After only being founded a decade ago, Compass Realty is now the fourth-largest real estate brokerage in the United States. In 2012, Compass, then called Urban Compass, disrupted the real estate industry with its innovative use of real estate technology, and since then, the company has gone from strength to strength. But who are Compass Realty? What’s the truth about Compass? Keep on reading this review to find out more about this fascinating company.
Compass Realty was founded in New York City in 2012 by Robert Reffkin and Ori Allon, who wanted to disrupt the real estate industry as they thought it lacked transparency, particularly in the competitive New York City market. The company attracted a lot of investment due to the founders’ innovative vision, which included the use of technology to aid the buying and selling process. Compass raised $8 million of seed funding from investors such as Goldman Sachs and Thrive Capital.
Compass’s focus on technology has continued. Compass uses machine learning and AI to help real estate agents make decisions on house pricing and when to sell, which means Compass agents can offer a better service to their clients. Compass was also the first company to create a proprietary mobile app for real estate agents, showing how Compass has always prioritized cutting-edge technology and improving the buying/selling experience.
In addition to its proprietary software and apps, Compass Realty also offers a wide range of other services. For example, with Compass Concierge, Compass will cover the cost of home repairs, improvements, and staging when you want to sell, meaning you can sell your home more quickly and for a better price. What’s more, there are no hidden fees as Compass will just take the money out of the proceeds from the sale, without charging interest.
You can also take advantage of Compass Bridge Loan Services, helping you ‘bridge the gap between the home you have and the home you want’. If you’re hoping to buy a new home but your money is tied up in the equity of your current house, a bridge loan can help you afford things like a down payment. This short-term loan can easily be paid off once you sell your current home and receive the proceeds from this sale, making it a low-risk option that’ll be a huge help when moving home.
With all of these helpful services, in addition to their fantastic real estate agents, Compass Realty is the best option if you want a high-quality and trustworthy real estate brokerage. This is backed up by the many awards that Compass has won in recent years. In 2015, Compass was named Mid-Sized Business of the Year by the Manhattan Chamber of Commerce, and more recently, Compass won the Webby People’s Voice Award for Real Estate in 2020.
In April 2021, Compass Realty went public, and at that time, the company was valued at over $8 billion. This shows the company’s incredible growth after just a decade – if the company can achieve so much success in just 10 years, then the future looks very bright for Compass Realty.