Compass Launches AI-Powered Video Studio

Rhea-AI Summary

Compass (NYSE: COMP), a leading real estate technology company, has launched an AI-powered suite called Video Studio, designed to help agents create professional listing videos quickly. Following the success of its Video Generator during COVID, Video Studio allows agents to generate customized videos effortlessly. The platform leverages AI to automate video creation, making it easier for agents to market properties. In Q1 2021, Compass reported $1.1 billion in revenue, an 80% increase year-over-year, and achieved a 67% growth in total transactions, significantly outperforming the general market growth of 14%.

Positive

• Launch of AI-powered Video Studio enhances agents' ability to market properties quickly.
• Q1 2021 revenue reached $1.1 billion, increasing 80% from Q1 2020.
• Total transactions grew by 67%, significantly outpacing the 14% market growth.

Negative

• None.

NEW YORK, July 1, 2021 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), a leading real estate technology company, today announced the launch of Video Studio, an AI-powered, video-based suite of tools that empowers agents to create professional, custom listing videos in minutes and share them seamlessly with their networks. Video Studio is designed to help agents more effectively market properties for seller clients.

When COVID put a pause on open houses and in-person showings in 2020, Compass released Video Generator to create virtual tours in seconds. Compass has built an entire suite around Video Generator, called Video Studio, to put the power of a video production crew at an agent's fingertips.

"In real estate marketing, images and video are paramount. The most competitive agents must be able to create beautiful, persuasive marketing videos to attract the right buyers, but doing so is time-consuming, difficult and expensive," said Joseph Sirosh, Compass Chief Technology Officer. "With Video Studio, Compass agents have the power of a professional graphic designer at their fingertips, allowing them to create compelling marketing content for social media, email or digital ads."

How it Works:

• Agents simply open Video Studio on the Compass platform, choose a video template, search for and select their listing by address.
• Using AI-powered phrase recognition and computer vision to recognize and classify images, Video Studio automatically pulls out key listing attributes and descriptions from the listing, pairs them with the best images, and automatically generates a video.
• Agents have the option to further customize their video by selecting specific photos, swapping the order, changing the background music, editing the text, and more.
• Once the video is created, agents can download and post directly to their listing page and social media, or publish as a digital ad through the Compass Digital Ads tool on the platform.

Video Studio offers "Just Listed," "Open House" and "Just Sold" templates, so agents can easily create the right type of video for every listing. Compass' engineering team is already adding new seasonal templates, a variety of music options and more customization features. 

Compass agent testimonials from the Listing Presentation in Marketing Center beta test include:

• "The first time I used Video Studio, I was floored at how quickly and easily it created a custom video. When I'm in a rush, I can create a great listing video in under a minute, but when I have more time I have the ability to edit the video further." -- Denise Bongiovanni, Agent, Compass New York
• "We love that in just a few clicks, we can have a sleek, modern listing video that matches our style and brand." -- Brian and Jason Knox, Agents, Compass Florida
• "Video Studio automatically populates room descriptions, which saves me so much time. And the ability to immediately push the video to my network as a digital ad is a game-changer." -- Michael K. Davis, Agent, Compass New York

Compass helps agents grow their businesses, serve more clients, save time, and stand out as valued, trusted and professional advisors in their markets. During the first quarter of 2021 Compass had revenue of $1.1 billion, an 80% increase from Q1 2020. While the U.S. residential real estate market grew transactions by 14% in Q1, Compass grew Total Transactions by 67%.¹

Compass is home to nearly 21,000 agents operating in over 50 markets in the U.S. In 2020, Compass agents assisted home sellers and buyers to transact approximately $152 billion in residential real estate. With 4% of the U.S. market, Compass is the largest independent real estate brokerage by Gross Transaction Value.²

About Compass
Founded in 2012, Compass is a leading real estate technology company, providing an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.

¹ We calculate Total Transactions by taking the sum of all transactions closed on the Compass platform in which our agent represented the buyer or seller in the purchase or sale of a home (excluding rental transactions). We include a single transaction twice when one or more Compass agents represent both the buyer and seller in any given transaction. 14% figure based on NAR data as of March 2021.

² Gross Transaction Value is the sum of all closing sale prices for homes transacted by agents on the Compass platform (excluding rental transactions). We include the value of a single transaction twice when our agents serve both the home buyer and home seller in the transaction.

 

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SOURCE Compass

FAQ

What is Compass's Video Studio?

Video Studio is an AI-powered suite launched by Compass, allowing agents to create professional listing videos quickly.

What are the recent financial results for Compass (COMP)?

In Q1 2021, Compass reported $1.1 billion in revenue, an 80% increase from the previous year.

How did Compass perform compared to the market in Q1 2021?

Compass achieved a 67% growth in total transactions, significantly outperforming the U.S. residential real estate market growth of 14%.

What technology does Compass use in Video Studio?

Video Studio utilizes AI-powered phrase recognition and computer vision for automated video creation.

How many agents does Compass have?

Compass is home to nearly 21,000 agents operating in over 50 markets across the U.S.