What’s Compass and Why Is It In the News?

Functioning like a traditional broker, Compass marries agent and buyer needs with today’s technology, reducing the time and friction commonplace in real estate selling and purchasing. According to company founder Ori Allon, Compass aims to make the experience more “transparent, convenient, expedient, and intuitive” for all parties involved.

Interesting advantages
Closely resembling Redfin in its infancy, Compass offers cutting-edge tools for both agents and consumers.

For agents…
Much of the software Compass offers to agents exists in other forms. However, its services are said to include “proprietary agent technology,” including:

• An agent-only app, touted to reduce the necessity of traversing multiple platforms, and instead replacing them with Compass’ “one-stop marketing, property valuation, and open house capabilities.”

• A valuation and CMA tool allowing agents to “value properties better than any tool in the country.”

• A listing strategy tool complete with insight into which month might be best for listing, and best pricing strategy by month.

• Dynamic, “national real-time market reports” versus “stale” quarterly reports commonly found elsewhere.

• The ability to create high-quality collateral in seconds via their proprietary open house and “show sheet” tool.

For consumers…
Buyers and sellers can search for standard metrics such as bedrooms, bathrooms, or lot size, but may also search more advanced metrics like days on the market, peruse a year-over-year analysis of median price per square foot, or gain insight into negotiability.

Service areas
Compass currently has a presence in Washington, DC, Miami, Boston and Cambridge, the Hamptons, Aspen, Colorado, and the California markets of Beverly Hills, Malibu, Pasadena, and Santa Barbara. According to company reports, its real estate selling through the site equates to about $7 billion annually.

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