Phil Chen, a founding member of Compass’s Mid Peninsula workplace, has joined Christie’s Worldwide Actual Property Sereno in Burlingame in San Mateo County.
One in every of Compass’s earliest founding brokers within the Bay Space has jumped to Christie’s Worldwide Actual Property Sereno, the brokerage introduced Friday.
Phil Chen, a founding member of Compass’s Mid Peninsula workplace when it launched in 2018, has joined Christie’s Worldwide Actual Property Sereno’s workplace in Burlingame in San Mateo County alongside his 7-person staff, a market he’s already effectively established in together with Hillborough.
“I’m excited to deliver my staff to Christie’s Worldwide Actual Property Sereno,” Chen mentioned in a press release. “Their deep market information, revolutionary native management, tradition, and imaginative and prescient are the right match for us. Transferring to this thriving group offers my staff entry to a luxurious brokerage community with associates in nearly 50 nations and territories plus the title recognition from the Christie’s Worldwide Actual Property model to enrich Sereno.”
Chen, who has been ranked among the many high 50 brokers within the nation, the highest 20 brokers in California, and the highest 10 brokers within the Bay Space, has delivered over $1.1 billion in gross sales since launching his profession in 2006, in response to Christie’s. He closed $262 million in gross sales final yr, in response to Actual Traits.
“Phil brings a tremendously profitable boutique luxurious model all its personal to Sereno,” Chris Trapani, chief government officer of Christie’s Worldwide Actual Property Sereno, mentioned in a press release. “Phil’s drive and self-discipline all through his profession in excessive sports activities and health makes him an innovator and a inventive visionary. He constantly ranks amongst the highest eight producers within the Bay Space, high 20 in California and among the many high 45 brokers within the nation. He views the world via a singular lens recognizing tendencies forward of most, innovating and influencing these who’re lucky to work with him. We’re delighted to welcome Phil to Sereno.”
Sereno’s affiliation with Christie’s is latest, having solely begun in February 2022, quickly after Christie’s acquisition by Chicago-based @properties. Sereno did $6.5 billion in gross sales quantity in 2021 and has been listed as a high brokerage within the U.S. by rating agency Actual Traits.
Chen’s departure from Compass comes throughout a turbulent time for the brokerage after its most up-to-date earnings report confirmed that it recorded $101 million in losses during the second quarter of 2022. The disclosure has prompted the brokerage, which grew exponentially throughout 2018 and 2019, to implement layoffs and cost-cutting measures together with the slashing of inventory and monetary incentives in recruiting in an effort to avoid wasting $320 million.
Earlier this week, it was introduced that Compass Houston’s founding agent was leaving the brokerage for a position with Sotheby’s International Realty.