Real estate company, Compass, fills the technological need in the real estate industry by launching collaborative home-search tool — Collections.
In this fast-paced world we live in and since the uprising of the Internet of Things, everything has been all about instant gratification. Be it shopping or accessing information, we are all expecting everything to be done in just a snap of a finger or a push of a button.
This technologically advanced real estate brokerage is the epitome of rapid growth. In just a span of four years, the company already operates in 30 offices across 10 regions in 2016 — having almost 1,400 agents and an assumed revenue of around $180 million during the said year.
What sets Compass apart is the way they “marry” real estate and technology.
Its founders Ori Allon and Robert Reffkin have proven how valuable it is when these two industries are combined, and it seems like they’re not alone in this vision. Needless to say, the company has raised a hefty amount – more than $210 million from the likes of Wellington Management, Thrive Capital, and Founder’s Fund. Their reported valuation is said to exceed $1 billion.
For their latest venture, the company seems to be taking a cue from Pinterest. And since this social media giant’s launch, it has won the hearts of netizens all around the globe. When people search for pegs, or themes, about all topics under the sun, the number one go-to site is no other than Pinterest.
The reason behind this could be a lot of things. First and foremost, its “super-easy” share buttons and user interface provide a fast save-and-share option. Second, creating a board and searching for images to add to it cannot be easier. Lastly, brands and designers alike are all on the platform, providing a seemingly unlimited source of inspiration for the regular netizens.
One of the most popular categories on Pinterest is real estate.
Go to the site and be greeted by countless numbers of interior design photos, architecture snapshots, house hacks, and even step by step nifty crafts with one simple search. One can easily visualize his or her own dream home by just creating a board on the site, saving pegs for all the different rooms, and showing them to the designer (or doing it yourself).
With this said, it makes sense for Compass to borrow ideas from Pinterest and weave it into their real-estate-focused platform. And this they did – this initiative gave birth to Collections, an interactive online search tool. Think Airbnb combined with Pinterest for potential homeowners. It allows buyers to interact with agents, and vice versa. The platform provides users the ability to check, monitor, discuss, negotiate, and collaborate on properties.
“Collections is the real estate industry’s answer to the modern way people like to shop. Today, everything is about curation and personalization. With that in mind, we set out to build an intuitive and visually compelling way for clients and consumers to search for a home and interact with our agents,” says Leonard Steinberg, USA’s top-rated real estate agent and president of Compass.
“Collections helps the home-buyer feel in control of the process and makes searching for or selling a homeless cumbersome and more enjoyable.”
Last November 2016, the company rolled out a beta version of the tool to almost 1,400 agents and their respective clients. Nearly 90% of the agency teams and their 10,000 customers are using the product.
“It takes everything an agent and client are used to doing over email, phone, text and consolidates that communication into one tool,” Steinberg says. “It also considers that real estate decisions are rarely made alone.”
“Collections” mixes the buyer’s liberty of selecting from property listings and the agent’s expertise – all without the hassle. A research by the National Association of Realtor found that while 51 percent of consumers find their potential house purchases online, 88% of them still rely heavily on agents to help them in their search.
What the platform seeks to do is to collate the entire home search process and seamlessly incorporate them into one sleek tool. And, with its collaborative nature, it is the perfect product that will provide convenience for both buyers and agents.