Compass is the real estate model of yesterday
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Compass is the real estate model of yesterday
Ryan Serhant Celebrity broker disses Compass: “It’s Barnes & Noble”
Ryan Serhant says Compass is wagering on the “real estate model of yesterday.”
The celebrity broker took aim at the residential giant at The Real Deal’s New York City Showcase + Forum on Wednesday. Joined on stage by other cast members of his Netflix reality TV show, “Owning Manhattan,” Serhant criticized the firm’s strategies, including an acquisition tear and a battle over private listings with platforms and the National Association of Realtors.
“Compass’ goal is to break everything and own the pieces,” Serhant said. “They’re not building Amazon, they’re building Barnes and Noble. And that story has already been told.”
Serhant’s reference to the book chain was an apparent dig at Compass’ latest move to publish its private exclusive listings in a book, which it said is available to everyone in the brokerage community — with a visit to the firm’s local offices. The physical book will be updated weekly, but it’s also introducing a digital version, which will be updated in real-time.
Though Serhant acknowledged the need to push back against “third-party vendors that hold our listings and lead flow and business hostage,” he took issue with Compass’ approach.
“If you want access to our listings, you have to come together on a physical book in a physical brick-and-mortar office,” Serhant said. “High tech, high touch books, right? It’s Barnes and Noble.”
“I don’t know a homeowner who would say they want NAR, the MLS or a portal to tell them how they must market their homes,” Reffkin said on the company’s earnings call on Thursday.
He added that platforms were “raising friction” to scare agents out of marketing properties outside of the MLS, which he claimed was only driving more people to choose the private exclusive path.
“Agents aren’t stupid,” Reffkin said on the call. “If you need to fine them and ban them to keep them on your platform, then clearly, there’s something wrong with your platform.”
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