes as the Softbank-backed company prepares for an initial public offering.