Boutique New York City brokerage firm LG Fairmont has merged with Compass.
The entire 60-person team will move to the renamed LGF at Compass firm, and will begin using Compass' technology, support systems and ancillary services. In return, Compass will receive a cut of LGF's commissions.
LG Fairmont buys leads from the likes of Zillow and Trulia and passes them onto its team of agents. Founded in 2010 by Aaron Graf and Derek Lee, The Real Deal reports that the brokerage at one time spent $125,00 per month on leads from Zillow alone.
The merger comes just weeks after Compass posted disastrous Q1 losses of $188 million, which led to a mass layoff of 10% of its workforce and the pausing of hiring and expansion plans—including mergers.
Compass is not the only one to have felt the force of the United States' struggling housing market, with Zillow cutting staff numbers and Zumper doing the same.
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