The tech-savvy Compass brokerage has opened in Miami, bringing its US office count to five — and counting.
The company announced that it will open more offices in Miami-Dade, Broward and Palm Beach Counties. “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, which has enjoyed massive growth in the past two years.
The New York branch occupies over 63,000 s/f of office space in Manhattan, with an impending Brooklyn office. The firm holds $1 billion in exclusive listings, $2.5 billion in its new development pipeline and over 15,000 sales and rental listings are displayed on the site.
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, said the firm in a statement.
Compass’s first foray out of Manhattan came in November when it opened an 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.
Compass D.C. grew 275 percent in size with an office of over 80 agents and was the #1 sales office in the region as measured by dollar volume of properties bought and sold, in a study in April.
The firm credits much of its sucess to a focus on technology. It has created a proprietary app for both its agents and consumers which has become the most downloaded and real estate app in New York.
The firm was named the Mid-Size Business of the Year in 2015 by the Manhattan Chamber of Commerce — an recognition previously awarded to SoulCycle and Warby Parker.
At the helm of Compass’s Miami launch are Beth Butler and Gene Martinez. Butler will serve as the president of Compass Miami and will build out the staff and agents in the inaugural office.
Martinez serves as the director of sales and business development in Washington D.C. and has been instrumental in laying the groundwork for the Miami office and setting the stage for agent recruitment.
“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,” said Reffkin.
Launched in 2013 by Ori Allon (who started and sold companies to Google & Twitter) and Robert Reffkin (former Chief of Staff to the President & COO of Goldman Sachs) Compass has raised $73 million from investors, including Goldman Sachs and Thrive Capital.