“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are Affiliates under Christie's International Real Estate.”
The firm is “built by agents, for agents. Our mission is to provide real estate professionals with the mentorship, tools, and culture they need to thrive.”
As we enter a new era, HGAR remains steadfast in its commitment to serve and support you—through advocacy, professional development, and programs that empower your business.
“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are Affiliates under Christie's International Real Estate.”
NEW YORK—Compass Inc., Christie's International Real Estate, and @properties announced earlier today (Dec. 2) that they will be joining forces in a move to accelerate domestic and international growth opportunities. The deal is worth a reported $444 million.
Christie's International Real Estate has global reach with a network of 100+ independently owned domestic and international affiliates across 50 countries and territories. Chicago-based @properties is the eighth-largest residential brokerage in the United States by sales volume, with operations in Greater Chicago, Indiana, Michigan, Wisconsin, and Metro Atlanta (through the Ansley Real Estate Brand).
@properties' Northern California operation, under the Christie's International Real Estate Sereno brand, will become an independent brokerage while maintaining its network affiliation. Compass plans to continue to grow the independent affiliate network through the Christie's International Real Estate brand both domestically and internationally.
The Real Deal reports that Compass is expected to pay $150 million and just over 44 million shares of its Class A common stock upon completion, according to a filing with the Securities and Exchange Commission. The deal, which is expected to close next year, also includes title and mortgage businesses and has a total value of $444 million, the trade newspaper reports.
“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are Affiliates under Christie's International Real Estate,” said Robert Reffkin, Compass Founder and CEO. “Our companies share the same passion for empowering entrepreneurial agents. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences.”
“Compass shares our commitment to enhance the real estate industry through technology, marketing, and exceptional service and to embrace the local, independent broker through the Christie's International Real Estate and @properties brands,” said Thad Wong, @properties Co-CEO. Mike Golden, @properties Co-CEO, added, “This is a very complementary union that respects our unique brands and empowers agents to provide an even better experience for the clients they serve.”
This addition will also include best-in-class title and mortgage businesses (namely, Proper Title and Proper Rate) as well as a lead-generation business (Suburban Jungle), which is in-line with Compass's long-term strategy to add high-margin services to its portfolio.
Founded in 2012 and based in New York City, Compass is the largest residential real estate brokerage in the United States by sales volume
@properties is a Chicago-based real estate services company that owns and operates real estate brokerage firms in seven states, multi-state title and mortgage companies, Proper Title and Proper Rate, and the Christie's International Real Estate network. @properties is also the creator of pl@tform™, a proprietary brokerage-technology software that enables agents to digitally manage all aspects of the client relationship and real estate transaction through one fully integrated system. Since its start in 2000, the company has been led by co-founders and co-CEOs, Thad Wong and Mike Golden.
The firm is “built by agents, for agents. Our mission is to provide real estate professionals with the mentorship, tools, and culture they need to thrive.”
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
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