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Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: How does Compass’ big acquisition of @properties | Christie’s International Real Estate change the real estate landscape and the way you do business?
Last week, news broke that Compass is buying Christie’s International Real Estate and @properties in a deal valued at $444 million. If approved, it would mean the merging of the No. 1 and No. 8 brokerages by sales volume.
A brokerage acquisition brings with it changes in operations, branding and compensation deals. The advent of advanced tools and resources also requires time and effort, training and onboarding. Company culture and policies may shift, creating opportunities for growth and challenges in adapting to new norms.
For agents outside these companies, the merger means a larger competitor and tighter competition. That means you’ll need to sharpen your value proposition. It’s also a recruitment opportunity — a chance to bring dissatisfied agents onto your team or into your professional network in a new way.
Finally, this is a great chance for other brands to position themselves and differentiate their service offering, casting themselves as an agile alternative to an industry behemoth.
Whether you’re part of the merging of these two huge names or sitting on the outside wondering what it all means for your business, you’ll want to be front row center when Compass founder and CEO Robert Reffkin takes that stage at Inman Connect New York, coming up Jan. 22-24, 2025.
Compass to acquire @properties Christie’s International Real Estate by Taylor Anderson
“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are Affiliates under Christie’s International Real Estate,” Reffkin said in Monday’s statement. “Our companies share the same passion for empowering entrepreneurial agents. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences.”
Thad Wong and Mike Golden, co-CEOs of @properties Christie’s International Real Estate, will stay on and run operations for the existing brands, according to Compass officials.
“Compass shares our commitment to enhance the real estate industry through technology, marketing, and exceptional service and to embrace the local, independent broker through the Christie’s International Real Estate and @properties brands,” Wong said.
“This is a very complementary union that respects our unique brands and empowers agents to provide an even better experience for the clients they serve,” Golden added in a statement.
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Christy Murdock is a writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.
