Whether you are looking for a new place to live or need to find a new investment property, Compass is a good option to consider. Their cutting-edge technology makes buying and selling properties easier, and they pay well. But before you sign up for a Compass account, read this review to learn more about the company. We’ve included some pros and cons of Compass, so you can make an informed decision.
Compass is a reputable real estate company
If you’re looking to start your own career in real estate, Compass is one of the most reputable companies around. Founded in 2012, Compass has grown from a small seed round of $8 million to a $1 billion firm with a global reach. Founded by two former Goldman Sachs executives, Compass has a strong reputation and hopes to dominate the luxury home market. While it doesn’t offer brand recognition or training, Compass does provide some prestige.
Many Compass Real Estate reviews focus on a specific agent. Positive reviews note the agent’s professionalism and hard work. Negative reviews mention problems with communication and houses that didn’t receive enough offers. These reviews are specific to a particular office and agent, and may not be representative of all Compass agents. If you’re wondering whether Compass is reputable, read online reviews to see what others have to say.
It has raised $1.5 billion in venture funding
Compass real estate has recently announced a massive $550 million capital raise, followed by another $400 million in September. This total represents more than $1 billion in venture funding for the company in less than 12 months. In just three years, the company has tripled its number of agents from 2,000 to 8,000. During the past year, Compass has acquired twelve brokerages, accounting for 40 percent of the growth in agent counts.
The latest investment round at Compass includes both new investors and returning investors. The company has partnered with SoftBank three times and was hailed as the biggest real estate technology investment in US history. This round of funding comes on the heels of a recent lawsuit filed by The Corcoran Group for stealing confidential information. Since then, the company has expanded its reach into Washington, D.C. and has mediated the fifth largest residential sale in US history. It helped sell Scott Bommer’s Lily Pond Lane properties for $110 million.
It offers technology to streamline the buying and selling process
While many real estate brokerages are focusing on technology to make the process faster, only a handful are truly redefining the industry. The Seattle-based Compass Real Estate Interactive made the leap by poaching agents from a well-established firm. It was so successful that the company was sued by New York’s The Corcoran Group for stealing confidential information from its brokers. However, it has been successful and expanded its footprint to Washington D.C. in 2015. The company mediated the fifth largest residential sale in U.S. history – the sale of the Lily Pond Lane properties by Scott Bommer.
The buying and selling process for real estate often requires a variety of processes that start with searching for a home. You might collaborate with an agent, tour different properties, and refine your search criteria before finding the right place to buy or sell. Traditionally, these processes were managed using various software tools, each with their own advantages and disadvantages. However, the Compass real estate company has taken that one step further by offering a single platform solution.
It pays its agents well
A recent article in The Wall Street Journal highlights complaints from agents who quit the Compass real estate brokerage in Chicago. Some have even described the financial, emotional, and physical consequences of leaving. Compass agents have written the largest checks of their lives, lost thousands of dollars in commissions, and even vomited. The company’s CEO, Mike Golden, has tried to change all this. He has a new company called @properties, which he hopes will provide agents with the same kind of support and respect that he received from Compass.
While the Compass real estate company has been around for nearly 10 years, it doesn’t hire its agents organically. Instead, it has gotten there through acquisitions. The company doesn’t hire newbie agents, and tends to seek out agents with a proven track record of closing deals. In terms of commission splits, Compass favors the independent model, although it has occasionally made deals with agents who are top-producers.
It prides itself on honesty
If you’re looking to sell your home in the Bay Area, Compass real estate might be the place for you. This company doesn’t use the pyramid scheme technique, but instead works as a broker for real estate agents, earning commissions based on sales closing. Their agents are partnered with top-notch technology, a purpose-built mobile app, and a nationwide network of agents. They are committed to maintaining a high standard of customer service and are dedicated to providing clients with the best possible experience.