Compass Expands To Kansas City And St. Louis

Rhea-AI Summary

Compass (NYSE: COMP) announced its expansion into Missouri and Kansas, opening offices in Kansas City and St. Louis. Over 40 elite agents have joined, bringing a combined sales volume exceeding $520 million in 2020. In Q1 2021, Compass reported revenue of $1.1 billion, marking an 80% increase from the previous year, while its total transactions surged by 67%. The company aims to leverage its technology platform to enhance agent performance and customer service, solidifying its position as the largest independent brokerage in the U.S. with a 4% market share.

Positive

• Expansion into Missouri and Kansas, indicating growth potential.
• Addition of over 40 top agents with a collective $520 million in sales volume.
• Q1 2021 revenue reached $1.1 billion, an 80% increase from Q1 2020.
• Total transactions grew by 67% compared to the prior year, outperforming the market.

Negative

• None.

NEW YORK, June 8, 2021 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), a leading real estate technology company, today announced its expansion to Missouri and Kansas with offices in Kansas City and St. Louis. The company welcomes more than 40 top agents representing over $520 million in 2020 sales volume across both markets.

Principal agents joining Compass in Kansas City include: Kristin Malfer of Malfer & Associates, Nancy, Cory and John Ward of Ward Residential, and Shannon Brimacombe, Stacy Cohen, and Trent Gallagher of Brimacombe & Cohen. Principal agents joining Compass in St. Louis include: Lizzy Dooley and Megan Rowe of the Dooley Rowe Network, Susie O. Johnson and Lindsey Jacobs of the Susie O. Johnson Team, Katie Curran and Larry Levy.

"It is with much excitement that we welcome such an esteemed group of agents in St. Louis and Kansas City to our Compass family," said Compass Central Division President Danielle Wilkie. "We look forward to advancing their businesses and complementing their talent with the Compass technology platform in our quest to innovate the real estate experience throughout both Kansas and Missouri."

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

Malfer & Associates, led by Kristin Malfer, is one of the top-performing teams in Kansas City with more than 150 years of combined experience servicing home buyers and sellers at all price points in the Kansas City metro.

"My mission is to provide the best possible experience for our buyers and sellers. Compass offers the tools, technology and marketing power to enhance our agents' ability to provide that outstanding quality and service," said Kristen Malfer, Compass Agent in Kansas City. "I am extremely proud to be a founding partner of Compass Realty Group in Kansas City. It is so exciting to help elevate the real estate market here in our community."

Brimacombe and Cohen has sold more than $61 million in real estate sales, earning them a spot on the Kansas City Business Journal Top 25 for nine consecutive years. Ward Residential, led by Nancy, Cory, and John Ward, bring over five decades of combined experience and have consistently ranked in the top 25 of the Kansas City Business Journal's list of Top Residential Real Estate Agents and Teams.

"Compass presented Brimacombe & Cohen with an incredible opportunity to join a world-class company that consistently strives to provide an elevated client service experience from start to finish," said Shannon Brimacombe, Stacy Cohen and Trent Gallagher, Compass Agents in Kansas City. "This, combined with their unrivaled technology, empowers its agents to do and be their best every day. It was an easy choice."

The Dooley Rowe Network joins Compass in St. Louis, representing a collective 100 years of real estate experience and more than $1 billion in closed transactions.

"We are excited to partner with Compass as we enter the next chapter of our team's growth," said Lizzy Dooley and Nancy Rowe, Compass Agents in St. Louis. "Compass offers us cutting-edge technology that has not been available in this market until now and unparalleled support, so we can continue to provide our clients with the highest level of service. We are honored to be a part of the founding group in St. Louis - we know this is just the beginning."

Other agents joining Compass released the following statements:

• "We are thrilled to be joining Compass. Their sophisticated technology and marketing platform will provide us the tools we need to be more efficient while providing excellent customer service. This move will enable us to take our business to the next level and achieve outstanding results for our clients." — Susie O. Johnson and Lindsey Jacobs, Compass Agents, St. Louis
• "Compass is re-imagining the real estate industry by accelerating next generation technology and methodologies. This aligns perfectly with my approach of leveraging modern tools to enhance my clients' buying or selling experience. Together, we will introduce St. Louis to what the future of real estate looks like." — Katie Curran, Compass Agent, St. Louis
• "I'm honored to be a part of the founding group of Compass St. Louis. My experienced buyers and sellers will be excited by Compass AI and marketing technology, which will make real estate searches and marketing seamless and fast. I'm most excited by Compass Concierge, which fronts the cost of prepping a seller's home for the market." — Larry Levy, Compass Agent, St. Louis

The company has brought on local leading real estate professionals to support agents, including Jason Pashia as Managing Director of Missouri and Kansas, Lee Robertson as Broker of Record for Missouri and Kansas, and Annie Premis as Sales Manager of Kansas City. Collectively, they bring over 60 years of real estate experience to Compass.

Compass is home to nearly 21,000 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. With 4% of the U.S. market, Compass is the largest independent real estate brokerage by Gross Transaction Value.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
This press release contains "forward-looking statements" including, among other things, our expansion into Missouri and Kansas, our operations in Missouri and Kansas, and our ability to successfully enter and grow in the Missouri and Kansas markets or other territories. 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. These statements reflect our current perspective on existing trends and information as of the date of this release. Actual results may differ materially from our current expectations depending upon a number of factors affecting our 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 our business and financial results, please review the "Risk Factors" described in our Prospectus filed with the Securities and Exchange Commission (the "SEC") on April 1, 2021, and our other filings with the SEC. Except as may be required by law, we undertake no obligation, and do 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.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/compass-expands-to-kansas-city-and-st-louis-301307858.html

SOURCE Compass

FAQ

What are the latest developments for Compass in Missouri and Kansas?

Compass has expanded its operations into Missouri and Kansas by opening offices in Kansas City and St. Louis.

What was Compass's revenue in the first quarter of 2021?

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

How did Compass perform in terms of transactions in Q1 2021?

Compass achieved a 67% growth in total transactions in Q1 2021.

How many agents has Compass welcomed in Missouri and Kansas?

Compass welcomed over 40 top agents to its new offices in Missouri and Kansas.

What sales volume do the new agents at Compass represent?

The new agents represent a combined sales volume exceeding $520 million from 2020.