A 17-agent team in Fort Lauderdale has left Coldwell Banker and joined Compass.
Team JK, led by principal and broker associate Jonathan Keith, is now based out of Compass’ Las Olas office at 1200 East Las Olas Boulevard. The group includes Jay Granieri, who was Coldwell Banker’s top buyers’ agent in Fort Lauderdale in 2017, according to a release.
Keith, who’s been in the real estate industry since 2003 and with Coldwell Banker for eight years, said that he joined Compass due to its technology and marketing tools, plus the fact that he could offer his agents health insurance.
“I couldn’t turn my back on the next level of technology that’s taking place in our industry,” he said. “I felt like I got off the Amtrak train and got on the Brightline train.”
The team closed sales totaling more than $40 million in 2017, and has listings ranging from $500,000 up to $10 million, Keith said.
“Zero hard money was laid out on the table because the marketing and technology was that amazing,” Keith said.
Compass has been expanding aggressively in South Florida and across the country since it raised $400 million in September, led by SoftBank’s Vision Fund and Qatar Investment Authority. Compass Florida General Manager Beth Butler said that Compass has been growing more rapidly throughout Miami-Dade, Broward and Collier counties, and now has two offices in Fort Lauderdale. It will also be launching soon in Boca Raton.
Recently, Compass brought on Frances and O.J. McDuffie as luxury real estate advisers. O.J., who was a wide receiver for the Miami Dolphins between 1993 and 2001, and Frances, formerly an agent with Century 21, are part of Compass’ sports and entertainment division.
As the profit margins continue shrinking and commission splits rise across the country, a number of smaller brokerages are deciding to either merge with other small firms or be acquired by larger ones.