Monterey Bay Properties is becoming a member of Compass, a transfer that may permit the brokerage big to develop its Northern California operations, the corporate introduced Wednesday.
Based in 1980, Santa Cruz-based Monterey Bay Properties contains round 40 brokers. For Compass, the merger brings its complete variety of actual property professionals within the Lake Tahoe, Wine Nation, East Bay, San Francisco, Silicon Valley and the Monterey Peninsula areas to greater than 5,000.
“We’re delighted to announce an thrilling new chapter for Monterey Bay Properties,” John Hickey, a broker-associate at Monterey Bay Properties, stated in a press release. The workforce brings “huge collective native actual property data and the willingness to share it inside a extremely collaborative firm tradition,” he famous.
Compass recorded a 26% annual drop in income to $1.5 billion and a internet lack of $46.9 million through the second quarter of 2023. The agency, nevertheless, reported optimistic free money move of $51 million, a significant milestone for the Robert Reffkin-helmed firm. Compass is the No. 1 ranked brokerage within the nation by gross sales quantity, after reporting $227.977 billion in gross sales quantity in 2022, in line with the 2023 RealTrends 500 rankings.