Compass scoops up Tennessee’s top brokerage
The addition of Parks Real Estate and its 1,500 agents now makes Compass the biggest brokerage in the state.
Compass is once again boosting its market share, merging with Nashville-based Parks Real Estate, the leading independent brokerage in Tennessee.
What it means: Compass has upped the ante — and its presence — in the South through its merger with Parks Real Estate and its 1,500 agents. The merger makes Compass the market leader in Tennessee, the company said, as the move means that Compass now represents a quarter of all residential transactions in the state.
The news comes just six weeks after Compass announced its acquisition of New Orleans-based Latter & Blum, a formerly independent brokerage that also had a dominant presence in its market. Compass immediately became the market leader in New Orleans and parts of the Gulf Coast after the acquisition.
About Parks Real Estate: According to the official Parks Real Estate website, the company was founded 50 years ago and has 15 offices throughout five counties in Tennessee, where its agents work on both residential and commercial transactions. The company also boasts an auction arm that services more specialized real estate like land and farms.
Following mergers with Village Real Estate in 2021 and Pilkerton Realtors in 2022, the firm is the biggest brokerage in the state of Tennessee, Compass said in the announcement. According to T3 Sixty, the brokerage (as Parks | Pilkerton | Village) was ranked No. 29 on the 2023 Mega 1000 list of the largest brokerages, and the company reported $6.25 billion in transaction volume last year.
What Compass had to say: "Today, we have significantly added to our presence in the Southeast, welcoming the top brokerage in Tennessee," Compass CEO and Founder Robert Reffkin said in the announcement.
"With the continued migration of the U.S. population moving to the South, and 16% of Compass transactions last year being referrals, our expansion in the Southeast allows for more connections and opportunities for our agents as our national network grows."
What Parks Real Estate had to say: "We believe that with Compass, we are positioned for sustained success within an evolving industry landscape," said Parks Real Estate CEO Hunter Connelly.
"Combined, we have more listings, more collaboration with great agents, and industry-leading tools to serve Tennessee best while maintaining our amazing culture and brand loyalty."
Correction: A previous version of this story referred to the deal with Parks Real Estate as an acquisition rather than a merger.