A major player in residential real estate has made its way into the Richmond market through two teams of established local agents.
Compass, a 10-year-old company just ranked No. 1 in national sales volume by industry site Real Trends, announced Wednesday that it has expanded into Richmond with 45 agents already on the ground with the addition of Jenny Maraghy. , of 38 agents. Joyner Fine Properties team and Team Hensley of seven agents led by Annemarie Hensley of Liz Moore & Associates.
The expansion extends Compass’ footprint in Central Virginia, continuing a march south along the East Coast from its headquarters in New York City, where it launched in 2012.
The company expanded to DC seven years ago and has since made inroads into Northern Virginia. It now has a total of 26,000 agents in 70 markets across the country.
Kim Harris Campbell, regional president of Compass, said he identified Richmond as a market he wanted to enter, and the Maraghy and Hensley teams that could start it.
Noting Maraghy’s top ranking on last year’s Real Trends list among Richmond teams based on sales volume in her size group, Campbell said: “Naturally, she was someone we wanted to meet.”
He added, “We want to work with the best teams and the biggest teams, but we also want to work with teams that believe in our vision of elevating the industry and using our platform to really leverage and grow their business.”
hensley had a similar hand in bringing Hampton Roads-based Liz Moore & Associates to Richmond in 2016. He said he had kept an eye on Compass in recent years after becoming familiar with it through a family member who works for Compass in the market. of DC.
“When I heard they were looking to expand, they hooked us up and the rest is history,” said Hensley, who transferred his real estate license in late February.
Where the Hensley team is based in Midlothian, the Maraghy team is based in Richmond’s West End, giving Compass a foothold on both sides of the river.
Maraghy, who had hung her license with Richmond-based Joyner Fine Properties for 13 years, said she was happy at Joyner but couldn’t resist when Compass called.
“Compass contacted me several months ago to let me know that they would like our team to be their founding member in the important growth market of Richmond/Central Virginia,” Maraghy said in an email.
Despite his satisfaction with Joyner, Maraghy pointed to the national reach and exposure that would come with Compass’ technology platform. She said such exposure would give her team an advantage in marketing listings to a growing number of out-of-town buyers.
“Recent statistics revealed that a large percentage of the growth in the Richmond metropolitan area is coming from outside the market. Now, with the platform provided by Compass, we can reach all of those potential buyers on behalf of our seller clients,” he said.
In addition to technology and brokerage services, Campbell said Compass also has title, mortgage and other ancillary services that provide agents with all the services they need.
“We know it’s a really fragmented industry,” Campbell said.
Campbell said Compass has big plans for Richmond, including additional offices that he said he plans to open soon. She said negotiations for those slots are ongoing.
Maraghy’s Grove Avenue office, next to the old Grove Avenue pharmacy building that she and her husband own, will also serve as a branch. The Hensley team operates from the Midlothian Gather coworking building.
“We have a very strong expansion strategy throughout the United States,” said Campbell. “The plan is to plant our seeds in Richmond, to continue to bring in top agents as we get to know the community, and I certainly hope we continue to grow throughout central and southern Virginia.”
Compass’s arrival follows another new player who recently entered the Richmond market. Last year, Chantilly-based Samson Properties opened an office in Libbie Mill-Midtown.