Brokerage Beat: News from Compass, ERA, Real, The Agency, RE/MAX, more
Compass regains a team, adds another; ERA gains two Florida affiliates; Real expands in NorCal; The Agency launches in Salt Lake City; RE/MAX adds 15 offices.
Editor's note: The brokerage business is a busy one, with frequent moves, mergers and milestones. Here we highlight some of the latest activity among brokerages across the U.S.
Connecticut team comes back to Compass, Chicago team joins
Connecticut's Beinfield Team has returned to Compass after a short stint with Houlihan Lawrence, the company has announced.
A family affair, the Beinfield Team is led by Liz Beinfield who works alongside her daughters, Zoe Hamann and Jenny Friedman, and her niece Carolyn Nally.
In 2022, the team closed 46 home sales equating to a total sales volume of $84 million. The group primarily covers Connecticut's Fairfield County, and in addition to representing buyers and sellers, the team has an extensive background in staging and interior design.
The return to Compass was to ensure the team remains competitive and lucrative, Beinfeld explained.
"This transition is all about securing the future success of my team," she said. "It means access to the industry's leading technology platform and a vast agent referral network that will yield the greatest returns over time."
The brokerage has also gained a new team from the northern suburbs of Chicago.
The eight-agent Team Pimentel, led by Alyssa Pimentel, will work out of the Libertyville Compass office but will seek to service the higher-end North Shore market, the company said.
Pimentel cited Compass' platform and reputation as deciding factors in making the move. "We did our due diligence and reviewed other brokerages," said Pimentel, "There was no comparison, Compass's technology and its agent-first approach reigned superior by far."
She also said joining Compass could help elevate the team as it looks to represent buyers and sellers at a higher price point.
"Our primary focus is to meet our clients' unique needs while staying within their budget constraints."
ERA Real Estate nabs two Florida brokerages
The long-established Bingham Realty in the Tampa area has joined ERA Real Estate.
Founded in 1974, the firm, now doing business as Bingham Realty ERA Powered, serves both commercial and residential clients and is aligning with ERA to "grow its physical footprint through mergers and acquisitions with other local brokerages" in the west-central Florida region, the company said.
The firm's agents specialize in commercial real estate sales and development, residential transactions, property management and financing.
The brokerage will continue to be led by current president and managing broker Will Bingham, who began his real estate career more than 20 years ago. He took over the firm from his father in 2011.
"As a small brokerage, it is always tough to keep up with the costs of today's evolving technologies and market demands," said Bingham. "Our knowledge and experience in the industry have allowed us to succeed despite these challenges."
ERA has also picked up Mutter Realty in Titusville, along Florida's Space Coast. The brokerage boasts 40 agents covering much of Brevard County, who serve both commercial and residential clients.
Like Bingham Realty, Mutter Realty ERA Powered is a family business in its second generation of ownership.
The company, founded in 2000, plans to utilize its new affiliation with ERA to expand its business through M&A and recruiting, but owner and principal broker Jimmy Mutter was also "attracted to the ERA support system, as in-market reputation is paramount to the success of Mutter's family business," the companies said in the announcement.
And in some ways, the move signals a reunion for the family-owned and operated business and ERA.
"In 1998, my father joined the ERA brand before he pursued his own brokerage because he knew it would propel us forward," Mutter said. "Now, in 2023, I confidently believe the same."
NorCal brokerage joins Real
Sacramento-based Legends Real Estate has joined The Real Brokerage.
The 56-agent company is led by industry veteran John Pope, who boasts a 45-year career in real estate. Founded in late 2022, Legends' total transaction value exceeds $204 million, according to a news release.
Pope will be a regional broker with Real and responsible for the Northern California region.
A major motivator for joining Real, said Pope, was keeping up with the quickly changing brokerage world.
"It's important to change with the market," he said. "We looked at a number of different business models and were blown away by the leadership and culture at Real. The company's business model aligns with how I've done business.
"My agents will benefit from being part of a bigger organization, and I look forward to doing what I love — helping agents succeed."
The Agency launches in Salt Lake City
The Agency has announced its entry into the Salt Lake City market, marking the company's third outpost in Utah in addition to offices in Park City and St. George.
Industry veterans Molly Jones and Joey Sutorius will serve as managing partners for the new office, the company said.
"We're incredibly excited for our continued growth in Utah with the launch of our new office in Salt Lake City," Jim Ramsay, Executive Vice President of Franchise Sales at The Agency said in the announcement. "Salt Lake City's dynamic real estate market, spirit of innovation, and natural beauty holds great synergy with The Agency brand."
Prior to joining The Agency, Jones and Sutorius co-founded and managed Salt Lake City's The MOJO Group.
Jones, a native of the area, studied real estate at the University of San Diego and previously worked on commercial real estate deals for Cushman & Wakefield before moving into residential real estate. Sutorius held stints in the construction industry before joining the U.S. Army at 21.
Chicago's Fulton Grace Realty to open first office in Florida
Independent Chicago-area brokerage Fulton Grace Realty has announced the acquisition of DreamWorks Real Estate, a 20-agent brokerage firm located in Stuart, Florida. The addition marks Fulton Grace's first foray out of the Chicago market and into Florida.
The firm opened its first office in 2010 and has grown to five offices in the Chicago metro area with more than 350 licensed real estate and residential leasing agents.
"This continued expansion will provide an even larger national network of the FG Family and it will create even more opportunities amongst our community," Fulton Grace founder and president T.J. Rubin said of the move.
Rebranded as Fulton Grace | DreamWorks Real Estate, the Stuart-based office will reopen at the end of October, Rubin added.
RE/MAX adds 15 offices in two months
RE/MAX has announced the addition of 15 offices just within a two-month period, signaling "how attractive the RE/MAX value proposition is to real estate entrepreneurs across the country," the company said in the announcement.
Peter Luft, VP of Franchise Sales for RE/MAX, attributed the recent activity to the strength of the brand as well as the local brokerage owners. "RE/MAX is a top-tier brand, offering real estate entrepreneurs the opportunity to go into business for themselves but not by themselves. The franchise growth throughout the U.S. underscores the value of building a brokerage business by providing the best tools, brand, and experiences to agents and clients."
The offices represent a mix of new franchises, the addition of previously unaffiliated brokerages, and expansions of existing RE/MAX companies. In total, the 15 offices are home to nearly 350 agents and a combined sales volume of $630 million in 2022, the company said.
The new office locations include Bozeman, Montana; Culver, Indiana; Queens Village, New York; Reno, Nevada; Salem, Massachusetts; Middletown, Rhode Island; and Hobbs, New Mexico. Conversions took place in Nampa, Idaho; Habor, Washington; Yakima, Washington; Middleboro, Massachusetts; and Ocala, Florida.