Compass, a technology-driven real estate platform based in New York, is announcing its expansion into the South Florida market. Compass stands as a unique brokerage that is revolutionizing the industry by building data-driven insights to make the process of buying and selling property simpler and more intelligent.
Compass has created a proprietary app for both its agents and consumers, combining experience and expertise with powerful products focused on integrating intelligence into the real estate decision-making process. The company’s mobile app is the #1 downloaded and top rated real estate app in New York.
Compass was named the Mid-Size Business of the Year in 2015 by the Manhattan Chamber of Commerce—also awarded to SoulCycle and Warby Parker the last two years. Now, Compass is focused on making its mark on the surging South Florida market.
At the helm of Compass’s Miami launch are Gene Martinez, Director of Sales and Business Development in Miami and Washington D.C., and Beth Butler, President of Compass Miami, both of whom are slated to build the staff and agents in the inaugural office.
“Given the natural connection between New York and Miami, we are thrilled to introduce our pioneering concept to the South Florida marketplace,” stated Robert Reffkin, Founder and CEO of Compass. “We are confident our leaders, Beth and Gene, coupled with our proprietary technology, will make a profound impact on the area’s real estate business and help leading real estate professionals across the market elevate their businesses.”
The company’s first foray out of Manhattan came in November, opening its office in Washington, D.C. with the acquisition of Lindsay Reishman Real Estate, the 6th largest brokerage in the nation’s capital at the time.
As a testament to its successful track record in new markets, Compass D.C. grew 275% in size with an office of over 80 agents, 15 of whom were recognized on Washingtonian’s Top Agent List this year. In April, Compass D.C. was the #1 sales office in the region as measured by dollar volume of properties bought and sold, an achievement Compass hopes to replicate in South Florida.
The New York branch has also experienced explosive growth, occupying over 63,000 square feet of office space in Manhattan, with an impending Brooklyn office. Compass currently holds $1 billion in exclusive listings, $2.5 billion in its new development pipeline and over 15,000 sales and rental listings displayed on the site. Additionally, the company ranked second place among mid-size brokerages in 2015 according to The Real Deal. This year alone, Compass has added 103 agents to its roster, doubling its broker population, while revenue for the company has grown ten times year over year. Compass also boasts 100% agent retention.
Compass has built an intuitive infrastructure and will begin to recruit agents in the South Florida market. The company will launch the first Miami location in Miami Beach and expects to expand into Miami-Dade, Broward and Palm Beach Counties.