Compass aims to save agents 'time and money' with AI tool
The brokerage has launched a new ChatGPT-based tool to help agents “accelerate their workflow” by crafting listing descriptions and more.
Compass has long touted its tech platform, investing nearly $1 billion to create an end-to-end CRM and promoting it as a "key differentiator" for agents. Building on that promise, the tech-forward brokerage unveiled Compass AI last week, a tool that can make it faster and easier for agents to write listing descriptions and other client-facing communications.
What does it do? In an Instagram post announcing the product launch, CEO Robert Reffkin said Compass AI will "generate real-time suggestions and written content tailored to your listings, clients, and marketing needs" which will ultimately allow agents to "save time and money." In a video shared on the company's Youtube channel, Compass said the product can "generate listing descriptions with a single click" and "simplify content creation and social media posts with suggested prompts."
How does it help agents? Listing descriptions, emails and other written content may be a client's introduction to an agent, and first impressions matter — but not all real estate professionals have the time or skill to produce quality content. Taking the guesswork out of copywriting and social media marketing could be a boon for busy solo agents and teams.
Why now? 2023 has been the year of AI, and OpenAI's ChatGPT product in particular has gained massive attention. Companies across industries, including real estate, have rushed to ship new AI-adjacent products or platforms. Real unveiled its personal digital assistant "Leo" in May, and the same week, Zillow and Redfin announced ChatGPT plugins.
Compass has positioned itself as a tech company as much as a real estate brokerage, and it has been tinkering with AI for at least a few years. In June 2020, the company introduced its "Likely-to-Sell" feature in its internal CRM and a year later, unveiled an AI-powered video creation tool.
How is Compass AI different from ChatGPT? According to the company, the product "integrates OpenAI's generative AI tool within the Compass platform, eliminating the need for a separate login and enabling agents to run their business in one place." In other words, the product is the brain of ChatGPT wrapped in a Compass skin. And while ChatGPT is a general purpose tool, Compass AI is specifically tailored to real estate agents.
Does it really work? While it will take time to see how many agents adopt the tool — and then use it successfully — early feedback, based on Instagram and LinkedIn comments in response to the announcement, has been positive. While ChatGPT has faced criticism for being challenging to use, impersonal and sometimes inaccurate, Compass tells us that data from its tech suite — including the AI tool — "can be leveraged to build case studies and best practices specific to real estate."