Compass International Holdings (CIH), the parent company of real estate brokerage Compass, is teaming up with Rocket Companies and Redfin to display its Compass Coming Soon listings for Redfin’s 60 million monthly unique visitors to see.
CIH and Rocket announced the partnership Thursday afternoon. In an email sent to Compass agents by Reffkin and obtained by HousingWire, Reffkin told agents this syndication agreement would take effect on March 16.
Agents who wish to have their listings syndicated sooner may contact Compass. Currently, the syndication only pertains to Compass agents, but Reffkin said it will roll out to other CIH brands, including @properties Christie’s International Real Estate and Corcoran, later this year.
Written seller consent will be required to display the coming soon listings on Redfin and Compass said sellers can opt out of the syndication if they would like. If they choose to display the listing on Redfin, seller’s coming soon listings will be prioritized in search results on Redfin. The listings will not show days on market or have a visible price drop history.
The listing agent’s contact information will appear with listing and if a consumer submits a Contact Agent form on a Compass coming soon listing on Redfin, the lead will be routed first to the listing agent of record. That agent then has 24 hours to claim the buyer lead. If the lead remains unclaimed, it will be sent to an agent in the Compass Leads Program.
Direct connections
While this syndication only extends to coming soon listings, Compass said it will explore with Redfin an experience like that on Compass.com, which gives them visibility into the number of Private Exclusives available in their area, at a later date.
“We believe listing agents should be connected directly with interested buyers, and sellers should have the freedom to list their homes in the manner and method they choose without fear of misleading insights that damage its value,” Reffkin said in a statement. “Now, our real estate professionals can give sellers the choices they deserve, with increased exposure to 60 million potential buyers.”
In addition to displaying Compass Coming Soon Listings, though the partnership, eligible buyers working with an agent at a CIH brand will be able to gain access to Rocket Preferred Pricing, which includes either a one percentage point interest rate reduction for the first year of the loan or a lender credit of 0.75% of the loan amount up to $6,000. According to Compass, the program will also create new opportunities for its agents to receive buyer leads directly from Redfin.com and Rocket.
In a press release, Rocket said the partnership has the potential to bring “more than 500,000 additional listings to the Redfin platform”
“When barriers are removed and supply grows, affordability improves,” Varun Krishna, CEO of Rocket Companies, said in a statement. “Today’s challenge is friction in the homebuying process and a lack of inventory. By bringing search, agents and financing into one connected platform, we can help more sellers enter the market, reduce complexity for buyers and make homeownership more attainable.”
English (US) · 