Compass lands $5 billion firm in Central Texas
The acquisition of Realty Austin and Realty San Antonio will significantly boost Compass' annual sales volume in Texas.
Compass made a big splash on Sept. 27, landing the top independent firm in Central Texas.
Details on the new Compass addition: The acquisition of Realty Austin and Realty San Antonio, which did $5.24 billion in sales last year and has more than 630 agents, creates a partnership that strengthens Compass' position in Texas. The partnership also provides a new contact-to-close technology platform to the Austin and San Antonio firms.
Compass reported more than $10 billion in annual sales in Texas in 2022. The addition of the Central Texas powerhouse could boost Compass' sales volume in the state by 50% or more. While the firm will now be under the Compass banner, local leadership from Realty Austin and Realty San Antonio will maintain direct oversight of day-to-day operations.
What Compass is saying: "With this acquisition, we've positioned ourselves as Austin's leading brokerage — our commitment to setting new standards and inspiring innovation for all our exceptional agents remains the top priority while honoring what Realty Austin and Realty San Antonio has built," said Compass Texas President Rachel Hocevar.
What Compass brings to the table: Compass introduced its new AI system earlier this month, which it says will help agents prioritize human connections while also streamlining marketing. The new system proactively recommends contacts to Compass agents with the highest likelihood of selling their homes within the next 12 months.
Compass has also been building out its luxury division, formed in 2020, providing networking and marketing opportunities for agents.
Gabe Richter, CEO of Realty Austin and Realty San Antonio, said the new partnership will give his firm's agents "access to a transformative technology platform that enhances efficiency and elevated resources that empower them to secure even more luxury listings."