Casavo Wants to be 'Compass of Europe' by 2028 as More Acquisitions Expected

Charlie Cinolo, head of sales in Italy at Casavo, has told Simplybiz.eu that the former iBuyer-turned-broker is taking a page from Compass's playbook as it eyes a major European expansion over the next two years.

At the heart of the company's strategy is taking the lead on consolidation in a fragmented Italian market saturated by agencies with less than €1 million in annual revenue.

Cinolo says Casavo's technological capabilities are an attractive proposition for illiquid agencies that can't invest in up-to-date marketing and technology, and the company is well placed to double the number of agents in its network by 2028.

"Casavo aims to create the European Compass," said Cinolo.

"The Casando deal [announced in April] was a milestone, our first test. We already have new acquisitions in the pipeline. In July, we acquired a real estate agency in Cagliari, which will open on September 18th. And we're analysing over 10 agencies, representing as many deals in the due diligence phase.

"We are perfectly organized to operate along three parallel lines. One is organic growth, which is led by an internal recruiting team of 20 agents. We also integrate agencies with revenues of less than €1 million through the purchase of a business unit. For agencies with revenues of over €1 million, we implement a structured M&A transaction, through which we acquire 100% of their shares.

"Casavo is the opposite of a franchise. Casavo covers all the overhead costs, bureaucratic and administrative fees, as well as marketing, training, and event expenses. When you join a branded agency, there are no entry fees or office renovation costs. Within the company, you can then pursue a horizontal or vertical career, becoming a top producer or manager, and earnings are scaled based on your turnover.

"By 2028, all our agents will have their own virtual coach, who will remind them of missed calls, appointments, and tasks." [all quotes translated from Italian]

Cinolo added that Casavo has invested in a virtual coach for agents that eliminates manual work, while automatic advertisements, 24/7 autoresponse, and digital document reviews are all currently being tested.