real estate news
National residential real estate agency Compass has acquired Realty Austin and Realty San Antonio, in a move that will expand its position as the leading national firm and its growth in Texas by more than 600 agents.
Although the sale price was not disclosed in Compass' announcement, the local brokerages completed $5.24 billion sales just in 2022 alone.
Compass added that the Austin and San Antonio leadership will have direct oversight of daily operations as part of the terms of the acquisition. Realty Austin and Realty San Antonio co-founder Yvette Flores maintains that she and her leadership team will strive for a "seamless transition" into the national firm that respects the home-grown culture they have created.
Realty Austin was founded in 2004 by Flores and Jonathan Boatwright, and has grown through the years to become one of the most innovative brokerages in Central Texas and beyond. The company expanded its operations to San Antonio in 2021.
Realty Austin and Realty San Antonio CEO Gabe Richter said in the release that Compass' leading-edge technology will help his agents foster greater successes, particularly in one blossoming San Antonio category: luxury real estate.
"Our agents have consistently set records with remarkable achievements," Richter said in the release. "Now, by aligning with Compass, they gain access to a transformative technology platform that enhances efficiency and elevated resources that empower them to secure even more luxury listings."
Compass was founded in 2012 as the largest real estate brokerage in the U.S., and preserves its stronghold as the No. 1 brokerage in Texas thanks to its milestone acquisition. The national brokerage has already surpassed $10 billion in sales in Texas in 2023, according to the release.
“With this acquisition, we've positioned ourselves as Austin's leading brokerage — our commitment to setting new standards and inspiring innovation for all our exceptional agents remains the top priority while honoring what Realty Austin and Realty San Antonio has built," said Compass Texas President Rachel Hocevar.
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