Executive Summary
The home sale and buying process has changed drastically since the founding of the National Association of Realtors in 1908. More clearly in the last 30 years, the industry has evolved through the mass adaptation of technology.
With a rising number of extended reality hardware and software emerging into the market, industries are presented with more new opportunities. As the most innovative company in real estate, Compass will launch a new service offering accommodating their emerging buyers while providing solutions to existing buyers.
About Compass
Compass was founded in 2012 by Robert Reffkin and Ori Allon with a mission to reinvent real estate. Today Compass has grown to over 20 U.S markets and over 25,000 agents specializing in high-end, luxury homes in upscale markets.
Compass is the first technology-driven brokerage model pairing the industry’s top talent with technology to make the experience intelligent and seamless. With a team to develop technologies, in-house Compass has provided their agents with the industry’s best tools and services.
Brand Positioning
Compared to other top industry players Compass is one of the most boutique brokerages providing a personalized level of service, while also being very innovative.
The Emerging Buyer
Born between the late 1990s to early 2010s Generation Z is the dominant force in social media and native digital users. While their home buying power has not caught up to generations ahead of them, we are presented with the opportunity to claim brand awareness and provide value to new and existing buyers.
“New to this year’s report is the share of Gen Z buyers and sellers aged 18 to 21. While the share is just two percent for both buyers and sellers, the sample was too small to show unique characteristics. However, this is an indicator that homeownership is important to this generation and next year’s report may contain a larger sample of Gen Z buyers.”
Primary Research
How might we help the future of home buyers discover their dream home?
Introducing:
The first brokerage extension into a cohesive full virtual reality. As an industry-leading virtual reality home buying experience Compass can solve customer pain points and capture user data directly. Users on VR headsets will navigate the built-in web browser to the Compass website where they will click to take them to the immersive experience login page. Buyers use the same log-in from their Compass account, to access Compass XR. Compass Agents can access through the same portal with their agent account. The mobile app will act as a companion to the WebXR experience where users can interact with the virtual office or use the traditional interface to update search perimeters, chat with an agent, favorite homes, and share with friends. The Compass XR experience offers an extension of the current offerings.
Virtual Office with Listings
The virtual office will serve as a hub for clients and agents to interact. The main room will be based on the city the user is searching in with a window curated to local scenery, and feature listing portals to match the user’s search criteria. Featuring an AI-powered bot to guide and welcome potential buyers through the use of the platform. The bot can qualify a buyer by verifying the user intent and subsequently summon an agent on the user’s behalf and form a meeting with a Compass agent in a matter of minutes.
Virtual Staging and Augmented Reality
Compass Agents will be given the ability to collaborate with an interior design proficient in 3-D rendering to turn vacant spaces into a fully realized home. Buyers will be given the ability to turn virtual staging on or off to get a true view. Virtual staging can also be used on the buyer’s mobile app during a physical walk-through. Using augmented reality a supported mobile device can match the virtual staged space with the live physical space and place objects on-screen in real-time.
Cross-Platform Synchronization
For two primary user groups (Buyers and Agents) Compass XR will need to work seamlessly no matter what device is being used. Creating user synchronization will enable a Buyer to begin the search process on their smartphone, then put on a VR headset, and pick up where they left off. For Agents, this means they can be reached and interact with their buyers through VR but also have the ability to stop in for a moment on the go using a mobile device. Multi-device compatibility is key to the Compass XR experience.
The Launch Marketing
Augmented Reality
Compass Sign
The Compass ‘For Sale Sign’ has been received as an innovative product in the industry. By creating a virtual version we extend that innovative use. Users create buzz by utilizing the filter in their stories and reels which are distributed to their followers. The filter can be found directly through its link to the @compass Instagram account.
Use iPhone to access AR.
Promotional Video
Through Instagram and Facebook organic and paid posts we will create awareness for Compass XR. The video features a voice-over teasing the innovative service offers of Compass and how Compass XR is changing the industry. Watch below.
Video Concept and Direction by: James Walsh
Voiceover Written By: James Walsh
Spoken By: Erica Roth
Soundtrack: That Soul Funk - ColorFilmMusic
Video Source: Compass and Pexels.com