Incredibly excited to have you here for this exclusive sneak peek into two game-changing tools from Compass: our client dashboard and Make Me Sell. So during today's session, you're going to be learning directly from Robert Reffkin, CEO and co-founder of Compass, and Rory Golled, president of Growth and Communications. Together, they're going to provide actionable insights on how these tools will elevate your business. And for our audience today, thank you so much for being here. And please know this is not intended to be a one-sided presentation. We encourage active participation through the chat. So feel free to start dropping in the questions throughout this presentation today. We will address many of those in the Q&A at the end of our session. And to kick off our chat, we'd love to understand where everyone is from. So if you're open to it, please drop in your name, location, and how about one takeaway you'd like to receive from today's session. And so with that, it's my pleasure to introduce you to two industry leaders here who are transforming real estate: Robert Reffkin and Rory Gollet. Thanks for being here both.
Well, thank you, Larkin. And I just landed in Los Angeles. I see Yolanda in the chat is in Pasadena. I'm here in the Pasadena office of Compass right now, and I'll be here for the next, you know, three days. But I'm glad that we're all here together virtually. And today you're going to get a sneak peek into something even the Compass agents haven't all seen, which is one, the Compass One client dashboard. It provides 24/7 transparency to every step of the process for buyers, for sellers, for owners of multiple homes before, during, and after the transaction. Your contact information is front and center of every page. Documents, e-signature, every time they go back, whether it's where's the title, where's the title officer, where's the loan officer, the stager, or the home appraisal report, everything will be in just there. The CMA lives there. I'm sorry, Rory, I'll let you're still, you're still in the thunder a little bit. I'm still in the thunder. I'll, I'll, I'll relent. And then you'll also see Make Me Sell, this new product which brings new inventory to life in our country. There's just not enough inventory. And we're still around 20% less inventory than pre-pandemic levels, although there's more inventory than any time since the pandemic started. And so, it's, it's a better place, but it's, we're kind of halfway there. And so we created this product, which Rory will tell you about, which brings new inventory to life.
What I wanted to share before Rory kicks it off, a little bit about Compass. My roots are grounded in real estate. My mom is a real estate agent, has been my entire life. I just got off the phone with her actually and she hung up on me pretty quickly. She's like, I got to get on a call for Compass Plus. So she started this new group called Compass Plus which is for you people who are selling their last home and moving into whether it's a retirement community and the mom's now 79 years old and so it's really her kind of, you know, people that are generally around her peer group a little older and she's very passionate about that to create a national division. And she's excited and working every day. And very passionate about it. But I share that because I was raised by an entrepreneur. I was raised by a real estate agent. And I love this profession because I see it as the largest industry of entrepreneurs in the country, largest industry dominated by women. An industry that pushes people like my mom to grow and get better even at 79 years old, as opposed to a lot of companies kind of push you out the door after you be 55, 60. This is an industry where families work together. I'd say 10% of our top teams are families that work together. It's an industry where there's no cap to your potential where just your hard work, your creativity, resilience, you can build a business. And so it's this beautiful, beautiful industry.
And we at Compass, we raised, you know, $2 billion to invest in what agents said would help them grow their business, better serve their clients, and have more time and ultimately more quality of life. Of what we built, $1.7 billion went into the technology platform, which we're will share parts of it today. And much else went to things like Compass Concierge, where we frontload the cost of staging for your clients to make homes move-in ready, or things like our in-house marketing advertising agency to help market your sales and your properties and much else. And so with that, I'm going to pass it on to Rory and I'll leave it with my dream of the platform is this: that you never have to write the same thing more than once. We're not there yet. We've made a lot of progress, but instead of having to log into 11 different tools, a CRM over there, consumer search over there, MLS search over there, your, you know, Mailchimp and transaction management to the open house app and the social media, you know, called AdWorks, the CMA over here. We've rebuilt everything basically in one place. So, you can log in once. And the real dream is even if you write the listing address or the client name, it flows straight through. You'll never have to write it more than once. That's one way to describe, you know, what the future we hope will look like. And anything an agent needs Compass must provide is really our north star. And so with that, Rory, take it away.
Thank you, Robert. Great to be here today with all of you. Robert is in Southern California. I'm live today in New York City. And so we are across the country and I'm going to be sharing two incredible updates. The first is Compass One, which I'm going to spend a little time talking about, and then we're going to spend a little time on Make Me Sell. Now, before I pull up Compass One, I want to share with all of you the vision behind this. Over the last 10 years, as Robert has said, we've built a lot of different technology. Every single piece of technology we built has come from agents telling us what to build. This product, this platform that I'm going to take you through is the number one most requested piece of technology we've ever had from Compass Agents. And the request was very simple. It was: my clients need to understand all the things that are happening in a transaction. I, as an agent, am effectively a professional project manager. I'm handling all these different aspects of transactions. I've got third-party contractors and appraisers and loan officers. I'm working with the agent on the other side. There's documents, all these different steps. And right now, I have to go back and forth with hundreds of emails and texts and phone calls. And all my clients want to be able to do is see all that in one place.
And this is where the opportunity is because the challenge that experienced agents have in this country, I believe, is that you're actually too good at what you do. You shield your clients from the pain. You shield them from the experience. So, it's very easy for them to forget all the work that's going into it. What Compass One, our client dashboard, allows you to do is give your clients, decided by you, a view into the different parts of the transaction that you want them to see and interact with. And so, that's what I'm really excited to share with all of you today. I'm going to pull it up right now and take you through this live. And we're going to go through it from the perspective of working with a buyer as an agent and working with a seller. Now, let's start with working with a buyer. So, we're going to pretend that I am the client. What I'm showing you today is actually what the client's going to see. What you're seeing today is what your clients get. This is what they're going to be able to log into and use with you every day. There's a different side of it which the agent has which they can decide what to show, what to hide. But I'm going to show you this is what you can give your clients when you're working with them.
So let's pretend I log in and I'm searching. I'm looking in Chicago, Illinois with my agent Ashley. Well, because we're looking for properties and we're searching, Ashley first has to share properties with me. She has to share listings with me. And so Ashley is able to very easily share listings with me in what we call a collection, right? A collection is a visual portfolio of all the listings. Think of it like a Pinterest board for all of your listings. And I, as the client, can go into this collection. I can see the property, go through the different photos, the information about the home. I can communicate with my agent. So I can write in a message. She can write back to me. So it all happens in one place. So I have my collection here. And Ashley knows these are all the properties I've shared with Rory. These are all the comments he had. Now we have to build the tour. And what Ashley does is she creates a tour for me. So now we've got our tour right here. All the different properties we're going to go see, the map, each home, the photos of the home, and I can click into this and see the actual tour property by property and have a full breakdown of this.
Now, obviously I, as the client, this looks great. This is easy. If Ashley didn't have this, she's probably spending most of her day on Google Maps trying to build out this tour and cut and paste it and send me an email with a bunch of instructions. She's able to quickly put this right in there and I don't have to email her. It's in there for me. And so I have all this in one place. So as a client, I have all my listings. I have other listings that matched here, my contact information and my tour. I also have the documents that I need with Ashley. One of the biggest challenges for a client, as all of you know, is sharing documents, getting them signed. Where do they live? How many times does a client email you saying, 'Do you have this form? Do you have this document?' And so, we've solved that problem here by putting all of the documents in one place. I not only have my obviously my buyer broker agreement, something that's obviously incredibly important for any transaction that's right in there, but I've also have a show sheet that Ashley created for one of the properties we're going to go see. And you're going to see how when we're working with a seller, you can put all your marketing collateral in here as well. So everything lives in one place and it's really clean and simple and easy to use.
Now, let's go to the next step in the process. Let's say that we've looked at these properties. We've toured. We've gone back and forth, communicated through the client dashboard. Again, we haven't had to send a hundred emails and texts and phone calls. And now the next step is we want to get this deal done. Well, we're going to pretend we're in contract for this property, right? So, we are in contract. We know now when we go into our client dashboard that things update for us automatically. So, the client gets to see we're in contract. We have 27 days till we close, right? There are anchored dates right in there to give your client. All the steps that are upcoming are in there for you to give your client. So, your client's able to go in and see, oh, wow, these are all the things that have to happen. These are all the things my agent is doing, and there's two things I need to do. I need to get my homeowner's insurance, and I need to update my utility information so I know, okay, these are the things I have to do. These are all the things my agent is doing.
One of the reasons you would want to work with me, what our agents say to their clients is because I remove all of the friction. I create one destination for you to work with me on where everything lives. I still have all the information about the properties I went and saw, but we have some new things in here as well. I have the CMA that Ashley created for me because when we were thinking about how much to bid and offers to put in, I wanted to get a sense of what the market looked like. And so Ashley created a beautiful CMA. It's right there in the dashboard for me with all the different properties we looked at and her recommendations on where we should bid for these properties based on what's going on in the market. I also have my contacts as we know my contacts have updated because when we're doing a transaction, our agent is part of a larger team, right? For all of you, you know that when you talk to your clients, you're presenting is it's not just you, it's your team. And your team is your actual team, but your team also might be your favorite loan officer, your favorite title rep, your favorite inspector, right? These are all the service providers that you bring to the client. Well, those folks are all in here. So, I have one place where my contacts are. I don't have to go find, wait, what was the email address for the loan officer? Where is that? It's all in one place for me as the client.
And again, my documents have updated because we not only had the buyer broker agreement, but now that we've gone into contract, we have our sales agreement, we have our inspection report. Ashley even added, 'Here are the recommended vendors I have for you.' Because we know that obviously you're constantly recommending vendors to clients when they're asking for it. All of that lives in one simple place. And so this makes the process for me as the client so seamless, so easy. And the value for Ashley is not only can she create a better experience for her client in the transaction, but every prospective buyer that she meets with, she can sit with them, pull up a client dashboard and say, 'When you work with me, here is what makes the experience of working with a Compass agent unique. I can give you this dashboard to remove the friction, to put everything in one place, and make the transaction seamless and easy for you.' And this is the first time a brokerage has ever created something that you can give to your client that shows them every step of the process and puts you at the center of that. Notice this platform is all about the agent. It's all about working with Ashley, buying with Ashley, selling with Ashley. We're putting you at the center of that transaction.
Now, if we think about, let's pretend we're selling, right? Same concept. At this moment, we're preparing a list. We're getting ready for our list date. So, we've got a little while until we're ready to list, but there's some things that we're going to be doing. We know is that we want to make sure our client knows that we've got staging coming up. We're photographing it. We want to discuss putting it up as a private exclusive so we can build the anticipation and the excitement for the listing, get feedback and insights into it, and then go live. We've got all the additional information that's needed. Obviously, we created a CMA for this property because we needed that to figure out where we should price it. We also created a save search for the clients. Just see, here are the comps. Here are the other properties that we're going to be competing against for buyers. I want you to be able to see that. And again, all of our documents. We've got our disclosures, our listing agreement, our three-phase marketing plan, the Compass three-phase marketing approach of beginning as a private exclusive, moving to a coming soon, and then to the general public on the MLS and on aggregators. All of that is in here. So, this makes it really clean, simple, and easy for me to do this with my client and bring the experience from one where, as Robert said, I have to write the same thing multiple times, go back and forth. Now, we can make it clean, simple, and easy to use.
There are all sorts of enhancements that we're going to be making to this once we roll this out. There are going to be all sorts of things that are going to be added to this, the client dashboard. Compass One is going to be the platform to which we build more and more and more on top of. And so you will be able to see everything in here. Eventually, this is where the mortgage information is going to live. This is where they're going to be able to check the rates of their homeowners insurance. This is their one day they'll get an automatic notification from you letting them know the warranty on their washer dryer is coming up. This is going to be the central nervous system in here. Clients will be able to sign documents from in here. They're going to be able to communicate, add other people to it. The great thing about this is you can put your spouse on it, your friend, whomever it is. And so, all of that is in here and is going to live in here. So, we're really, really excited about that. I know we've got some amazing exciting feedback in the chat, some questions. We'll get to some of those as well in a little bit.
The second thing I want to share is the concept of Make Me Sell. Now, Make Me Sell is an idea like every idea that came from agents, that came from our agents. And so, let me take all of you through what this looks like. Let me pull this up right now. So, when you think about the market right now, as Robert said, there's limited inventory. Limited inventory is a phenomenon that we're going to be dealing with as an industry for quite some time. There are the homes that are on the market and then there are the private exclusives that only Compass agents have access to which are homes that are temporarily not yet on the market. And that's what inventory looks like. But what about if there was another class of inventory? What about if there were thousands and thousands of listings that you could have access to? That's where Make Me Sell comes into play. I'm going to show you exactly what it looks like. So, let's pretend we're in the greater San Francisco area, right? So, we're going to start. How many homes in Pacific Heights are clients of Compass Agents? Make Me Sell was started in the Bay Area. And what we can see is when we go into search, we see that right now 27 active homes are for sale in the Pacific Heights neighborhood. Right? 27 are active, five are private exclusives. So, in Pacific Heights, about 20% of the market are Compass private exclusives that only Compass agents have access to. So, Compass agents can say to their buyers, I have access to 20% of the inventory in this market. And if you work with me, you can get access to it. If you don't, you're unable to see it.
But let's go a step further. We also have one Compass coming soon. So, a listing that's on Compass.com that's not yet on the MLS, but there are 2,200 Compass clients that have an address in Pacific Heights, right? So, how do we think about that? How does that turn into inventory for us? Well, there are two clients of Compass agents that have a Make Me Sell price. What does that mean? That means that two Compass agents went to their clients and said, 'Hey, for your home, is there a price you would sell for, right?' We know that everyone has a number. These are people who are not actively looking to sell, but their agent reached out and said, 'Is there a number you would take?' And in this case, the first client said, 'Yeah, my Make Me Sell price would be 1.5 million.' So, I would take 1.5 million if someone were willing to offer it. I'm not actively in the market. So, what Compass agents are able to do is put that price into the Compass system. We randomize the property ID to obviously protect confidentiality and I as the agent now when I'm searching can see, wow, there are two colleagues of mine who have clients who would potentially consider selling. It's in Pacific Heights. I can see the price and then I can click into it and see that, okay, I can email these two agents. I can email Steve and Nestle and I can say to them, 'Hey, you have a client with the ID V3J4B5. Can you let me know some details about this? Would this client be willing to do a private showing? I have a buyer who would be willing to pay $1.5 million to live in Pacific Heights.' And that is how we can create inventory. That is how we can help agents unlock listings that right now do not exist on the market. And that's the power of Make Me Sell.
And before I kick it back over to Larkin, think about this for a moment. Every agent has thousands of contacts, right? And Compass, we have thousands of agents across the country. Imagine if each agent was able to get just 10% of their contacts to put in a Make Me Sell price, right? Just 10%. And I have to imagine most of you would say that of all of your contacts, you could probably get more than 10% of them to say, 'Yeah, this is the number I would take.' So, let's just say 10% and all those 10% go into the Compass system. You multiply that by thousands of agents across the country. That's potentially millions of listings that are now actively searchable for Compass agents. So, you can go to a buyer at Compass and say, 'I can show you everything that's on the market. I can show you everything that we have that's off the market, and I can show you the passive market, all of the people who I now can talk to an agent to potentially open up all that inventory, making your search that much better.' So, those are two products we're really excited about. And I'll kick it back to Larkin.
Thank you, Rory. It's so powerful, just everything that can be accomplished here with Inventory, too. So, thank you. And thank you to Robert, who I know is going to be joining us again in just a moment for our Q&A. But just such an incredible walkthrough of these powerful tools. And I can tell from the audience engagement there's a lot of people that are interested in learning more about this too. So let's get into the questions. Hi Robert and welcome back.
Good. So the first question would like to ping over to you, Robert. What trends are you seeing in real estate right now? High level.
High level, I think in terms of the market, the market's going to be a little better than last year but I don't think much on a national perspective. On the negative side, affordability is still an issue, high prices, high mortgage rates. Price was up 6% year-over-year last year. On the positive side, this year it looks like price will be close to flat. It will get back to more of a historical average of somewhere around 3% but it looks like it could be flat. And I think the best thing that's happened is the end of the sentence, 'I'm going to wait until mortgage rates come down.' One of the things that has held this industry back for three years is people have always felt like interest rates are going to come down in a year. But having so many false starts in the last three years, I think people have said, 'Okay, this is a new normal.' And the last positive thing that's going on is you have 20% more inventory today than you did this time last year. And in eight states, you actually have more inventory than in the pre-pandemic period of 2019. Two of the large states include Florida and Texas.
Wow. Okay. Thank you for sharing that outlook, Robert. Coming back to the client dashboard that Rory just demoed for us. From your perspective, Robert, what is the most effective way to present this dashboard for agents with their clients?
Yeah. Actually, I see this question from Mike. One thing you should know is we have the data pledge at Compass, which says that your data is your data. If you leave Compass, we're never going to contact your clients without, unless you're doing the system. And if you leave Compass, you can bring all your contacts and everything with you. My mom, I was talking to her years ago, I was like, 'How come the agents aren't using the CRM?' And she's like, 'Well, they're worried about the, you know, the data because some brokerages steal the data from clients.' I was like, 'What?' And I was like, 'What do we do?' And so she said, 'Come up with a data pledge.' And so I sign it. When you come to Compass, it's already signed by me and you sign it and you have that document. I'm sorry, the question you had was what?
Well, that's very reassuring and I'm glad you grabbed one of the audience questions in or sprinkling in a lot here. But back to the client dashboard itself, Robert, what's the most effective way to present the dashboard to clients?
Yeah. So, I actually on Friday I became a client of Client Dashboard of Compass One. My wife wanted to rent a summer home for the summer and she was going out the next day with an agent, a Compass agent clearly. And the Compass agent printed out this beautiful tour sheet. It's one of our power products. It's a tour sheet. You can send it digitally as well. And it had like I guess six places. And I kept on asking my wife, I was like, 'Hey, I want to see all the photos. I want to see more.' And she was like typing in her phone the address, and I realized, let's just add the agent and us to the client dashboard beta, the pre-release. And so then she was on it, and now it's like all on her phone. It's like so easy. Like, if you love your clients, which I know you all do, you must, every Compass agent must use this. No client will ever say, 'Please don't put everything in one place.'
Please don't put the CMA, the listing insights, the search, all the comments, all the documents, all the reference guides, the open house feedback, all the transaction timeline of who does what when. I don't put that in one place. I rather have 53 different emails, right? No one's ever going to say that. It makes your life so much easier. So, I think the way that I would describe it to clients is now that I'm at Compass, I have the industry's first all-in-one client dashboard where everything, all of your needs before, during, and after the transaction will be in one place. It will create harmony and simplicity in the real estate process.
Thanks, Robert. That's awesome. Rory, there were a lot of questions in the chat as well too about private exclusives and really what is that term you were using. So if you could share a bit more about why does Compass have so many off-market listings between Make Me Sell, private exclusives, and just kind of dive back into that.
Sectionally highlighting that there's not a single thing that we do that private exclusives and coming soons. There's not a single part of that program that wasn't designed based off of what professional real estate developers and home builders do every day. They've been carved out of Clear Corporation this entire time. Yeah. You know, individuals, you're not able to watermark your photos, but the builders are. Now, individuals, you know, ask yourself, why can't I watermark my own photos? But then the MLS watermarks it. Why? Why can't I put in a listing description, I'm the real listing agent, contact me if you're on a different site and you have questions? Because then the MLS takes it down. Why is it that, you know, the MLS and everyone talks so much about transparency, but they let the portals hide your contact information. Yeah. Why is it that in order to do your job, you have to be a member of the MLS, right? That's because they have a monopoly. It is a 100% monopoly. No one can do their job without it because they have 100% market share. And Clear Corporation makes it so no one else can have market share. They have to, they are the central repository. But to do your job, if you to be a member of the MLS, NAR has the three-way agreement. You have to pay them and association. Why is that? Is that for the home seller? Is that for transparency? I could go on and on, but Gary Keller said in 2018, 'We're losing so slowly, it almost feels like we're winning.' Said in 2015 that NAR, the MLS sold you out. He said they sold you out. They took your data and gave it to the portals. He said in 2021, don't be surprised if Zillow buys your favorite CRM and they bought Follow Boss. They bought Showing Time. They bought Dot Loop. Now Zillow is worth more than every brokerage firm in the country combined. It's a wild environment that we are in right now.
Yeah. So we're, I think so Robert actually everything you said is the perfect lead in because what I encourage everyone to think about is think about private exclusives. Let's pretend the term off-market listing doesn't exist for a moment. I want everyone to just for a moment forget the concept of off-market listing. What I do want you to think about is how are the best products in the world marketed, right? They're not just dropped one day randomly, right? Think about a movie, the best movies in the world, a trailer comes out, it's 15 seconds, it gets you a little bit excited. Then three months later, a longer trailer comes out and then there's a premiere, right? Why in our business where you have the most valuable, biggest financial asset of someone's world do we just drop it just out of the blue? And so what a three-phase marketing strategy does is helps you create the best outcome for your seller. And here's what it looks like. Imagine a private exclusive for just two weeks. For two weeks, what you are doing is you are telling your seller, I can get insights from the agent community, from the agents in my office. Are we priced well? Are we positioned well? Do we have the right photos? The description? What does it look like in terms of the other comps? And I can take that data and I could go back to my seller and say, 'Okay, before we go on the market, before we do our movie premiere, here's what I've heard from the market. I think we're actually priced a little high. Here's what I've heard. We haven't really gotten any showing requests. There doesn't seem to be much buzz.' And then we're going to go and we're actually going to put it on compass.com for the world to see as a coming soon. All that means the public can see it as a coming soon. It's just not yet on the MLS or on aggregators. And again, that broadens our reach, broadens our interest. I get more feedback, more excitement. And then when I put it on the market, by that point I'm priced right. I'm positioned right so that I don't have to, and this is the most important part, I don't have to have public price drops, price change history, status history, maybe have to take it off the market, put it back on, that I'm prepared at the best possible way with the best strategy to sell the home. And again, our fiduciary responsibility is to sell the home as fast as possible for the most amount of money with the least amount of hassle.
Yeah, Andrea, I agree with you. The future of the industry, it must be marketing listings and working with buyers beyond just the world of the MLS. That's what all the builders did. There's a narrative out there that says maximum exposure equals maximum price. By the way, NAR has a huge marketing department as well as the biggest MLS's. They have very good at marketing. But ask yourself, is it possible for maximum exposure to equal maximum price if the smartest, most sophisticated people in real estate, the home builders and real estate developers, sold almost 400,000 homes off the MLS last year? The reality is the MLS exposure has risks in the way that it has changed over the years. Days on market, price drop history. You know, 20, 30 years ago, 40 years ago, cooperation was designed to cooperate with agents and other brokerage firms. It wasn't designed to force you to cooperate with portals who call themselves brokerage firms that don't have agents, don't have clients, and don't have listings. And every one of those pages hide your contact information. Does your homeowner know they're being forced to give their listings to this massive system? They know that the buyer inquiries are all being sold off as third party leads. You know, Zillow sells leads. We sell homes. It's a different business. Does the homeowner know that, you know, days on market's the killer value. Price drop history is the killer value. A buyer is going to ask one of two questions. Either how much do I have to pay to win this listing or how much do I get off list price? If there's two price drops, good luck.
This is, yeah. Well, and Robert, you know, to that point, I think one of the misconceptions is private exclusives, the vast majority of them end up going fully on the MLS, fully as we know, on the market, right? So, there's this misconception around that. There was also a question in here about Make Me Sell. So, a few things on Make Me Sell. No, you do not need an exclusive right to sell for Make Me Sell. That is the beauty of it. All you need to do is reach out to your client and ask them what their number is. By the way, I've had multiple agents tell me that reaching out to their clients and asking them for their Make Me Sell price is one of the best marketing activities they can do because it starts conversations. I've had multiple agents actually say I've had clients who said, you know what, let's list. So, what better thing to do to ask your clients that question. Secondly, as Robert mentioned, this is really important. Data security and data privacy is the most important thing. We have at Compass a chief, we have actually have two C-level executives, a chief data officer and a chief security officer. We've invested a significant amount of money and people in protecting both your data and your security. That's why Make Me Sell, you can't see the address. You can't see the client information. All you can see is that there's an agent in your office who has a property that's in the area you're searching that's in the price range you want. And it's your job then to reach out to that agent and then they can decide to disclose what they want. Same thing goes for all of your data within the system. Everything in your client dashboard is fully set to just you. No one else can access your client's dashboard other than your client and you. And so we take this incredibly seriously. So that's a very, very important point to make. There was also another question here about client's dashboard which was about signatures. So yes, you can use DocuSign and all that, but the beautiful thing is actually we're building it into the platform so that you can sign all your own documents and soon you'll be able to do it on mobile. Client could just take their finger just do a quick little thing like when you sign a credit card statement at a restaurant and make it really simple and easy. So seamless and straightforward and simple.
Sorry, Larkin. No, these are important. We're passionate about the topic because as Gary Keller said, they sold you out. And I don't think I definitely realized it at 2015, but now I see it all. Right. Clear cooperation. Was it to protect the consumer or to protect the MLS? What do you think? By the way, my estimate, I could be wrong, but the dues that agents pay to the MLS associations in NAR a year are $2 billion. So, what's this all about? All the money.
Yeah. So, one, just two things here, and Robert, I'd love for you to do some of this. So are Compass exclusives visible on Compass's website even though they're not on the MLS? So private exclusives are visible to only agents. The public can't see them. Compass coming soons are visible on the Compass website for everybody to see them. If there was a question around, but if I don't have an exclusive, then how do I get compensation? Think about for Make Me Sell. All you're doing is getting from your client what price they would take. If a Compass agent reaches out to you and then says, 'You know what? I have a buyer who's interested in this property. I'd love to set up a private showing.' That is the perfect time to go to that client and say, 'Hey, guess what? I reached out to you a couple weeks ago and asked you if you had a number that you would take. I have an agent in my office who has a potential buyer who'd be willing to take that number. Now, in order to show them your home, let me walk you through what that would look like.' And what's a better way to present an exclusive right to sell than having an actual buyer who's interested and a great way to guarantee that you get a full commission.
Yeah. And Robert, you know, I completely agree. Yes, I see. He said reminds me of when I was at Redfin, they had the price whisper and remember like Redfin's, all the portals, they used to have coming soons, all this stuff, but then they, you know, I think 2019 the brokerages and really the agents started creating their own versions of these and that threatened the MLS and then so everyone aligned with the MLS to like to keep it all in one place. But yeah, it really is one of the greatest listing tools that exist because you're able to give the individual homeowner the same strategy and the playbook of the home builders and real estate developers. I would tell you that other private exclusives, well over 90% end up on the MLS. But if nothing else, it helps you get a listing because you sound more professional, more sophisticated, you sound like you have a plan. People want to work with someone who has a plan. And it helps you get a price drop because you tested price privately without days on market, without price drop history. And you can say we've had 20 people come in and we haven't had enough traction. And so before we go on the public market, we should make sure that we bring down price because we don't have a public price drop.
So one thing that came up was phase two currently allowed by CCP. CCP is illegal. Yep. I just want to be very clear. The DOJ is actively investigating clear cooperation. Your dues paid three lawyers at NAR to go to the Supreme Court to try to prevent the DOJ from investigating it. The Monday before last, the Supreme Court said, 'No, DOJ, you can continue to investigate.' There's a quote from this year where the judge says, 'DOJ believes that clear cooperation precludes competition from alternative listing systems and prevents seller choices.' Under what world could you imagine? There's no one knew what's going on. Could you imagine judgment like no, I think it's okay for this trade group to force every agent to force every homeowner to give them the listing. And oh, by the way, if you're a celebrity, you're carved out. Literally, it says if you're a celebrity, you're carved out. If you're a home builder, you're carved out. I can't believe that this has gone on. And you know, with the MLS, I'm sorry. You have to do work like everyone else. You're going to earn the business, not force the business. The word mandatory means to leave the MLS and NAR rules.
Thank you. I get a little emotional about this in a passionate appropriate way. Thank you, Robert.
