Compass Case Study
Compass & The city by the bay
Compass is a design driven, modern real estate firm that pairs agents and customers with advanced CRM technology to "make the search and sell experience intelligent and seamless.” Their goal is to own 20% market share in the top 20 cities by the year 2020. We were asked to help them reach this goal in San Fransisco specifically. In order to deliver results, we determined that they would need a campaign that spoke to both prospective agents and new clients. Therefore, our challenge was twofold; to get real estate agents to consider switching their practice to Compass, and to raise general brand awareness among potential customers in the San Francisco area. With this, we set out to discover what the home buying/selling process is like for the buyer, seller, and agent. Unsurprisingly, we found that the San Francisco housing market is extremely competitive, with as little as 2% available supply at any given time. Due to housing scarcity, only the most efficient agents are able to close deals regularly. And only the most expedient buyers are able to claim one for their own. In San Francisco, if a home is to be bought or sold at all, it requires a very speedy transaction.
Time is money
After determining that speed is key to success in this cut-throat market, we looked into the feelings and perspectives of our target parties. We found that real estate agents had the following personality traits: competitive, ruthless, efficient. For agents, time is of the essence, and they are most excited when discovering new leads on houses or clients. But, every second spent in the office doing paperwork is a second less that they can spend finding new leads or closing deals. One agent said the following: “In this industry I’m pretty much my own boss. I work almost solely on commission, so if I had more time… simple: I’d make more money. And I’d feel more accomplished.” When we spoke to clients, we found that time is of utmost importance to them as well. One of them said: “(When buying a home) the silence is deafening. The worst thing is when your agent goes radio silent. The anxiety… you have no idea where you stand!” With the theme of time in mind, we found a shared sentiment of San Franciscan clients and agents in the buying/selling process.
where time stands still
Agents and clients were both craving fast turnover. Agents wanted to earn commissions more frequently, and clients wanted to get into or out of their homes as soon as they decided to buy/sell. If too much time passed, the agent felt less accomplished, and the buyer/seller felt more anxious about the outcome of the sale than excited about what color they’ll paint the master bedroom. Compass’ advanced CRM technology could expedite the buying/selling process for time-conscious San Franciscans, and we knew just where to target them. Our out of home activations would catch agents and buyers at the point in their day when they are most frustrated at wasted time: in traffic. And our real estate listing website plug-in would allow targeted buyers & sellers to cut out the noise and get into/out of their home a little faster.