For the third time in less than a month, Compass on Tuesday announced that it is acquiring yet another title company.
The acquisition will see Compass pick up CommonGround Abstract, which a company statement describes as “a leading title company serving Pennsylvania and New Jersey.” The statement goes on to say that CommonGround Abstract was founded in 2019 and has since handled “thousands of closings” throughout its home region.
Pooneet Kant
Pooneet Kant, Compass’ senior vice president of new business, added in the statement that his company is excited to welcome the title company to the team.
“Compass envisions a world where the process of selling or buying a home is simple and pleasant for everyone; a seamless title experience is a critical component of the overall experience,” Kant added.
The comment was similar to ones Kant made earlier this month, when Compass announced it was hiring multiple other title companies. In mid September, Compass announced that it was buying Dallas-based LegacyTexas Title. And just last week, it revealed plans to acquire Colorado-based First Alliance Title.
Earlier this year, Compass also acquired KVS Title, which serves states on both the West and East Coasts.
The various acquisitions show that Compass is slowly but surely building out a wide-ranging ancillary service operation that is reaching more and more of the U.S. According to Tuesday’s statement, that operation now provides title services in California, Colorado, Florida, Maryland, New Jersey, Pennsylvania, Texas, Virginia, Washington State and Washington, D.C.
As Kant’s comments also indicate, Compass is clearly willing to spend aggressively to build its version of a “seamless” real estate experience. Such an experience — often described in terms of an “end-to-end” platform — is the stated objective of many large real estate companies, though lately Compass has stood alone for its rapid-fire acquisition announcements in pursuit of that goal.
Marc Franzoni
Compass did not disclose financial details regarding its acquisition of CommonGround Abstract. However, company president Marc Franzoni said that he and his team are “thrilled to be joining Compass.”
“This partnership provides us with the opportunity to further build our network in the greater Philadelphia and South Jersey markets,” he added, “while continuing to provide exceptional service to our customers.”