As it continues to flex its muscles across the industry — most recently through its planned acquisition of Anywhere — national brokerage Compass has launched a new proprietary tool to track homebuyer activity in real time, Inman has learned exclusively.
The tool, called “Buyer Demand,” will allow Compass agents and their seller clients to view buyer market insights — including the number of buyers searching for homes like theirs — as they are happening in real time through data from millions of saved searches and other activity within Compass’s network.
Robert Reffkin
“Buyer Demand gives our real estate professionals the ability to walk into a listing appointment with real-time visibility into serious buyers, allowing homesellers to see exactly how much interest exists for their home at specific price points,” Compass CEO and founder Robert Reffkin said in a statement. “It’s another example of how we’re investing in technology that reinforces the role of real estate professionals as trusted, data-driven advisors guiding their clients through one of life’s most important decisions.”
With Buyer Demand, Compass agents will be able to search any address, enter in a price point and see how many serious buyers are looking for similar homes through the Compass Collections (a collaborative search tool between buyers and agents) and Saved Searches features. The brokerage defines serious buyers as those working with a Compass agent in the Collections platform or those who have set up search criteria with an agent and are actively searching.
The tool is meant to give agents and their clients a more immediate look at what’s happening in the market, rather than relying on closed sales or other data that is often weeks or months old.
Buyer Demand is the latest of similar agent and homeseller insights tools that Compass has rolled out in recent years, which also include Reverse Prospecting, a tool that provides homesellers intel into who is looking at their listing within Compass’s network, and Compass One, the brokerage’s client portal, dashboard and its exclusive listings platform.
The tool appears to reinforce Compass’s commitment to empowering homesellers, which has been a focus for at least the last year as the firm has doubled down on its private exclusives network amidst the wider industry debate over the merits of the National Association of Realtors’ Clear Cooperation Policy.
Compass is conducting an all-company Demo Day on Tuesday at 1 p.m. ET to show agents how the new tool integrates with the Compass CRM, Business Tracker and other tools on the brokerage’s platform.
