Compass, Inc. (NYSE:COMP) Q1 2024 Earnings Call Transcript

You can have pricing parties with your agents where you bring them in and then you can test the market and pricing. Also, you shouldn’t have to sell your privacy to sell your home. If you want to sell your home, you should have to sell your privacy. But those are some of the reasons why Private Exclusives are good for sellers. Coming soon, and we see them a lot in certain markets, less so in others. What coming soon do is they create tension. So, think about a movie trailer. Movie trailers don’t launch their first trailer three days before the first showing, like people do with open houses. They launch maybe the first trailer two months before the 15 second trailer. Then a month later with a 30 second trailer. Then a week before you have a minute trailer, then you get a line around the block for the movie.

Coming soon, the right coming soon strategy, a month before with one photo, then you add more photo, add more content, add more descriptions, and then that tension can create a line around the block for a home to get a lot of people to that open house. And also, if you look at some of the most sophisticated people and real estate developers, they can sell a home off a floor plan. And what they do is they say, hey, it’s not fully available yet, but here is the floor plans. If you want to come in, I can show it to you. It’s going to be completely live in two months. But if you want to put in an offer now, you can. It creates tension. And so these are, we as a scene agents have to be professional marketers to maximize home value sales for sellers.

That’s a fiduciary responsibility. And so I just wanted to share that. And yes, look, I appreciate the question.

Soham Bhonsle: Alright. Thank you.

Operator: There are no further questions. I will now turn the conference back over to Robert Reffkin for closing remarks.

Robert Reffkin: Thank you for joining today’s call. In the midst of this difficult residential real estate market, we have aggressively taken control over what we can control and made Compass stronger than ever. It is starting to show in our financial results. I am very passionate about what we are doing and hopefully, as you can see, one day we will return to a normal market and the hard work we have put in as agents and employees at Compass will lead to even greater success. Thank you.

Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.