Compass selects Paramount Realty USA as its auction partner.

The order allows COMPASS agents to offer auction services to their clients. Paramount Realty USA, a well-known national auction platform with a base in New York City, announced that COMPASS, a full-service national real estate brokerage firm, has selected them as their auction provider for COMPASS agents and their seller clients nationwide. By partnering with Paramount, COMPASS agents can offer auction services to their clients nationwide.

Leonard Steinberg:

chief evangelist and corporate broker at COMPASS, said that "an auction is an effective way to introduce urgency into the process of selling certain properties." Steinberg also added that "he has been a proponent of auction opportunities for many years and is pleased that we have established a relationship with Paramount to provide auction services to our agents. This is an important marketing tool that agents can utilize when needed."

Misha Hahani:

founder of Paramount, said, "The goal of this partnership is to enable COMPASS agents to use our auction platform to benefit their seller clients to attract the widest possible audience, create urgency and maximize value in a timely manner. At the same time, our platform helps agents increase the speed and likelihood of a successful sale."

Paramount's platform primarily consists of both sealed and online auctions, and as Hakhani explained, "sealed auctions provide luxury real estate sellers with many advantages that cannot be replicated in online auctions." The collaboration will first focus on luxury properties across the country and then expand to include all property types and price points.

"Auctions are a popular sales and marketing strategy for property owners in Australia and other countries around the world," said Mark Lotzof of COMPASS, who, along with Steinberg, will serve as co-leader of the firm's auction department at Paramount.

COMPASS agents are already using Paramount's platform to auction properties across the country, including a $12 million penthouse in Sunny Isles, Florida, a $39 million residence in Bel Air, Los Angeles, California, and several properties in New York City and the Hamptons. Recent successful Paramount and COMPASS deals in Manhattan include a 4-bedroom apartment at 40 East 61st Street (December 2023, $4 million), a building on the Bowery formerly owned by Andy Warhol (September 2023, $3.6 million), and a townhouse in the East Village (2022, $7 million).

Hahani said, "we are excited to expand our relationship with a leading national company and look forward to continued success and collaboration."

About Paramount Realty USA:Paramount Realty USA is a leading national auction firm that partners with brokers and sellers to maximize the value of properties at auction. The team works with the sale or consultation of more than $2 billion worth of real estate and mezzanine interests throughout North America at auction.

About the company COMPASS:COMPASS is the largest real estate brokerage firm in the United States by transaction volume. Founded in 2012 and headquartered in New York, COMPASS provides a comprehensive platform that equips its real estate agents with quality service for seller and buyer clients across the U.S. through its 28,000 agents in 300 offices in 72 markets. Contact: PRUSA (212) 867-3333. Source: Paramount Realty USA.