Compass has expanded deeper into South Florida, confirming to Inman that the tech-forward real estate company has opened a new office in Naples, Florida, its second since 2015 when it opened a branch in Miami.
The office will open with 15 agents but Compass plans to expand to more than 70 agents, as first reported by The Real Deal. It will be overseen by sales manager Gary Nolan, previously the senior vice president of brokerage firm Saunders & Associates. Prior to that, Nolan served as director of marketing and advertising at the Corcoran Group brokerage firm. The Miami branch, which opened in August 2015, also includes the Fort Lauderdale real estate market.
“The announcement of our Naples office is a significant step for our expansion,” said Beth Butler, general manager of Compass Florida in a statement. “This is a great opportunity for us to tap into the wealth of opportunities this area has to offer. We are confident that Gary Nolan will help foster the team’s growth, allowing Compass to better serve the Naples market.”
The new office was chosen to handle sales and marketing for the luxury townhome development Banyan Corners. The Compass Development Division will represent luxury real estate developments in Naples.
The Naples market is known for high-end luxury coastal properties in neighborhoods like Port Royal, but also some more affordable options off the water. Currently, the median listing price in Naples is $ 399,000, according to Zillow.
Competition in the market will be stiff and its headlined by a duo of successful indie brokerages and a top franchisee.
The Naples-based Premier Sotheby’s International Realty is the third most successful franchise of Sotheby’s International Realty, with 5,865 transaction sides in 2017 and more than $ 4 billion in sales volume. It placed 105 on the Real Trends 500 list of the nation’s top brokerages by transactions.
John R. Wood Properties and Downing-Frye Realty, Inc. both placed among the top 100 indie brokerages in sales volume in 2017. John Wood Properties closed 3,418 transactions, more than $ 2.2 billion in sales and ranked 242 on the Real Trends list. Downing-Frye closed 2,899 transactions and more than $ 1.4 billion in sales and ranked 292 on the list.
Compass’ stated goal has been to have 20 percent marketshare in the nation’s top 20 markets by 2020. It currently has offices in: New York City, Los Angeles, San Francisco, Boston, Washington, D.C., Chicago, San Diego, Dallas, Miami, Orange County, The Hamptons, Santa Barbara and Montecito and Aspen. Seattle, Phoenix, Austin, Houston, Atlanta, Charlotte and Philadelphia are all part of plans for expansion.