Compass announced Thursday the launch of a new agent-facing comparative market analysis tool (CMA), which will be powered by the company’s investment in artificial intelligence (AI). The CMA will be integrated into the company’s overall technology stack, which also includes a customer relationship management tool and marketing tools, among others.
“CMA is a must-have tool for every agent on the Compass Platform,” Kyle Rocco, Compass’ director of product marketing, said in a statement. “Compass’ new CMA enhances our agents’ market expertise by making AI-powered recommendations and simplifying complex data so they can help their clients build the best possible pricing strategy for their home.”
With the CMA, Compass agents can generate data-driven presentations by simply inputting property information. The tool helps agents choose the right comparables and evaluates those comparables in a step-by-step workflow. The company says the AI-powered platform can crunch complex market data in simplified, straightforward charts.
The tool searches for and presents agents comparables based on the client’s property. Agents can compare the listings side-by-side and make their own suggestions to the client, or just allow the platform to make the suggestions.
The digital CMA presentation can be shared with clients to be accessed at any time.
“The Compass CMA is a perfect example of a product we designed with the agent-client relationship at its core,” Rocco said. “By using the AI-powered CMA, our agents are able to elevate their client conversations, win more listings and ultimately grow their business.”
A screenshot of the platform. | Photo courtesy: Compass
The launch of the CMA comes amid a busy time for the company’s product roadmap. In 2020, Compass has already rolled its proprietary CRM, virtual agent services, Compass Lens, a revamped marketing center and video tools.
Compass has long gone to market with the promise of being a tech company — the company calls itself a “real estate technology company” — but prior to 2020, had little public-facing technology that it was willing to share with the world. With the company’s most recent funding round, Compass said it would dedicate the capital raise towards developing its technology platform.
The company boasts of a product and engineering team of more than 500 employees, which is headed by Joseph Sirosh, a former Microsoft executive, and Greg Hart, a former Amazon executive.