- Licensed in every county in California, the Consumer's Title will
dramatically expand Compass' settlement services footprint across
California
- Compass' growing settlement services portfolio serves agents
and their clients across California, Colorado, Florida, Washington
State, Maryland,
Pennsylvania, New Jersey, Virginia, Texas and Washington
D.C.
NEW
YORK, May 3, 2022 /PRNewswire/ -- Compass, a
leading technology-enabled residential real estate brokerage, today
announced that it has signed a definitive agreement to acquire
Consumer's Title Company of California, Inc. (Consumer's Title). Licensed
in all 58 counties in California,
Consumer's Title dramatically expands Compass' settlement services
footprint in the region and further integrates this critical
component of the real estate transaction into the Company's
market-leading residential brokerage business.
"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," said
Pooneet Kant, SVP of New Business at Compass. "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."
Compass is the largest residential real estate brokerage in
California and leads both the
Los Angeles1 and
San Francisco2 markets.
Nationwide, Compass agents transacted nearly a quarter of a million
homes worth over $251
billion3 last year.
Consumer's Title is a premier title and escrow provider in
California with three offices
across the state – Westlake
Village and Santa Clarita
in Southern California, and
Gold River, near Sacramento, in Northern California. Founded in 2007, the
company has a dedicated team of over 40 escrow, title and sales
managers with nearly 200 years of combined experience. The company
will retain the Consumer's Title name following the acquisition and
its leadership team – President, Joe
Beckerle; EVP and General Manager, Meagan Sullivan; and CEO, Brian Troop – will remain in their current
roles.
"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,"
said Brian Troop, CEO of Consumer's
Title. "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."
The transaction is expected to close before the end of the
quarter and the terms of the deal are not being disclosed. The
acquisition of Consumer's Title expands Compass' growing settlement
services portfolio which now serves agents and their clients across
California, Colorado, Florida, Washington
State, Maryland,
Pennsylvania, New Jersey, Virginia, Texas and Washington
D.C.
About Compass
Founded in 2012, Compass is the largest residential real estate
brokerage in the United States.
The technology-enabled brokerage provides an end-to-end platform
that empowers its residential real estate agents to deliver
exceptional service to seller and buyer clients. The platform
includes an integrated suite of cloud-based software for customer
relationship management, marketing, client service, brokerage
services and other critical functionality, all custom-built for the
real estate industry. Compass agents utilize the platform to grow
their business, save time and manage their business more
effectively. For more information on how Compass empowers real
estate agents, one of the largest groups of small business owners
in the country, please visit www.Compass.com.
Cautionary Note Regarding Forward-Looking
Statements
Statements contained in this press release that
refer to future events or other non-historical facts are
forward-looking statements that reflect Compass' current
perspective on existing trends and information as of the date of
this release. Statements containing words such as "will," or
similar expressions constitute forward-looking statements. These
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from Compass' current
expectations depending upon a number of factors affecting Compass'
business, including, but not limited to, expansion into new
markets, prevailing market conditions, the impact of general
economic, industry or political conditions in the United States or internationally, and any
future risks related to the impact of the ongoing COVID-19
pandemic. The foregoing list of risks and uncertainties is
illustrative, but is not exhaustive. For information about other
potential factors that could affect Compass' business and financial
results, please review the "Risk Factors" described in Compass'
Form 10-K for the year ended December 31,
2021 filed with the Securities and Exchange Commission (the
"SEC") on February 28, 2022, and
Compass' other filings with the SEC. Except as may be required by
law, Compass undertakes no obligation, and does not intend, to
update these forward-looking statements after the date of this
release.
1 "The List: Residential Brokerage
Firms," Los Angeles Business Journal, Print, 6/14/2021
2 "Largest Bay Area Residential Real
Estate Brokerages," San Francisco Business Times, Online,
6/18/2021,
https://www.bizjournals.com/sanfrancisco/subscriber-only/2021/06/18/largest-bay-area-residential-real.html
3 T. Velt, "RealTrends 500: The Rise of
Compass," RealTrends, Online, HW Media, 3/25/2022,
https://www.realtrends.com/realtrends-500-the-rise-of-compass/.
Media Contact
Chris O'Brien
press@compass.com
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SOURCE Compass