Compass Becomes the Largest Independent Brokerage Committed to Serving Real Estate Professionals in California
Compass, the real estate technology company, announced today that Pacific Union International, a leading luxury real estate brokerage in California, will be joining Compass. Pacific Union is currently ranked the #5 largest brokerage in the country by Real Trends and the #1 independent brokerage in California. With the addition of Pacific Union, Compass' national team will grow to over 6,400 real estate professionals representing $28 billion in sales volume in 2017.
Founded in 2012 by Robert Reffkin and Israeli entrepreneur Ori Allon, Compass operates a digital portal for buying, selling, and renting real estate. Softbank Group Corporation’s Vision Fund invested $450 million in Compass late last year, bringing the company’s total funding raised to $775 million.
Pacific Union, founded in 1975, was acquired by CEO Mark A. McLaughlin in 2009. Since then, McLaughlin has grown the company from $2.1 billion in sales volume to $14.1 billion in 2017. Pacific Union has over 50 offices and nearly 1,700 real estate professionals throughout California. Their deep commitment to professionalism and client service make them an ideal strategic and cultural fit for Compass.
"In recent years, real estate professionals and brokerage firms have been reacting to the world others are attempting to create. I believe the combination of Compass and Pacific Union will be a definitive step in building a company that can ensure the future of real estate is driven by the vision and aspirations of real estate professionals," said Robert Reffkin, Founder & CEO of Compass.
"We have worked alongside our real estate professionals to create powerful technology that helps them grow their business and are excited to scale that to new real estate professionals everywhere," said Ori Allon, Founder & Executive Chairman of Compass.
"This is an exciting time as we embark on this partnership with Compass," said McLaughlin. "I look forward to working alongside the Compass team to continue to improve the lives and businesses of our real estate professionals."
Compass committed to opening in the top 20 cities in the United States and expanding to over 65 new offices this year. In addition to San Francisco and Los Angeles, Compass currently has a presence in New York City, Orange County, San Diego, Chicago, Boston, Atlanta, Seattle, Washington, D.C., Dallas, Philadelphia, Aspen, The Hamptons, Miami, Philadelphia, Westchester, Greenwich, Naples, Santa Barbara and Marin.