UPDATE Nov 15 12:36 PM: Aaron Kerman, a leading Los Angeles luxury agent, is leaving The Compass. real I learned. He has partnered with Christie’s International Real Estate to launch his own shop, Aaron Kirman Group.
At Compass, Kirman has executed over 400 transactions and led Los Angeles’ top-ranked residential team in market transactions. Over $1.35 billion in sales From April 2021 to April 2022, according to TRD’s Recent rankings. He has represented some of the city’s more famous trophy homes, including the controversial Niall Niami’s ‘The One’ and the Danny Thomas Estate.
“For a while we wanted AKG to be an independent company,” Kirman said in an interview. TRDs Tuesday. “We have a brand, we have people, we have marketing, but we wanted to have a strong brand duality behind us so we could sell everywhere,” Kirman said. We have rights to the Christie’s brand in all of , Ventura and Santa Barbara counties and want to build multiple offices in the area. [with Christie’s] It’s included in our fees,” he added.
Kirman will move most of the 160 agent team over to his new shop headquartered at 433 N Camden Dr. The goal is for him to be a $5 billion company by 2025.
Compass said in a statement that it is looking forward to working with Kirman “through Compass agents in Southern California.” Real estate brand “Christie’s” Chicago-based @properties took control late last year in a long-term licensing deal@properties has a 10-year exclusive deal with Kirman, according to Thad Wong, co-founder of @properties.
In late 2020 @properties, led by Wong and Mike Golden, will: Franchise the brand. At World Properties, the parent company of the brokerage firm, is backed by private equity firm Quad-C.
“It’s really hard for a brokerage firm to succeed.” [in national expansion] Without a local operator,” Wong said in an interview. TRDs Tuesday afternoon. “We were looking for either an established broker or a team with the ability to be a broker. We want to find $50 million, $200 million producers and help them grow.”
For the Christie’s brand, which is best known for its high-end auction houses, Wong said LA is an important market because it has many art buyers. Christie’s has known Carman since his time at Hilton & Highland, and that connection was a factor in Wong’s decision to approach Carman this summer.
last week, Compass reported a net loss of $154 million in the third quarter. However, its revenue of $1.49 billion exceeded Wall Street’s estimates. The company’s stock has soared over 90% in the past week. It also said it increased its agent count in the fourth quarter, despite the termination of mitigating measures such as equity and cash incentives for new agents.
Kirman was a star agent and minority shareholder in John Aaroe Group, which was acquired by San Francisco-based Pacific Union in late 2016. Pacific Union was acquired by Compass in 2018.
“Agents who were into it never picked it,” Wong said of Compass. “Normally what happens in California is set across the country, whether it’s fashion or in this case the departure of an agent.”
Carman said the spotlight was Compass financial trouble — the brokerage has lost nearly $1 billion since 2021 and has been involved in multiple layoffs — was a “minor contributor” to his retirement decision.
“I think they’ll get through it,” he said of Compass. I can’t tell just by looking. ”
This story has been updated with comments from Kirman, Compass, and Thad Wong at @properties.