FORBES SEP 14, 2016
Compass’ recent financing round with a $1B price valuation, only four years after launch, is proof that things are changing in real estate and specifically for real estate agents and their clients. It may be hard to conceptualize, especially for millennial homebuyers, but 15 years ago, the real estate market was a different beast, information-wise. When records used to be buried in file folders, it put buyers in a much different place than they are today, a time when they are able to access detailed property records on their smartphones within minutes.
According to Robert Reffkin, Compass CEO, “Zillow was the first company to provide aggregated information to the consumer. So, for the first time, consumers felt empowered during a real estate transaction. Just the ability to search for property on their own gave consumers more control and more freedom throughout the process.
Susan Daimler, GM of StreetEasy adds, “Tech advancements in the industry have provided more tools for real estate agents to remain connected while on the go, which is especially important in a fast-paced market like New York. Simultaneously, these changes have also raised the bar for what it means to be a good agent. Being real estate-savvy is no longer only about possession of information, but about being able to translate that information into useful insights for buyers, sellers and renters”.
In recent years, we have been seeing new kinds of brokerages that are investing lots of resources in improving the technology for their agents in order to achieve better experience for their clients and an edge in today’s market. Companies like Compass,TripleMint and Real are acquiring new agents and clients with this promise.