Ginger Glass, the nation’s 71st-ranked real estate agent in sales volume according to Real Trends, is making the move from Coldwell Banker Residential Brokerage Southern California to Compass. Glass is the second high-profile departure from the own-side NRT brokerage to Compass in Southern California in a week.
Last week, Chris Cortazzo, Coldwell Banker’s top agent and the number three agent in the country announced he was moving to Compass.
Glass, according to Real Trends, closed $144 million in transactions last year. Her recent sales included, in 2016, a $100 million mansion in Las Angeles’ Holmby Hills neighborhood, a recording breaking sale for a spec home. She holds a number of listings including a $135 million home in Beverly Hills, a waterfront home in Malibu asking $64 million and a Holmby Hills home asking $55 million.
“[Glass’] consistent success, extensive experience, and people-first focus are characteristics that align with the high standards and level of service Compass provides,” Kamini Lane, Compass’ president of Southern California. “We are thrilled to welcome [Glass] to Compass and watch her business grow even further through utilizing our technology, tools, and support.”
The recruitment of two high-profile agents in as many weeks comes on the heels of Compass’ latest $370 million funding round. Rival brokerages have accused Compass of using its $1.5 billion raised from venture capital firms to recruit away agents with high signing bonuses.
“Ginger began her real estate career at Coldwell Banker where she has been an important part of our family for many years and we were great partners for her and her clients,” Jamie Duran, president, Coldwell Banker Residential Brokerage Southern California, said in a statement. “We understand in an uncertain and changing market that a short-term signing bonus can be attractive for some agents.
“Coldwell Banker is a solid and proven long-term company that will continue to expand and evolve to serve its agents and consumers with the best marketing and technology in the industry,” Duran added.
Realogy, the parent company of NRT, is suing Compass over “unfair business practices and illegal schemes to gain market share at all costs.”
In the lawsuit filing, Realogy alleges “Compass offers compensation packages to competitors’ employees and real estate agents that are so inflated that Compass is sure to operate at a loss, and not just in the short term.”
“Compass has leveraged more than $1 billion in funding from outside investors to make up for the losses it has incurred by grossly overpaying, and thus poaching, its competitors’ employees and independent real estate agents,” the complaint continues.