Compass Expands To Minnesota

Rhea-AI Summary

Compass, Inc. (NYSE: COMP) has expanded into Minnesota, welcoming seven top agents from Minneapolis who represent over $170 million in sales volume from 2020. Notable agents include John and John Adams, known for their substantial career sales exceeding $1.1 billion. Compass reported a 80% increase in revenue with $1.1 billion for Q1 2021, significantly outpacing the U.S. residential real estate market, which grew by 14%. The company's strong growth and innovative technology position it well for further success in the region.

Positive

• Expansion into Minnesota, increasing market presence.
• Seven top agents with over $170 million in 2020 sales volume join Compass.
• $1.1 billion revenue for Q1 2021 represents an 80% year-over-year increase.
• Compass grew total transactions by 67%, significantly surpassing the market growth rate.

Negative

• None.

NEW YORK, July 29, 2021 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), a leading real estate technology company, today announced its expansion to Minnesota with 7 top agents in Minneapolis representing more than $170 million in 2020 sales volume. Principal agents joining Compass in Minneapolis include: John C. Adams and John F. Adams of John Adams Real Estate, Mike Steadman and Holly Connaker of The Steadman Team, and Andrew Spilseth and T.Cody Turnquist of Turnquist Spilseth Group.

"The agents joining Compass in Minneapolis are the perfect partners to build our presence in Minnesota," said Rachael Rohn, Compass Regional President. "As Compass continues to expand throughout the Midwest, our agents have long suggested Minnesota as a flourishing market with high-integrity agents that could expand our referral network. Minneapolis has seen strong market growth and we are incredibly excited about empowering the agents in the market with our proprietary tools and technology."

John Adams Real Estate joins Compass with more than $1.1 billion in combined career sales and over 55 years of combined experience. The father and son team are continually recognized as the top dual-agent team in Minnesota based on sales volume by The Wall Street Journal's "RealTrends: The Thousand." Having already surpassed $70 million in year to date sales for 2021, the duo specializes in the high-end markets and western suburbs of Minneapolis.

"By joining Compass as Founding Agents, we have the leading opportunity to modernize our acclaimed brand while elevating our personalized approach to continue to meet the expectations of our clients and the luxury properties we represent," said John C. and John F. Adams, Compass Agents in Minneapolis. "Compass' exclusive technology, inventive programs, and national network will allow us to focus on what we do best – serving our clients. We are inspired by the innovative leadership and feel lucky to be a part of Compass' forward vision for the industry and growth in Minnesota."

Compass helps agents grow their businesses, serve more clients, save time, and stand out as valued, trusted and professional advisors in their markets. During the first quarter of 2021, Compass had revenue of $1.1 billion, an 80% increase from Q1 2020. While the U.S. residential real estate market grew transactions by 14% in Q1, Compass grew total transactions by 67%.¹

Other agents joining Compass in Minneapolis released the following statements:

• "We have been watching Compass for the past several years and were thrilled to learn they were entering the Minneapolis market. Compass is committed to helping our team better ourselves and grow our business. They have demonstrated their willingness and ability to support our team with the exceptional tools, marketing staff, AI based technology and talented people they surround us with. Real estate is changing and Compass is at the forefront. It was never a question of if, just when we would partner with them." — Mike Steadman and Holly Connaker, Compass Agents, Minneapolis
• "We are thrilled for the amazing opportunity to join Compass as founding members. The technology platform that Compass provides for agents is second to none and allows us to support our clients with amazing service and innovation. We believe Compass is the future of real estate and are excited to be a part of it from the start here in Minnesota." — Andrew Spilseth and T.Cody Turnquist, Compass Agents, Minneapolis

Compass is home to nearly 22,000 agents operating in over 50 markets in the U.S. In 2020, Compass agents assisted home sellers and buyers to transact approximately $152 billion in residential real estate making Compass the largest independent real estate brokerage in the United States.²

About Compass
Founded in 2012, Compass is a leading real estate technology company, providing an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.

Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Compass' current perspective on existing trends and information as of the date of this release. Statements containing words such as "could," "believe," "expect," "intend," "will," or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from Compass' current expectations depending upon a number of factors affecting Compass' business, including, but not limited to, expansion into new markets, prevailing market conditions, the impact of general economic, industry or political conditions in the United States or internationally, and risks related to the impact of the COVID-19 pandemic. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Compass' business and financial results, please review the "Risk Factors" described in Compass' Form 10-Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Commission (the "SEC") on May 13, 2021, and Compass' other filings with the SEC. Except as may be required by law, Compass undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.

¹ We calculate Total Transactions by taking the sum of all transactions closed on the Compass platform in which our agent represented the buyer or seller in the purchase or sale of a home (excluding rental transactions). We include a single transaction twice when one or more Compass agents represent both the buyer and seller in any given transaction. 14% figure based on NAR data as of March 2021.
² Gross Transaction Value is the sum of all closing sale prices for homes transacted by agents on the Compass platform (excluding rental transactions). We include the value of a single transaction twice when our agents serve both the home buyer and home seller in the transaction.

 

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SOURCE Compass

FAQ

What new agents has Compass added in Minnesota?

Compass has welcomed seven top agents in Minneapolis, including John C. Adams and Mike Steadman.

How much sales volume do the new Compass agents represent?

The new agents represent over $170 million in 2020 sales volume.

What was Compass's revenue for Q1 2021?

Compass reported a revenue of $1.1 billion for Q1 2021, an 80% increase from the previous year.

How does Compass's transaction growth compare to the market?

Compass grew total transactions by 67%, while the U.S. residential market grew by 14%.

What is the significance of Compass's expansion into Minnesota?

The expansion enhances Compass's market presence and referral network in a growing market.