Robert Reffkin: How about I’ll start on the client portal and then Greg, how about — you feel free to add, and on T&E, either Greg or Kalani, please take it away. On the client portal, the number one reason why agents come back to Compass, when — every agent that comes back to Compass, I ask them why. The number one thing that I’ve heard them say is, my clients miss collections, which is a collaborative tool where an agent works with a buyer on the portfolio of listings that they’re reviewing. You have price status changes real time. You don’t have to look in e-mails for e-mail updates and you have all your comments in there with not just the client, but whoever the client — there are two people or three people searching with the client.
It’s all there in perpetuity. So when an agent leaves, their clients are like, whoa this — I have to restart my entire search, resolve the history, now I have to go back and forth by e-mail and text message. I can’t — I don’t see when there’s a price or status change. That — I’m not as happy as a client. And so, we are — and the second was tour sheets and more client tools where the agent is actually working with the client. And by background, the vast majority we’ve built for agents, the client can’t see. It’s hidden on the agent view only, and the agent will just share it by text message e-mail with the client. And so the goal is, how can you get everything that an agent does with their client, everything they send them to live in a single place, their place for all things home.
So examples would be for a seller, the valuation called the CMA. We already have that digital CMA, but again, it’s static, and it sits with — it sends in a single way, it doesn’t live in a single place that a client can see. To see it updated, they have to go back to the agent. Another example for a seller would be all the digital marketing, digital ads, Google ads, Instagram ads, Facebook ads, whether the listing insights for all — on all the major aggregator sites as well as Compass, how many hits are you getting on these different sites for my listing. We have all those tools. But again, they only get sent to the clients one at a time. And so just taking the stuff we’ve already built for the agent and letting it live in a single place, the transaction time line and the Title and Escrow process and more.
And then for the buyers, it’s extending what collections is. It is moving into the negotiation with the form files, e-signature and beyond, again, all in one place. And so the goal is that buyers and sellers go to the client portal before, during and after the transaction. And it will help us build more adjacent related services, not just mortgage title, but over time, home insurance, home warranty, home security, et cetera, into the client portal to create more monetization benefit.
Greg Hart: Great. And maybe just to build, Robert, on that slightly, one of the key things that we think the client portal can do in addition to providing value to the client as they’re working with an agent on a transaction, whether they’re buying or selling a home is to also provide value to the client after that transaction and in the time that they own their home, but always in a way that reinforces the value of the Compass agent who assisted them with that transaction. And so, Title and Escrow integration is actually an interesting thing to talk about with respect to that because Title and Escrow integration, obviously, Title and Escrow are important parts of transactions. There’s a lot of stuff that happens that you need to track, you’d have to have dates, you have to try documents, et cetera.
