Compass CEO Robert Reffkin says that the company is going to offer services that will allow more post-transaction home services to its customers, on a podcast with Bloomberg.
Reffkin believes the real estate industry is experiencing a “Netflix versus Blockbuster moment,” and he wants his company to emerge as a one-stop shop that provides all services associated with moving.
Reffkin outlined his vision for Compass during an interview this month with Bloomberg, saying that his goal is “to realize the greatest real estate dream of the last 25 years, which is one-stop shopping.”
“Not just a place where consumers can come and search, but where everything is in one platform,” he explained. “Mortgage, title, insurance, escrow, inspectors, move-in services, everything in one place creating harmony.”
Though Reffkin did not reveal the specifics of how Compass might achieve that goal, he did say a new batch of engineers the company has been hiring could end up working on the problem and figuring out how to go “beyond just the transaction to what happens afterward.”
“It may be transaction management and the aftermarket,” he said of the work Compass’ engineers will do going forward.
Asked about Compass’ ambitions and Reffkin’s comments, company spokesperson Jason Post told Inman in an email that “our hope is to build tools to take part in more of the transaction.” He also noted that Compass already owns an escrow company in Southern California, and that “we recently hired Max Henderson from Google to look at these possibilities.”
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