The latest in a string of defections from Coldwell Banker to Compass, star Washington agent Margo Hass Klein this week has decamped from the former to the latter company.
Margo Hass Klein
Klein is based in the Tacoma area and, according to her LinkedIn page, has been at Coldwell Banker Bain for the last 23 years. A statement from Compass further notes that she started her career in 1977 and “is widely recognized as one of Tacoma’s most knowledgeable industry veterans.”
Klein is the top-producing “Coldwell Banker agent in Washington state, according to MLS data,” the statement also reads.
She expressed excitement about the move in the statement saying “with an unrivaled agent-focused, end-to-end technology platform and the vibrant, collaborative culture that defines Compass, I am thrilled to embark on the next chapter of my career.”
While Klein’s recruitment is itself a notable get for Compass, she’s just the latest in a number of Coldwell Banker agents who have switched sides this year, the statement also points out. In total, Compass has recruited 47 agents and teams from the older company since January, according to the statement. Of those 47, five are what Compass calls “win-backs” — sometimes also referred to as “boomerang” agents — who had previously been with the company.
The statement attributes these various recruiting wins to Compass’ company culture and its technology platform.
Aside from Klein, Compass’ other notable gets this year include Brigitte Petrocelli’s Boston-based team Cort Petrocelli Coopersmith, Florida-based Logan Crewss, Megan Majd in Southern California, Jonathan Balog in the Bay Area and Connecticut-based Deidre McGovern.
Rory Golod
Rory Golod, Compass’ president of growth and communications, said in the statement that the agents’ and teams’ “decision to join Compass speaks volumes about the value we provide through our collaborative culture, cutting-edge technology, and forward-thinking leadership.”
The moves from Coldwell Banker to Compass come at a time of intense competition for agents. Though Compass has always made recruiting a major part of its business — sometimes to the chagrin of rivals — the market shift of the last year has upped the ante; most observers expect overall agent ranks to shrink in a slower market, meaning brokerages are now competing for a smaller pool of talent.
Agent count numbers are consequently a closely watched metric right now as the industry tries to figure out who exactly is navigating the market shift with the greatest aplomb. A number of brokerages have also made a point of touting their own boomeranging agents in recent weeks.
Last month, real estate analyst Mike DelPrete took a dive into agent count numbers and found that upstart low-fee brokerages tended to add the most agents between the end of the last year and the beginning of this year. The Real Brokerage and eXp Realty were the biggest winners in DelPrete’s analysis.
Compass experienced a net reduction in its agent count over that period — a first for the company — though it was a smaller reduction than what the other big-name traditional model brokerages experienced. Keller Williams was the biggest agent count loser in the analysis, followed by RE/MAX and Anywhere, the latter of which is the parent of Coldwell Banker.
The fight among these companies for more agents has also made production more important, meaning companies are in particular vying not just for numbers but also for top producers, such as Klein.
The public’s next major glimpse at big companies’ agent count numbers will come during the second-quarter earnings season, which typically spans late July and early August. In the meantime, though, Compass is celebrating the new addition of Klein to its ranks.
“We’re thrilled to welcome Margo into our Compass family in Tacoma,” Cris Nelson, Compass’ Northwest regional vice president said, adding that Klein now “joins a prestigious group of high-performing Compass agents dedicated to serving Washington.”
