Compass has added another brokerage to its ever-expanding portfolio. The real estate technology giant announced on Monday that it’s acquired The Hudson Company — a Winnetka-based boutique brokerage firm serving Chicago’s North Shore communities.
“When we started exploring the North Shore overall and looking into expansion there, we just keep hearing [The Hudson Company] name over and over again as this incredible assembly of truly world class agents,” Rob Lehman, Compass’ chief growth officer told Inman.
The Hudson Company was co-founded in 2011 by husband and wife team Joanne and Steve Hudson and includes star agent Paige Dooley — the no. 1 agent in the market since 2004, according to Compass.
Lehman said the main qualities that drew Compass to The Hudson Company was the latter’s focus on collaboration, high ethical standards, obsession with serving clients and the sheer quality of its marketing materials.
“The thoughtfulness, the quality, the brand distinctiveness — the way that they market their properties and themselves is pretty distinctive — that really resonates with our own emphasis on using design and aesthetic and brand elevation as a way to distinguish ourselves,” Lehman said. “From a cultural and value standpoint, they really overlap with the things we hold dear at Compass.”
The feeling was mutual, with both Joanne and Steve Hudson praising the cultural fit in a phone interview with Inman.
“It was an excellent match from a culture standpoint,” Joanne Hudson told Inman. “[Compass’] emphasis on brokers is identical to ours. They treat their brokers like clients.”
The Hudsons told Inman they weren’t exactly looking to be acquired by a bigger brokerage, but they came away impressed after their first meeting with Compass.
“Just from the get-go, we were completely blown away and impressed by the caliber, their ethical approach to the business, the technology that they could offer our brokers — which we as a small firm just couldn’t do,” Joanne Hudson said.
With The Hudson Company and its 24 agents joining Compass, the latter now has more than 350 agents in the Chicago area, representing more than $1 billion in sales volume in the last year.
Compass has been aggressive in its growth, aiming to expand to every major U.S. city and open 70 new offices this year. In addition to Chicago, the company has a presence in New York City, Los Angeles, San Francisco, Boston, Seattle, Washington, D.C., Dallas and Miami. Late last year, the company received $550 million in funding and underwent an organizational reshuffling.