By Tiana Baur
To recap quite possibly the most significant announcement of 2017 for our industry, Softbank invested a whopping $450 million into the new, shiny tech brokerage: Compass. Emphasis on the brokerage, emphasis on that dollar amount since it’s the largest investment into real estate technology ever, from the world’s largest technology investment fund. They basically did a mic drop to cap off an already crazy real estate tech announcement year. Needless to say, our CEO had some words.
So, Compass is now valued at $2.2 billion. Casual pocket change, am I right? On a serious note though, they aren’t just planning and raising money, they are doing and achieving. That alone makes this all the scarier.
A few months ago, CEO Robert Reffkin announced a 2020 by 2020 plan. Which meant they are going to expand into 10 new markets in the U.S. by 2020, and grab 20 percent of the market share in the 20 largest U.S. cities. The cities they’re expanding to being Seattle, San Diego, Phoenix, Dallas, Austin, Houston, Atlanta, Charlotte, Philadelphia, and Chicago.
Only a couple exasperated brokerage breaths later, they announced they had ALREADY expanded to Chicago, rapidly growing from a team of 20 top tier agents they plucked from the competition. If that doesn’t make you want to vomit in your own shoes then I don’t know what will. This is real, and it’s terrifying for most brokerages out there.
How on earth do you compete with that?!
Chances are, you’re not going to get Softbank to invest millions upon millions into your brokerage. But that’s okay, because there is another way to survive and even become a stronger, more productive brokerage than you ever thought was possible.
The not-so-secret ingredient: an open platform. In fact, it’s not just an ingredient, it’s THE ingredient for brokerage success. Ever tried baking a cake without some type of flour? Pretty. Freaking. Awful. Think of an open platform as your brokerage’s flour. It provides the structure and strength, holding everything together, in one tasty package. You can add in nuts, chocolate chips, even peanut butter. The options are endless and it’s up to you to decide what is going to taste the best.
Take the Moxi Cloud open platform for example. We have over 40 tools and services – DocuSign, Imprev, Intuit, Buyside, Offrs, Flipt – to name a few. Our brokerage clients get to pick any and all they wish to, and all their data and tools and services are put together, working seamlessly with their roster, brokerage assets, CRM contacts, MLS data, and more.
Compass might be trying to make all their own software, but you don’t have to in order to provide your agents with the tools and services they’re craving. An open platform delivers higher flexibility, efficiency, and profitability to your brokerage and agents.
An open platform is the only way to future-proof your brokerage against the rapidly-evolving technology space. It’s the Compass killer. What are you waiting for? A Compass announcement in your neck of the woods?