Compass Claims Progress Toward ‘2020 by 2020’ Goal
January 2, 2020
Compass vowed a bold plan in 2017: Capture 20% of the market share in the nation’s top 20 cities by 2020. So how’s it doing?
Compass CEO Robert Reffkin wrote to agents in a year-end letter that it has made progress in fulfilling its lofty goal, but still had a way to go and hopes to now achieve that vision by the end of the year, as reported by The Real Deal.
Reffkin wrote in the letter that Compass had managed to exceed 20% market share or near that goal in some cities, such as San Francisco, Washington, D.C., and Silicon Valley submarkets. It hit 10% market share in “many more markets, which is a major progress toward our 2020 by 2020 target,” the letter stated to the agents. “Let’s get there together by the end of 2020.”
“We focused on depth over breadth,” Reffkin wrote in the year-end letter to agents. He said that strategy applied to geography as well as its tech development. Compass is not just going after new markets but investing in existing markets, such as in New York, where it acquired Stribling & Associates, and in San Francisco, where it acquired Alain Pinel, REALTORS®.
Overall, in 2019, Compass added 87 offices to up its total office count to 325 across 135 cities. By the end of 2019, Compass had 15,000 agents who sold $88 billion worth of real estate. That is up from $33 billion a year prior.
“Compass Cites ‘Progress’ on 2020 by 2020 Goal—but Not There Yet,” The Real Deal (Dec. 31, 2019)
Updated: April 08, 2020