Illinois-based real estate agent Brandy Issac and her team, which was formerly affiliated with Compass, have joined @properties Christie’s International Real Estate, according to an announcement Isaac made on Instagram.
The team, which operates in the Glenview, Evanston, Wilmette and North Shore suburbs, closed $30 million in transactions this year.
The team’s move comes at a time when Compass plans to cut around 20% of its operating expenses, totaling $320 million, by the end of the year.
@properties was the 9th largest residential brokerage firm in the RealTrends 500 Rankings, with a closed sales volume of $23.9 billion in 2021. In December 2021, @properties acquired Christie’s International Real Estate.
The brokerages announced in August that they made record sales of more than $23 billion in company-owned brokerage business and more than $75 billion in total network sales volume, including @properties and Christie’s International Real Estate affiliates, in the last year.
Through the recent addition of Christie’s International Real Estate’s invitation-only affiliate network, the company now operates in 50 countries and territories.
Compass ranked first in the 2022 RealTrends 500 rankings in the sales volume category but struggled to turn a profit after losing $101 million in Q2 this year. It said the losses were due to “higher expenses related to strategic business initiatives, non-cash stock compensation, depreciation and amortization as well as restructuring charges due to the cost-saving actions announced on June 14.”
The brokerage had a $8 billion valuation in April last year. It earned more than $6 billion in revenue that year, surpassing its rivals Douglas Elliman and Redfin.
On Friday Compass stock was trading at $2.24 per share and the total value of Compass stock or market capitalization is around $975 million. In April last year, its stocks were at a $20 peak. The brokerage laid off 450 employees in June and approximately half of its 1,500-member tech team in October.
The McNair Group, a residential real estate team in Northern California, announced this week that it had left Compass after four years to join Coldwell Banker.
In November, top Los Angeles real estate broker and star of CNBC’s “Listing Impossible” Aaron Kirman and his team left Compass and launched their own firm in partnership with Christie’s International Real Estate.