Compass unveils luxury-focused vacation home business
Agents with Compass Resorts go beyond white-glove treatment and become "more like wealth managers" to support clients in this space, its founders say.
Compass, seeing a growing opportunity in "luxury and lifestyle destinations," this week announced the launch of Compass Resort, a network focused on vacation homes.
"We've got the white-glove approach dialed in, but this is really about tailoring that service to this sector's unique needs and priorities," said Jordie Karlinski, a Compass agent in Aspen, and co-founder of Compass Resort along with fellow agents Jack Pearson, Jen O'Hanlon and Steve Springer.
Not just a home, but an investment: Pearson, who is based in the Hamptons, said "agents become more like wealth managers" for their clients, helping them understand investment potential and seasonal rental prospects.
Throw in complexities like insurance and zoning rules, and working with an expert in the space becomes "crucial," Pearson said.
Looking beyond the best-known luxury hotspots: Compass Resort is covering places it describes as "feeder markets" like the San Juan Islands in Washington state, Lake Geneva in Wisconsin, or Basalt and Carbondale in Colorado as well as more obvious luxury locations.
It's a trend supported by a Compass report on the luxury and ultra-luxury business, which found that in 2022, 10 U.S. markets had homes sell for more than $10 million for the first time.
"Whether it's a third or fourth home or a first foray into vacation real estate, our clients are navigating decisions like beach house versus mountain cabin, which brings a whole new set of considerations," said Springer, a Compass agent in San Diego.