Founded in 1980, Santa Cruz-based Monterey Bay Properties includes around 40 agents. For Compass, the merger brings its total number of real estate professionals in the Lake Tahoe, Wine Country, East Bay, San Francisco, Silicon Valley and the Monterey Peninsula areas to more than 5,000.
“We are delighted to announce an exciting new chapter for Monterey Bay Properties,” John Hickey, a broker-associate at Monterey Bay Properties, said in a statement. The team brings “vast collective local real estate knowledge and the willingness to share it within a highly collaborative company culture,” he noted.
Compass recorded a 26% annual drop in revenue to $1.5 billion and a net loss of $46.9 million during the second quarter of 2023. The firm, however, reported positive free cash flow of $51 million, a major milestone for the Robert Reffkin-helmed company. Compass is the No. 1 ranked brokerage in the country by sales volume, after reporting $227.977 billion in sales volume in 2022, according to the 2023 RealTrends 500 rankings.