NYC-based brokerage Compass has acquired Realty Austin and Realty San Antonio for an undisclosed amount. The brokerage closed $5.24B in 2022 sales volume.
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NYC-based brokerage Compass has acquired Realty Austin and Realty San Antonio for an undisclosed amount, according to an announcement on Wednesday. Realty Austin and Realty San Antonio is the No. 1 independent real estate brokerage in Central Texas with more than 630 agents closing $5.24 billion in 2022 sales volume.
Realty Austin and Realty San Antonio CEO Gabe Richter said the acquisition will give his agents access to invaluable technology as they strive to gain a greater foothold in both cities’ luxury segments. Online real estate marketplace Point2 named Austin as the nation’s tenth-largest luxury market in July, as 24.7 percent of all residential real estate listings in Austin are worth over $1 million.
“Our agents have consistently set records with remarkable achievements,” Richter said in a prepared statement. “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.”
Real estate veterans Jonathan Boatwright and Yvette Flores founded Realty Austin in 2004. The duo’s professional relationship started when Flores contracted Boatwright to create a website. When she noticed a dramatic lift in her business due to the site’s customer relationship management and lead generation features, Flores said she realized her sales skills and Boatwright’s tech knowledge could be combined to create a dynamic brokerage.
“I knew that we had something we could replicate for a lot of different agents,” she said in a four-minute introductory video on Realty Austin’s site.
Over the following 19 years, Flores and Boatwright grew the company to nearly 700 agents, and operations and marketing team members across four offices in Austin and San Antonio. The group launched its San Antonio operations in 2021.
Richter, Flores and Boatwright will stay with the company in their respective roles and oversee the transition to Compass.
“We’ll be here every step of the way to ensure a seamless transition that respects our unique brand and thriving culture we have built,” Flores said in a written statement.
Compass Texas President Rachel Hocevar said the acquisition further cements Compass’ place as the top brokerage in Texas based on sold list and sales volume, which reached $10 billion in 2022.
“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 have built,” Hocevar said.