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Compass and Big Plans

I watched the video of Robert Reffkin’s vision for real estate’s future (via Inman)…

Compass’ goal is 20% market share in the top 20 cities by 2020.

How are they going to do it? Invest in their team (meaning buying agents), and build a…CRM?

Say what?

CRMs exist already. Many of them. Agents don’t use them. Yet another CRM isn’t going to solve that problem unless you change the core agent compensation model the way Redfin has.

To grow a brokerage, you either buy/poach agents with existing clients — or, you attract new buyers/sellers with a differentiated offering. When I look at their website from a consumer (buyer) perspective, I don’t see an answer to “how are we different”. I see the same thing I see on every other agent or broker website.

I do love Robert’s energy; he’s a great speaker. Yet he (and the company) seem to be big on plans, and short on results.

Will Compass prove me wrong in 2018 (and 2019 and 2020)?

About Drew Meyers

Founder of Geek Estate Blog / Geek Estate Labs. Zillow Alum. Travel addict & co-founder of Horizon. Social entrepreneurship & microfinance advocate. Fan of Red Hot Chili Peppers and Kiva.

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  • Eileen Romito

    I’ve struggled to fully understand Compass’ value prop as well. I felt that video lacked substance and specifics.

    • Yea, all I keep hearing is that they are buying agents with big books of business. I mean, that’s surely one way to build a brokerage (a very expensive one). It’s not innovative though. What unique advantage do their agents have? What unique advantage do buyers/sellers using a Compass agent receive?

  • I’m at a loss for words–great post.

  • $100M in new funding – https://www.inman.com/2017/11/08/compass-raises-100m-on-1-8b-valuation-ipo-possible/

    How much will it cost to buy 20% market share in each city?

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