Compass wants to build real estate’s answer to Pinterest

New "Collections" feature targets consumers with pin board concept

New York /
Mar.March 21, 2017 10:00 AM

As the New York City real estate industry spars with listings aggregator StreetEasy, brokerage unicorn Compass is unveiling a new consumer-facing feature that gives apartment hunters an alternative to the popular listings website.

In effect, Compass wants to build the Pinterest of real estate. Its new feature, known as “Collections,” allows consumers to create their own version of the Pinterest pin board for properties they’re interested in, said Leonard Steinberg, president of the firm.

Homebuyers and their agents can organize the properties they’re eyeing in one place and discuss them via a commenting tool. They can also share availability and pricing changes on the board and invite friends and family to weigh in on apartments by posting their opinions on each listing.

In some ways, the Collections feature is the first major public test of Compass’ tech chops. While much of the 1,400-agent company’s reported $1 billion-plus value is said to lie in its technology, most of those offerings have been agent-facing thus far.

Compass agents have already been using the feature for several months behind the scenes with existing clients, but it is now open to the public. Steinberg calls it “the industry’s answer to the modern way people like to shop.”

“Collections helps the homebuyer feel in control of the process and makes searching for or selling a home less cumbersome and more enjoyable,” he said. “Everyone loves a good mood board.”

The brokerage also hopes the feature will become a strong marketing tool, since agents can create public boards to share with potential clients and on social media.

Steinberg said the feature does not directly compete with StreetEasy — which has drawn the ire of the brokerage community with its “premier agent” feature — but it’s certainly an alternative way to shop for real estate. “Shoppers are always going to look to StreetEasy,” he said.


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...