Real estate is an industry that’s never going to slow down. Houses and apartments are constantly being built all over the world, and demand is constant. We will always need a place for us to eat, sleep, and relax at the end of the day. The property industry truly is booming and one company that is shaking it up is Compass Real Estate.
What is Compass Real Estate?
“A real estate company with a purpose” is the tagline of Compass Real Estate. Founded just a decade ago in 2012, they have since come on leaps and bounds in the short time they’ve been operating, seemingly finding their own purpose with the technology they’ve created.
As a legitimately registered real estate broker, with headquarters in New York, their numbers have soared over the years. They currently have over 20,000 agents and 3,000 employees working at Compass, highlighting how quickly the company has scaled in a short space of time. Due to this growth, the company now has the prestigious accolade of being the USA’s largest independent real estate brokerage.
So, what makes Compass different?
Well, their use of innovative technology has them leading the way, through various forms. For instance, their sophisticated app – Compass Markets – features real-time residential real estate data, allowing users to assess recent transaction data as well as look over historic sales trends. They are the first company to have a mobile app specifically for real estate agents.
Another example of their modern practices is their use of an interactive workspace, Compass Collections. This allows collaboration in the organization of processes, pricing updates, and much more. This means that everything is more seamless than traditional property sales, as all the information should be up to date as it happens, and everybody is kept in the loop with what’s going on. This smart use of technology is beneficial to clients as well as agents.
How do they work?
With the use of these high-tech platforms offered, Compass is able to bridge the gap between agents and clients. Then, when sales are finalized, Compass is rewarded with a percentage of the commission payment for each property, with the agent also getting part of it. However, without the technology, many agents wouldn’t see the same amount of success in finding the right individuals for their properties, which is what makes Compass so appealing.
In April of 2021, the company went public with a valuation of $8.22 billion. Compass Real Estate shows no signs of slowing down, so it will be very interesting to see where the future takes them. As their prowess with technology has brought them so much success, it’s inevitable that many other businesses will seek inspiration from this, but will they be able to match the original?
Compass Real Estate has garnered a lot of profit, employees, and attention in the relatively short time they’ve been in business. Seen as a trailblazer in the industry, they’re certainly one to watch, as their own website states they’re a “tech company reinventing the space”.