One of Compass’s earliest founding agents in the Bay Area has jumped to Christie’s International Real Estate Sereno, the brokerage announced Friday.
Phil Chen, a founding member of Compass’s Mid Peninsula office when it launched in 2018, has joined Christie’s International Real Estate Sereno’s office in Burlingame in San Mateo County alongside his 7-person team, a market he is already well established in along with Hillborough.
“I’m excited to bring my team to Christie’s International Real Estate Sereno,” Chen said in a statement. “Their deep market knowledge, innovative local leadership, culture, and vision are the perfect fit for us. Moving to this thriving organization gives my team access to a luxury brokerage network with affiliates in almost 50 nations and territories plus the name recognition from the Christie’s International Real Estate brand to complement Sereno.”
Chen, who has been ranked among the top 50 agents in the nation, the top 20 agents in California, and the top 10 agents in the Bay Area, has delivered over $1.1 billion in sales since launching his career in 2006, according to Christie’s. He closed $262 million in sales last year, according to Real Trends.
“Phil brings a tremendously successful boutique luxury brand all its own to Sereno,” Chris Trapani, chief executive officer of Christie’s International Real Estate Sereno, said in a statement. “Phil’s drive and discipline throughout his career in extreme sports and fitness makes him an innovator and a creative visionary. He consistently ranks amongst the top eight producers in the Bay Area, top 20 in California and among the top 45 agents in the nation. He views the world through a unique lens spotting trends ahead of most, innovating and influencing those who are fortunate to work with him. We are delighted to welcome Phil to Sereno.”
Sereno’s affiliation with Christie’s is recent, having only begun in February 2022, soon after Christie’s acquisition by Chicago-based @properties. Sereno did $6.5 billion in sales volume in 2021 and has been listed as a top brokerage in the U.S. by ranking firm Real Trends.
Chen’s departure from Compass comes during a turbulent time for the brokerage after its most recent earnings report showed that it recorded $101 million in losses during the second quarter of 2022. The disclosure has prompted the brokerage, which grew exponentially during 2018 and 2019, to implement layoffs and cost-cutting measures including the slashing of stock and financial incentives in recruiting in an effort to save $320 million.
Earlier this week, it was announced that Compass Houston’s founding agent was leaving the brokerage for a position with Sotheby’s International Realty.