No longer just rivals in New York City or Florida, Compass and Douglas Elliman are now jockeying to scoop up market share in Houston, one of the nation’s largest metro areas.
Douglas Elliman Texas strengthened its presence in the Houston market late last week, with the acquisition of John Daugherty Realtors, a 1.1-billion-in-sales indie with roughly 130 agents, according to a report in the Houston Chronicle. The company entered the market over the summer through a partnership with Sudhoff Companies, a 9-year-old brokerage that specializes in selling and marketing newly constructed luxury condominiums, townhouses, and single-family homes.
The acquisition of John Daugherty Realtors, which ranked 263rd in sales volume on the annual Swanepoel Mega 1000 in 2018 and closed 1,419 transactions, according to the ranking, gives the company a large presence and roster of agents. Douglas Elliman also plans to expand deeper into Texas in the future, according to the Houston Chronicle.
A spokesperson for Douglas Elliman confirmed the report on Monday but the terms of the sale were not immediately disclosed.
The move followed closely on the heels of New York City rival Compass’ recruitment of Laura Sweeney and Lisa Kornhauser, the first- and fourth-ranked agents in terms of sales volume for the Houston market.
Sweeney, who is bringing a team of three other agents with her, has consistently finished near the top of the Houston Business Journal’s annual ranking of real estate agents, finishing number one last year. Nationally, Sweeney was the 68th ranked agent by transaction volume – closing more than $130 million in sales – according to the Real Trends Thousand.
“The real estate industry is changing and joining Compass will allow me to offer innovative, unique and cutting edge tools and service to continue serving my clients and selling homes in Houston,” Sweeney said in a statement. “Compass Concierge, a program that enables sellers to make improvements or stage their homes without incurring costs until closing, will be a great tool to offer my sellers who want to utilize these services.”
Kornhauser, who brings four other agents to Compass, including her daughter, is the fourth-ranked agent in Houston, according to the Houston Business Journal. She also touted the Compass Concierge program in a statement about joining the firm.
“Joining forces with a forward-thinking and innovative partner like Compass will allow my clients to gain a competitive edge when buying or selling luxury properties across Houston,” Kornhauser said.
Are you ready for what the industry holds in 2020? Inman Connect New York is your key to unlocking opportunity in a changing market. At Connect you will gain insight into the future, discover new strategies and network with real estate’s best and brightest to accelerate your business. Create your 2020 success story at Inman Connect New York, January 28-31, 2019.
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