Compass Strengthens Footprint in Southeastern U.S., Welcoming the Top Brokerage in Tennessee

Rhea-AI Summary

Compass, Inc. (NYSE: COMP) announces the acquisition of Parks Real Estate, Tennessee's top brokerage, further solidifying its leading position in the Southeastern U.S. The merger brings 1,500 agents into Compass, reinforcing its presence in Nashville and expanding its national network. With the addition of Parks Real Estate, Compass now holds a significant market share in Tennessee and gains access to local expertise, inventory, and cutting-edge technology. CEO Robert Reffkin emphasizes the strategic move, highlighting the increased opportunities for agents and network growth. The acquisition of Parks Real Estate, with a transaction volume of $6.25 billion in 2023, enhances Compass' overall transaction volume to $186.1 billion, showcasing the company's continued focus on growth and innovation.

Positive

• The acquisition strengthens Compass' foothold in the Southeastern U.S., specifically in Nashville, by adding Parks Real Estate, the top brokerage in Tennessee by sales volume.

• Compass gains access to a wealth of local expertise, inventory, and industry-leading technology through the merger with Parks Real Estate, enhancing its services in the region.

• The addition of Parks Real Estate brings a significant increase in the number of agents under Compass, expanding its national network and market share in Tennessee.

• The merger with Parks Real Estate aligns with Compass' strategy of deliberate acquisitions and organic growth, attracting top talent nationwide and reinforcing its position as the largest residential real estate brokerage in the U.S.

Negative

• None.

NEW YORK, May 13, 2024 /PRNewswire/ -- Compass, Inc. (NYSE: COMP) ("Compass"), the largest residential real estate brokerage in the United States by sales volume¹, announces the addition of Parks Real Estate, Tennessee's number one residential real estate firm by sales volume with over 1,500 agents. The combination of Compass and Parks agents now represents one of four homes sold in Tennessee.

With this addition, Compass strengthens its position in Nashville and enhances its presence in the Southeastern U.S. Compass continues to attract top talent nationwide through deliberate acquisitions and organic growth. Parks Real Estate brings a wealth of local expertise and inventory, and by aligning with Compass, its agents gain access to the industry's leading technology platform and an expansive national referral network.

"Today, we have significantly added to our presence in the Southeast, welcoming the top brokerage in Tennessee," noted Compass CEO & Founder Robert Reffkin. "With the continued migration of the U.S. population moving to the South, and 16% of Compass transactions last year being referrals, our expansion in the Southeast allows for more connections and opportunities for our agents as our national network grows."

Led by CEO Hunter Connelly, Parks Real Estate, which includes the brand Pilkerton Realtors, fosters a collaborative, entrepreneurial environment. Parks Real Estate, the market leader in Tennessee, adds $6.25 billion in 2023 transaction volume to Compass' nation-leading $186.1 billion in 2023 transaction volume.

"We believe that with Compass, we are positioned for sustained success within an evolving industry landscape," remarked Connelly. "Combined, we have more listings, more collaboration with great agents, and industry-leading tools to serve Tennessee best while maintaining our amazing culture and brand loyalty."

In 2023, Compass introduced 103 new features to the Compass platform, including Compass AI and Performance Tracker.

• Compass AI is a machine-learning tool with features that enable agents to craft compelling listing descriptions and design effective marketing strategies, among other things.
• Performance Tracker is a tool designed to revolutionize how Compass agents track and analyze their business metrics.

Compass also recently acquired Latter & Blum, the leading brokerage in the Gulf South, and added top agents Mario Greco in Chicago and Mollie Poe and Declan Hickey in San Francisco.

About Compass
Compass is the largest residential real estate brokerage in the United States by sales volume. Founded in 2012 and based in New York City, Compass provides 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.

About Parks Real Estate
Parks Real Estate is home to more than 1,500 agents in 15 offices across five counties, making it the largest residential real estate company in Tennessee. Parks frequently earns the top ranking in annual market share in Tennessee with home sales totaling in the billions. Parks is the Nashville Business Journal's top-ranked residential brokerage firm and highly ranked as a top real estate brokerage in the U.S. by RealTrends. With a focus on staff and agents, Parks has been recognized as a Top Workplace by The Tennessean for eight consecutive years. More information is available at parksathome.com.

¹ T. Velt, "eXp, Compass top 2024 RealTrends Verified brokerage rankings for second year," Online, HW Media, 3/22/24, https://www.housingwire.com/articles/exp-compass-top-2024-realtrends-verified-brokerage-rankings-again/

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SOURCE Compass

FAQ

What is the stock symbol of Compass, Inc.?

The stock symbol of Compass, Inc. is COMP.

Who is the CEO of Compass, Inc.?

Robert Reffkin is the CEO and Founder of Compass, Inc.

What is the transaction volume of Parks Real Estate in 2023?

Parks Real Estate had a transaction volume of $6.25 billion in 2023, adding to Compass' overall transaction volume.

What new features did Compass introduce to its platform in 2023?

Compass introduced 103 new features in 2023, including Compass AI and Performance Tracker.

What is the aim of Performance Tracker tool introduced by Compass?

Performance Tracker is designed to revolutionize how Compass agents track and analyze their business metrics.

Which brokerage did Compass recently acquire in the Gulf South?

Compass recently acquired Latter & Blum, the leading brokerage in the Gulf South.

Which top agents did Compass add to its team in Chicago and San Francisco?

Compass added top agents Mario Greco in Chicago and Mollie Poe and Declan Hickey in San Francisco.

What is the strategic significance of the acquisition of Parks Real Estate for Compass?

The acquisition of Parks Real Estate strengthens Compass' position in the Southeastern U.S., enhances its services in Nashville, and expands its national network.

How does CEO Robert Reffkin view the acquisition of Parks Real Estate?

CEO Robert Reffkin views the acquisition as a strategic move that increases opportunities for agents and network growth as the U.S. population migrates to the South.

What is the market position of Parks Real Estate in Tennessee?

Parks Real Estate is the market leader in Tennessee, adding $6.25 billion in transaction volume to Compass in 2023.