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Compass CEO Robert Reffkin wants to achieve a 30% market share in 30 major U.S. cities. A new acquisition will get it closer to that goal in Austin.
The eight-person Prospect Real Estate Team is taking its talents to Compass, adding a group that’s produced $1.21 billion in sales since 2018.
“Our team operates as a boutique group with a strong commitment to honesty, integrity, and making our clients’ days brighter with a touch of fun and a smile,” Denise Bodman, the group’s co-principal, said in a statement. “These values align seamlessly with the Compass culture. We are eager to get started and elevate our client services with the advantage Compass offers.”
The team has a particularly large footprint in sales of new developments, having sold 1,500 newly constructed condominiums. They exclusively represent developments such as Natiivo Austin, Vesper, Parkside at Mueller, HOM, Axiom, Eastgate and Cascade.
On the brokerage’s second-quarter 2024 earnings call, Compass laid out an aggressive plan for expansion in major markets across the company, having identified 30 of them. It plans to achieve 30% market share in these cities through “a mix of organic growth and creative M&A.”
The company added that it’s being very selective about which teams to add, citing the need for financial synergies. Compass also said its national market share in Q2 2024 was 5.13%, up 50 basis points year over year and 37 basis points higher on a quarterly basis.
The brokerage has been extremely aggressive in adding to its head count. In just the past month, it has added teams and agents in Dallas, Florida, New Jersey and Colorado.
“Compass’ commitment to empowering agents with cutting-edge tools and resources is industry best,” Emily Lee, co-principal of the Prospect Real Estate Team, said in a statement. “We are looking forward to integrating these technologies into our operations and delivering even greater value to our clients.”
