Compass, a technology driven real estate platform is continuing its national expansion with the recent launch of its San Francisco location. The firm is already well-established in luxury markets throughout the country and is looking to bring a more sophisticated real estate experience to Bay Area customers.
The founding team in San Francisco features the most productive agents from top brokerages in the area and initial members include the Malin Giddings Team, which is the number one agent team in the United States from Coldwell Banker, Butch Haze and Rick Teed, the number one agent team from Sotheby’s International Realty, Monica Pauli, the number one agent in San Francisco by year-to-date sales volume, and Amanda Jones, a top team from Sotheby’s. These founding agents represent $1 billion in 2015 sales.
The luxury brokerages expansion into Northern California follows a $75 million funding round led by Wellington Management, IVP, Founders Fund and Thrive Capital which brings the total amount raised to $210 million.
Robert Refkin, Founder and CEO of Compass said “San Francisco is one of the most sought-after locales in the world, and we are extremely proud to start our journey here with such a tremendous team of talented real estate professionals.” Refkin also pointed out that because the company isn’t franchised, it has a strategic advantage when expanding into new markets by selectively choosing some of the most talented and collaborative agents in the market.
Compass’ agent facing and consumer facing applications have been created by a team of more than 50 in-house engineers, in an industry that has been slow to adapt to new technologies. Compass was the first residential real estate services firm to launch an agent only mobile app to increase agent productivity. The recent release of Compass Markets, a real-time market report via a mobile app has been well received and is designed to eliminate stale quarterly market reports. This app can provide up-to-the-minute housing data allowing agents and consumers to make informed real estate decisions. The app will soon be available in San Francisco.
Ori Allon, Compass Founder and Chief Executive said “Now that Compass has a footprint in one of the world’s leading tech hubs, I am confident that we will achieve even greater success building a more transparent and efficient real estate experience for agents and consumers. San Francisco is truly the crossroads of innovation and we are thrilled to be here. We are the only technology focused company in the real estate industry that wishes to empower human beings, not replace them.”