{"id":3304,"date":"2022-07-13T10:00:00","date_gmt":"2022-07-13T10:00:00","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/07\/13\/can-tech-point-compass-in-the-right-direction\/"},"modified":"2025-03-13T02:44:33","modified_gmt":"2025-03-13T02:44:33","slug":"can-tech-point-compass-in-the-right-direction","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/07\/13\/can-tech-point-compass-in-the-right-direction\/","title":{"rendered":"Can tech point Compass in the right direction?"},"content":{"rendered":"\n
\"1200X675_Compass_Art_2022\"
Compass Robert Reffkin<\/figcaption><\/figure>\n\n\n\n

Steve Clark joined Compass<\/strong> in 2016, and became an instant believer. <\/p>\n\n\n\n

\u201cTheir technology is amazing,\u201d the Pasadena real estate agent said over the phone. \u201cThere is a great search tool. It is very collaborative to the client. And the app is a one stop-shop.\u201d<\/p>\n\n\n\n

\u201cWhat they set out to do for the most part they accomplished,\u201d Clark added, praising Compass co-founder and CEO Robert Reffkin. \u201cHe did what Elon Musk did for electric cars. Maybe Tesla<\/strong> is not the best, but it was an industry disruptor. He really pushed the limits with tech.\u201d<\/p>\n\n\n\n

But the brokerage\u2019s app designed for agents ultimately held little sway over Clark\u2019s career path. He joined white-label brokerage Side <\/strong>in April.  \u201cI\u2019m more of a boutique kind of guy. When I started Compass was a small company, and then it became a very big company because of acquisitions. It was no longer a good fit.\u201d<\/p>\n\n\n\n

Today, Compass is the biggest U.S. residential brokerage by transaction volume, according to RealTrends<\/a>. <\/p>\n\n\n\n

Since starting in 2012, Compass has presented itself as a technology company. Compass is a \u201ctechnology-enabled brokerage,\u201d per its annual report<\/a>. <\/p>\n\n\n\n

Compass critics pounce on this description. \u201cThey are a disruptor in capital, not in ideas,\u201d real estate appraiser and Compass competitor Jonathan Miller has said. (Miller prepares market reports for Compass rival Douglas Elliman<\/strong>. Compass has raised $1.9 billion, including from its initial public offering.)<\/p>\n\n\n\n

The reality is more complex. Compass\u2019s technology platform is no mere marketing ploy. It is respected, even adored.<\/p>\n\n\n\n

But Wall Street has consistently valued<\/a> Compass as a pure real estate company with no extraordinary technology offering. <\/p>\n\n\n\n

And the tech may not be enough to lift the company \u2013  which has lost $682 million over the last five quarters<\/a> and laid off about 450 workers in June<\/a> \u2013 out of financial struggle. <\/p>\n\n\n\n

\u201cThey were probably the first movers,\u201d said Ken Johnson, a real estate professor at Florida Atlantic University<\/strong> and former agent. \u201cBut there is nothing there that others couldn\u2019t quickly replicate.\u201d <\/p>\n\n\n\n

Inside the app<\/strong><\/h3>\n\n\n\n

\u201cAgents are our customers,\u201d declared Rory Golod, Northeast and West Region president at Compass, while sharing his computer screen with a reporter. \u201cThe tools we\u2019re building are being built and have been built for them.\u201d<\/p>\n\n\n\n

The \u201ctools\u201d is really one multifaceted tool, an app or online dashboard. Golod first exhibits a part of the platform called Collections, \u201ca visual portfolio of the buying process,\u201d in which agents grab data from the local Multiple Listings Service, and listings internal to the Compass network, and share properties with homebuyers. <\/p>\n\n\n\n

\u201cThink of this almost as a Pinterest<\/strong> board for the client,\u201d Golod said. <\/p>\n\n\n\n

Golod demonstrates how agents can manipulate images for desired properties, and set up a touring schedule for their clients. <\/p>\n\n\n\n

\u201cI can share this with my client and in one click create a beautiful PDF that outlines everything we\u2019re going to do that day,\u201d he said. \u201cSo you can see we went from searching properties via Collection and creating a tour without ever leaving the system. It\u2019s all in one place.\u201d<\/p>\n\n\n\n

Golod displays data on past sales and current listings that is powered through an artificial intelligence. Then he walks through the customer relationship management system, or CRM, and the Marketing Center, which allows agents to create email blasts, videos, digital ads, postcards and brochures. <\/p>\n\n\n\n

Golod calls the app \u201cintuitive,\u201d and he appears to have a point. There is an evident ease in bouncing around from tasks \u2013 importing Multiple Listings Services information<\/a>, setting up automated marketing messages, creating the aforementioned home touring plan \u2013 that are quite different from one another. <\/p>\n\n\n\n

Wayne Hitt, a Compass agent in Baltimore, said that at his prior brokerage, WSK Properties<\/strong>, \u201cEverything was siloed,\u201d requiring him to download one app for contract writing, another to construct a listing agreement, and another still to check production numbers.<\/p>\n\n\n\n

Within this singular dashboard are easy to assemble rows and columns that provide nuance for agents. \u201cI love the CRM and am very diligent about keeping that up to date,\u201d said Thebe Warren, a Houston-based Compass agent. \u201cI also love the business tracker. It separates buyers and sellers into those I have made initial contact with, those who I am nurturing, and those who I have just worked with.\u201d<\/p>\n\n\n\n

Separating serious clients from dark horse leads can be particularly effective for agent teams. Compass, like many other brokerages, has \u201cteams,\u201d which simply means that one agent can say they are the leader for a group of agents. Depending on the set up, the leader coordinates tasks among the group and creates team branding. With Compass, the team leader is the \u201cprincipal agent.\u201d<\/p>\n\n\n\n

\u201cWhat I like about business tracker is that it\u2019s a platform that my entire team can be on,\u201d said Dana Green, head of the Lafayette, California-based Dana Green Team. \u201cIf we\u2019re listing a house then we can upload our listing checklist and we can go in and see where we are on that checklist or where conversations last left off with the client.\u201d <\/p>\n\n\n\n

Another app feature is \u201clikely to sell.\u201d As with categorizing the promise of leads, agents praised how potential clients are ordered. \u201cIt tells me who has a high likelihood of selling, who is medium, and who is low,\u201d said Warren, of Houston. <\/p>\n\n\n\n

With the likely to sell component, \u201cI literally sent out a few emails to people on that list and in a two-day span, I got four transactions,\u201d said Todd Armstrong, a Compass agent in San Diego. <\/p>\n\n\n\n

The Compass app, Armstrong said \u2013 echoing most agents interviewed for this story, \u201cHas been huge for me.\u201d <\/p>\n\n\n\n

No one else is even trying <\/strong><\/h3>\n\n\n\n

\u201cWe have the only in-house, proprietary platform in brokerage,\u201d Golod said in a later interview. \u201cNo one else is even trying.\u201d <\/p>\n\n\n\n

Really?<\/p>\n\n\n\n

What about eXp<\/strong>? The company runs on Virbela<\/strong>, a virtual work world. And, United Real Estate<\/strong>, which has a proprietary, truly cloud-based system<\/a>?<\/p>\n\n\n\n

What about @properties<\/strong>? The Chicago company has @platform<\/strong>, a one-stop shop for its agents that has been around since 2012. <\/p>\n\n\n\n

In addition to its CRM and transaction management functions, the brokerage Monday announced the rollout of MoveLogic, a feature similar to Compass\u2019s \u201clikely to sell.\u201d MoveLogic compares contacts in the agent\u2019s CRM to the behavior of past homebuyers, sellers and nonmovers to identify contacts possessing a propensity to move. According to @properties, the product was built in-house. <\/p>\n\n\n\n

And what about Keller Williams<\/strong>? Gary Keller began refashioning Keller Williams as a technology company back in 2015. Keller Williams in December launched<\/a> KW Command<\/strong>, which they<\/em> claimed is the \u201cfirst real estate platform to connect agents, clients, data and systems.\u201d <\/p>\n\n\n\n

\u201cMaybe KW has an in-house CRM,\u201d Golod conceded. \u201cThey do have some engineers.\u201d<\/p>\n\n\n\n

But Golod argued that Compass has not just the most informative, user-friendly, or quick to evolve all-in-one app for its agents, but the only<\/em> such app in the industry. <\/p>\n\n\n\n

\u201cThere are other firms that may have solved one thing you need,\u201d he said. \u201cBut we have solved 10 to 12 things you need.\u201d <\/p>\n\n\n\n

It is tantamount to Elon Musk not just saying Tesla has the best electric car or was a pioneer in electric car making, but Musk accusing all his rivals of still only<\/em> making Dodge Challengers<\/strong> and Pontiac Grand Prix<\/strong> with V8 engines. <\/p>\n\n\n\n

In fact, 54% of real estate agents receive a CRM platform<\/a> from their brokerage affiliate, according to the National Association of Realtors\u2019<\/strong> 2021 technology survey. Fifty percent are provided with transaction management platforms; 32% have digital marketing platforms; and 31% receive lead generation tools. <\/p>\n\n\n\n

Perhaps these platforms are located in different apps instead all in one. Maybe they\u2019re not very good. But the NAR survey suggests other brokerages also foot resources to be something besides archaic. <\/p>\n\n\n\n

Compass has probably spent more<\/em> resources, a point Golod made. \u201cIt has required hundreds of millions of dollars in continual capital,\u201d he said. <\/p>\n\n\n\n

This money has gone to acquire tech-focused companies, like the customer relationship management, or CRM, platform Contactually<\/strong>, Glide<\/strong>, which is used by the California Association of Realtors <\/strong>to digitize the administrative paperwork of home sales<\/a>, and Modus Technologies<\/strong>, a title platform that Compass shut down last month as part of the company\u2019s sweeping austerity measures<\/a>. <\/p>\n\n\n\n

It also went to hire \u201ca team of over 1,500 highly experienced product and engineering professionals based out of our innovation hubs in New York, Seattle, Washington D.C. and several cities in India,\u201d according to the 2021 annual report, filed with the Securities and Exchange Commission<\/strong> in February. Compass declined to specify for this article how many tech employees were laid off as part of its June layoffs. <\/p>\n\n\n\n

The platform requires a \u201ctremendous amount of engineering and capability. The workflow is so nuanced and unique.\u201d <\/p>\n\n\n\n

Compass spent $273 million in overall research and development expenses for 2021, and $144 million in R&D costs in 2020. <\/p>\n\n\n\n

The R&D money is a significant outlay for a company not only losing money, but one that sees over 80% of its revenue go out the door in agent commissions. Compass\u2019s 2021 revenue after \u201ccommissions and other related expenses\u201d was $1.1 billion.<\/p>\n\n\n\n

To spend that much money \u2013 \u201cOther companies are spending a fraction of us on research and development,\u201d Golod said \u2013 Compass is raising the bar to not just have an app agents prefer, but an app agents wildly prefer, an app that will keep producers at the firm even after the bonus money and unsustainably favorable commission splits<\/a> run out. <\/p>\n\n\n\n

That \u2013 industry pros have contended in the past year \u2013 is perhaps the company\u2019s chance at turning its financial ship around. <\/p>\n\n\n\n

\u201cThe theory is that the platform will be so good and ‘sticky’ agents won’t be able or won’t want to leave, even when their splits get dialed back,\u201d said Matt McCormick, executive vice president at TTR Sotheby’s International Realty<\/strong> and a former senior managing partner at Compass.<\/p>\n\n\n\n

Is the juice worth the squeeze? <\/strong><\/h3>\n\n\n\n

Compass must contend with two different kinds of agents that, for them, are an obstacle toward any turnaround. <\/p>\n\n\n\n

The first is someone like Beth Wexler of @properties<\/strong>, who is perfectly happy with her current brokerage\u2019s technology.<\/p>\n\n\n\n

\u201cThe technology offered by @properties is really an investment in their agents,\u201d Wexler said. \u201cThe backend systems, when we are listing something or putting something under contract it is just very seamless. And they really listen to our feedback and everything we ask for.\u201d<\/p>\n\n\n\n

The second kind is typified by Clark, now of Side, or Tracy Do. <\/p>\n\n\n\n

A high-profile agent in Pasadena, California, Do joined Compass in 2015 and enjoyed using Compass\u2019s technology. She also \u2013 like other current and former Compass agents interviewed \u2013 found the branding appealing. <\/p>\n\n\n\n

\u201cThe overall look and marketing approach appealed to me,\u201d Do said. <\/p>\n\n\n\n

But, technology, Do said, is not just very important. <\/p>\n\n\n\n

\u201cFor all this so-called innovation, residential real estate remains a sit-down, face-to-face job,\u201d she said. \u201cBuying and selling a home is personal and emotional, and no amount of technology is going to change that.\u201d<\/p>\n\n\n\n

In fact, at a certain point, Do became turned off by Compass\u2019s technology boosterism, a feeling that reached its breaking point during last month\u2019s layoffs at Compass, as well as self-styled tech brokerage competitor Redfin<\/strong>. <\/p>\n\n\n\n

\u201cThat they are downsizing as the market cools, I find it distasteful and unconscionable,\u201d she said. \u201cLives are being impacted, simply because they thought they could \u2018disrupt\u2019 and dominate the real estate industry, which was never going to happen and in my view never will.\u201d<\/p>\n\n\n\n

In June, Do moved over to Coldwell Banker<\/strong>. <\/p>\n\n\n\n

How many Wexlers and Dos are out there is a critical question to Compass, because agents are the only ones left to buy the tech the brokerage is selling. <\/p>\n\n\n\n

The other audience, of course, was investors. But while Compass was a darling to the SoftBank Vision Group<\/strong>, and other venture capital firms, stock investors are unmoved. <\/p>\n\n\n\n

As of Tuesday, Compass had a market capitalization of $1.83 billion, or exactly the amount it raised from investors. That\u2019s somewhat better than Anywhere\u2019s<\/strong> $1.25 billion market valuation, and a little worse than eXp\u2019s $2.17 billion market cap. <\/p>\n\n\n\n

Compass expected Wall Street to treat it like a tech company, one whose app could transcend the vicissitudes of housing cycles and lift the company beyond the laundry list of brokerages. The firm set its stock<\/a> to trade at $23-$26 a share, before it went public last April. The Compass stock today trades at $4.60 per share. <\/p>\n\n\n\n

\u201cThere is nothing that fancy about Compass\u2019s technology,\u201d Johnson of Florida Atlantic University argued. \u201cOthers can mimic it in short order.\u201d<\/p>\n\n\n\n

But, now, in a bear market, it\u2019s time to move beyond proclamations<\/a> and see if Compass\u2019s tech can pull it through hard times. Compass can still prove itself a well-performing tech-enabled brokerage. <\/p>\n\n\n\n

\u201cGiven where capital markets are today, where the world is right now,\u201d Golod said, other companies won\u2019t be able to muster the resources to compete with Compass. <\/p>\n\n\n\n

\u201cThat\u2019s why we continued to push and continued to innovate,\u201d he later added. \u201cWe are still investing significantly more in software than every other real estate brokerage combined.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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