With the acquisition, the terms of which were not disclosed, Compass brings its total agent count in Washington D.C. to more than 500 agents representing nearly $3 billion in sales volume in 2018.
“D.C. was one of our first markets and we have always been committed to deepening our presence throughout this region,” Robert Reffkin, founder and CEO of Compass, said in a statement. “We are thrilled to be partnering with Wydler Brothers. While our growing impact in the D.C. metro area is exciting, our primary consideration is always team culture.”
Reffkin added, “Wydler Brothers’ emphasis on collaboration and best-in-class client service make for incredible cultural alignment, and I’m excited to welcome our new agents to the community we’ve built here at Compass.”
Wydler Brothers was a residential real estate team, founded in 2004 by Hans and Steve Wydler, who spent the first 10 years at Long & Foster. In 2016, the brothers decided to launch their own indie brokerage, which has since grown to more than 50 agents and $400 million in sales volume since its inception.
In a release, Compass touted the brokerage’s commitment to integrity, professionalism and client service. It also praised the company for offering a “luxury experience” to clients across all price points.
“Our mutual commitment to teamwork and innovation, along with our dedication to our agents’ and clients’ success, make us stronger when working together,” Steve Wydler said.
Washington D.C. was Compass’ first foray outside of New York City in 2014 – when it was still named Urban Compass. Since that first expansion, Compass has opened in dozens of other markets while recently announcing plans to expand internationally.
In Washington D.C., Compass will be fighting for market share with Berkshire Hathaway HomeServices PenFed Realty, which closed more than 14,000 transactions in 2017, according to Real Trends; Century 21 New Millennium, which closed more than 7,000; Keller Williams Capital Properties, which closed more than 4,000; TTR Sotheby’s International Realty, which closed more than 3,000 and Washington Fine Properties, which closed more than 2,000.
Long & Foster, based in Chantilly, Virgina, also has a huge presence in northern Virginia and the Washington D.C.-area. It was acquired by HomeServices of America in 2017.