Photo: DW Labs Incorporated/Shutterstock
For many years, brokerage firms sue compass For poaching agents, steal them luxury incentives No other brokerage firm, for example with the burden of making a profit, could afford to match.But lately, like Compass has had a hard time More than a few brokers bailed out, many of them returning to the companies they used to work for, to start making a profit before all the investors’ cash was exhausted. Especially he Douglas Elliman, who seems to get a lot of prodigal agents (and others) from Compass’s Exodus.
This year saw many highly successful agents such as: Husband-led Athlin team ($300 million in sales last year), new development team Stanton Hoch (40th realof Manhattan’s Top Home Broker Rankings), and Kirsten Jordan (who took over bloomformerly Compass development) all went back to Douglas Elliman. Michelle Griffith ($143 million in 2021 sales) and Mackenzie Ryan (Instagram alone generated $10.6 million in deals last year), and the two who worked at Corcoran before Compass have since left the startup for Elliman. (Elliman also has agents from other companies: Erin Boisson Elise left Christie’s Nationwide, after the New York City office was reverted to Brown Harris Stevens, miami beach team and many big texas broker.)
Several Douglas Elliman agents said they had noticed an influx. second layoff It’s expected to hit mainly technical staff, but could cut marketing budgets and support staff. This is essential for top agents. (Douglas Elliman declined to comment or provide figures on how many agents have been added from Compass and other companies.)
There are many other reasons why an escape is underway.the agent previously said restrained Even the little things like DocuSign and Adobe stopped covering costs before the company went public. Others say the company grew so quickly that the support staff was always too spread out. Over the summer, Compass announced: no longer provide This is a decision that will almost certainly affect brokers looking to expand their team. In addition, future layoffs are expected to be substantial. Severance and other termination benefits are expected to cost him $23 million to $26 million, according to the company’s SEC filings.
CEO Robert Reffkin previously said the company plans to continue adding agents, although geographic expansion is on hold. The question is whether it can be done. The company is no longer throwing cash around like it used to (or at all), and this year he plans to cut $320 million in expenses. Compass sounds like what the critics always said. However, the one that failed to turn a profit.
On the other hand, Douglas Elliman, which went public at the end of last year, make a modest profit: $10.2 million in the second quarter of this year. This was generally seen as an advantage given the cooling housing market.Open to the public Allowed by the company to provide Access to capital markets for employee equity-based compensation and target acquisitions.as the movement created pressure The company appears to be using some of those perks to grow and retain talent. rice field.
After moving to Douglas Elliman, the Aslins said: real They were looking for a “really good rockstar agent” to expand the team. “Plus, our PR department is constantly working to keep our listings at the forefront,” she says. “Just last night I was looking at my web page and push I didn’t know either. Another broker cited his PR, marketing, and “strong” support staff at the company.
Agents are vague as to why they jumped on Douglas Elliman.great opportunity’ fits the team’s strategy. According to Kristen Jordan, seemed like a perfect moveCaldwell’s Julian Cohen said, “right time to spread your wings. All of these are the most likely reasons why agents typically switch brokers. It’s a better deal than it used to be, and it’s what Douglas Elliman can offer now.