Another example of how the Redfin estimates aren’t generated from some snazzy algorithm – they are just tied to the list prices.
Above is the before-MLS-entry estimate of $823,185.
Below is their estimate after the MLS listing got into their system: $732,229
Hi Jim, what advantages would you say Compass gives to a consumer? From what I can tell so far, they are just building out tools and marketing for agents. I don’t see anything they are doing on the consumer side that would make you want to use Compass over any other real estate website.
I don’t see anything they are doing on the consumer side that would make you want to use Compass over any other real estate website.
Hello Ron!
It’s in the works.
The agent platform isn’t going to be completed for at least another nine months, and the search portal is probably behind that on the priority list.
But the equation is obvious: Build a better portal than Zillow and Redfin and you’ll get the eyeballs!
It would be easy to make a benefits list:
1. Make video the lead feature of the listing.
2. Provide the listing agent’s set of comps and justification of price.
3. Allow people to comment.
None of those are available today, but if they were added to a comprehensive real-estate portal, do you think it would get eyeballs?
I make my suggestions, but hard to know if they will go anywhere yet. The current Compass search portal doesn’t have every property in America yet, so we have room to grow!
Compass acquired a more than 20-person technical team behind the e-commerce app Spring in a move to accelerate the growth of the company’s technology platform and offerings.
“The team at Spring built a service-oriented brand and technology platform that attracted 2,000 of today’s top retailers,” Ori Allon, Compass founder and executive chairman said in a release. “At Compass, we believe in investing in top talent which is why we welcome the opportunity to bring members of the Spring team on board.”
Allon added, “Our new Compass colleagues will execute against and innovate on ways to build the end-to-end real estate platform with real-time insights and technologies that will redefine the industry.”
Compass technical staff, after the acquisition, now numbers more than 120 employees. Satwik Seshasai, Spring’s chief technology officer, will now serve as Compass’ senior director of growth infrastructure.
The new team will join Compass’ existing engineers and technical employees to help accelerate the company’s technology roadmap and develop additional technologies that enhance the agent experience. Compass currently has its own agent-facing customer relationship management tool, equipped with an in-house marketing center and over the summer unveiled new high-tech signage it plans to sell to its agents.
“Spring was founded on the belief that consumers were looking for a better online shopping experience, a single destination where they could find all their favorite brands,” Seshasai, said. “In a similar way, Compass is embracing the digital future and revolutionizing a legacy industry with agent satisfaction at its focus. I am thrilled to help Compass grow its technology platform as it continues to be a leading disruptor in the real estate industry.”
Thanks for your insight, Jim. I think Compass still has a lot to do to catch up to Zillow and Redfin in the consumer side. Hopefully they are building worthwhile tools for you top producing agents to get you to stick around aside from just better splits.
Thanks for your insight, Jim. I think Compass still has a lot to do to catch up to Zillow and Redfin in the consumer side. Hopefully they are building worthwhile tools for you top producing agents to get you to stick around aside from just better splits.
All the SD agents I know came to Compass with an existing book of business. If it takes 1-2 years for the company to grow into its potential, we’ll survive.
It’s about what I expected too. Outsiders who have never been agents trying to produce tools based on what they think we need – there will naturally be some time needed for refinement.
A search engine that’s better than Zillow/Redfin will be the icing on the cake, and put Compass in the position to seriously dominate the landscape. I’ll wait-and-see, because the benefits could be huge.