Major real estate brokerage Compass has opened its second office in the St. Louis area and has high hopes for agent recruiting there.
Compass, the largest brokerage by closed sales volume nationwide, opened its first office in St. Louis in June 2021, growing it to more than 120 agents and staff since then. Compass expects its new office, located at 1608 S Lindbergh Blvd. in the St. Louis suburb of Ladue, to eventually grow to more than 300 agents, a Compass spokesperson told Inman.
“We’re dedicated to delivering the same superior service that Compass is known for nationally to our customers in St. Louis, and that starts with a world-class facility in the heart of our city,” said Matt Travaglini, sales manager, in a statement.
“We are committed to pairing our Compass technology and resources with the most successful, knowledgeable and influential Realtors in the area to provide an unparalleled home buying and selling experience for our community.”
To attract those new agents, the brokerage will no longer be offering the stock options or cash incentives it’s become known for over the decade since its debut. At its second-quarter earnings call Monday, the company announced the end of those recruiting perks, which are expected to save Compass $320 million. Compass ended the second quarter $101 million in the red.
Compass managing director Jason Pashia and Ladue mayor Nancy Spewak will lead a ribbon-cutting ceremony for the new office on August 17.
“As a veteran in the St. Louis real estate industry, I am delighted to bring a more intuitive, sophisticated homebuying and selling experience to my hometown,” Pashia said in a statement.
“It is thrilling to watch our Compass agents use the industry’s best technology and support to grow their business, become more efficient, and provide a higher level of service to their clients and customers.”
According to the company, Compass agents sold more than 900 homes worth more than $400 million combined in the St. Louis area in their first year with Compass.
“Compass agents represented over 500 home sellers with an average sales price of $493,839, more than twice the St. Louis average sales price,” the company said.
Compass has nearly 30,000 agents in 350 cities across the U.S., according to the company.
Inman has reached out to Compass to ask how many agents the brokerage has already recruited to the new Ladue office and when it expects to hit its target of 300-plus agents. We will update this story if and when we hear back.