Compass’ race for titles continued on Tuesday with the acquisition of the Consumer’s Title Company of California as it moves to dive further into title insurance and its quest to build an end-to-end platform.
With Consumer’s Title licensed in every county in California, the acquisition greatly expands the brokerage’s title insurance in the state, where it already claims to be the largest independent real estate brokerage.
“I am thrilled to welcome Consumer’s Title to Compass as we work to expand our closing services business throughout the state of California and beyond,” Pooneet Kant, senior vice president of new business at Compass, said in a statement. “Consumer’s Title’s long-standing reputation for customer service speaks to the great work by their world-class, solutions-driven team whose ethical approach makes them ideal partners for Compass.”
The deal is expected to close by the third quarter of 2022, according to the announcement. Terms of the deal were not disclosed.
Consumer’s Title has operated in California since 2007 working out of three offices in Westlake Village, Santa Clarita and Gold River with over 40 escrow, title, and sales managers. The company will retain its top leadership and operate under the same name under its new ownership, according to a news release.
“Compass and Consumer’s Title both believe that pairing talented professionals with the best technology can make the title and escrow process more efficient and transparent for home buyers,” Consumer’s Title CEO Brian Troop said in a statement. “We are very excited to join forces with Compass and look forward to continuing to grow our business by providing clients with the highest level of service and local expertise throughout California.”
Compass has worked to expand its settlement services portfolio in recent years, acquiring companies in Texas, Maryland, Florida, Colorado, Virginia, and other states. The acquisitions represent steps in the company’s quest to build an end-to-end platform that handles multiple stages of the real estate transaction, a goal shared by other nationwide brokerages.
Other companies acquired by Compass in recent months include the title and escrow startup Modus, KVS Title, and LegacyTexas Title.