business
Compass Expands Pre-Market Listings Amid Acquisitions and Industry Shifts
Compass has introduced a new listing format that omits sales history details, allowing homes to be marketed and sold before officially hitting the market. The brokerage's strategy, led by CEO Robert Reffkin, has prompted partnerships and legal disputes with rivals like Zillow and Redfin. This approach aims to address low inventory in a stalled U.S. housing market.
Apr 26, 7:00 AM·3m read1 source
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Compass, the world’s largest real estate brokerage, has rolled out a new listing format that excludes sales history information such as days on market and price cuts. Homes in this format can still be purchased, even though they have not officially hit the market.
The format was created by Robert Reffkin, the co-founder and chief executive of Compass, who has pushed for promoting new listings online before homes are technically for sale for nearly two years.
This practice, known as pre-marketing, is gaining traction as other real estate firms begin to follow Compass's lead. Supporters state that “Coming Soon” listings give sellers and real estate agents more control over how properties are marketed. Traditional listings show a home’s price history and days on market from local Multiple Listing Services.
In an interview with CNN, Reffkin said: “I believe buyers have the right to know what attributes of the house are real and accurate.” Compass encourages agents to roll out listings gradually: first as private exclusives to a small network, then as “coming soon” online, and finally as traditional public listings.
Despite a struggling real estate industry, Compass reported a record $7 billion in revenue last year. In January, the company announced the acquisition of Anywhere Real Estate, the parent company of major brokerage brands including Century 21, Coldwell Banker, Sotheby’s International Realty and Corcoran.
The $1.6 billion all-stock deal would create a brokerage with roughly 340,000 agents across 120 countries.
