Robert Reffkin is changing the way Americans buy homes. Who do those changes help?
Robert Reffkin, CEO of Compass, is changing the way homes are sold in the US by introducing 'Coming Soon' listings, which allow homes to be marketed online before they are officially for sale. Critics warn that this approach could make it harder for buyers to determine a home's value, while supporters say it gives sellers more control over marketing.
Robert Reffkin, co-founder and CEO of Compass, has introduced a new listing format called 'Coming Soon' or 'Preview', which allows homes to be marketed online before they are officially for sale. The listings include property photos and neighborhood details but lack sales history information. Reffkin argues that this information can be used by buyers to negotiate lower prices. Compass's strategy is being followed by other real estate firms, with Zillow and Redfin introducing similar features. Redfin partnered with Compass to showcase its 'Coming Soon' listings exclusively. Critics warn that the approach could splinter the housing market and make it harder for buyers to determine a home's value. Reffkin's 3-Phase Marketing Strategy involves rolling out listings gradually, first privately to a small network, then as 'coming soon' listings online, and finally as traditional public listings.
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