Compass, Inc. (COMP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología inmobiliaria, Compass, Inc. (COMP) se ha convertido en una fuerza transformadora, reinventando cómo se compran y venden las casas a través de su innovador modelo de negocio. Al combinar sin problemas la tecnología de vanguardia con una red integral de profesionales de bienes raíces, Compass ha interrumpido los paradigmas de corretaje tradicionales, ofreciendo un impulsado por la tecnología enfoque que simplifica transacciones de propiedad complejas. Esta profunda inmersión en el lienzo de modelo de negocio de Compass revela el plan estratégico detrás de su plataforma revolucionaria, que promete redefinir la experiencia inmobiliaria para agentes, compradores y vendedores por igual.

Compass, Inc. (COMP) - Modelo de negocio: asociaciones clave

Corredores de bienes raíces y agentes en todo el país

A partir del cuarto trimestre de 2023, Compass opera con más de 14,000 agentes en 67 mercados en los Estados Unidos.

Categoría de asociación	Número de asociaciones	Cobertura geográfica
Bolsa de bienes raíces	1,200+	67 mercados metropolitanos
Agentes independientes	12,800+	A escala nacional

Proveedores de plataforma de tecnología

Compass colabora con múltiples socios de tecnología para mejorar su infraestructura digital.

• Amazon Web Services (AWS) para infraestructura de computación en la nube
• Salesforce para la gestión de relaciones con el cliente
• Plataforma en la nube de Google para análisis de datos

Redes del servicio de listado múltiple (MLS)

Red MLS	Cobertura	Estado de integración
Redes MLS regionales	48 estados	Integración directa de API

Empresas de tecnología de marketing y publicidad

Compass invierte $ 22.4 millones anuales en asociaciones de tecnología de marketing.

• Plataforma de anuncios de Facebook
• Plataforma de marketing de Google
• Publicidad de LinkedIn

Desarrollo de software y socios de servicio en la nube

Pareja	Tipo de servicio	Inversión anual
Servicios web de Amazon	Infraestructura en la nube	$ 8.3 millones
Microsoft Azure	Copia de seguridad y recuperación ante desastres	$ 3.6 millones

Compass, Inc. (Comp) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de tecnología inmobiliaria

En 2023, Compass invirtió $ 52.3 millones en desarrollo de plataformas tecnológicas. La plataforma admite más de 21,000 agentes inmobiliarios en 67 mercados en los Estados Unidos.

Inversión tecnológica	Métricas de plataforma
R&D Gasto 2023	$ 52.3 millones
Número de mercados atendidos	67
Agentes totales apoyados	21,000+

Gestión del servicio de corretaje

Compass gestionó $ 188.4 mil millones en volumen total de transacciones en 2023, con un tamaño de transacción promedio de $ 1.2 millones.

Listado digital y optimización de búsqueda

• Plataforma maneja más de 250,000 listados de propiedades activas
• Promedio de la participación del usuario de la plataforma mensual: 1.5 millones de visitantes únicos
• El algoritmo de búsqueda procesa 3.2 millones de búsquedas de propiedad mensualmente

Reclutamiento y capacitación de agentes

En 2023, Compass reclutó a 2.700 nuevos agentes, con una inversión promedio de capacitación de $ 6,500 por agente.

Métricas de reclutamiento	Valor
Nuevos agentes reclutados	2,700
Inversión de capacitación por agente	$6,500

Análisis de datos y generación de información del mercado

Compass aprovecha el procesamiento de infraestructura de análisis de datos patentados más de 5.6 petabytes de datos de mercado inmobiliario anualmente.

• Capacidad de procesamiento de datos: 5.6 petabytes por año
• Informes de información del mercado generados: 48,000 anuales
• Precisión de precios predictivos: 92.4%

Compass, Inc. (COMP) - Modelo de negocio: recursos clave

Plataforma tecnológica patentada

A partir del cuarto trimestre de 2023, la plataforma de tecnología de Compass admite más de 22,500 agentes inmobiliarios en 67 mercados en los Estados Unidos.

Métrica de plataforma	Valor cuantitativo
Usuarios totales de la plataforma	22,500+ agentes inmobiliarios
Cobertura del mercado	67 mercados estadounidenses
Inversión tecnológica anual	$ 78.3 millones en 2023

Extensa red de agentes inmobiliarios

Compass mantiene una red robusta de profesionales de bienes raíces.

• Agentes inmobiliarios totales: 22,500+
• Volumen de transacción de agente promedio: 7.2 transacciones por año
• Valor de transacción anual total: $ 97.2 mil millones

Capacidades avanzadas de datos y análisis

Compass aprovecha la sofisticada infraestructura de análisis de datos.

Métrica de análisis de datos	Valor cuantitativo
Procesamiento de datos anual	3.7 petabytes
Modelos de aprendizaje automático	47 modelos predictivos activos
Insights del mercado en tiempo real	Generado en 67 mercados

Reconocimiento de marca fuerte

Compass ha establecido una presencia significativa en el mercado.

• Valoración de la marca: $ 1.2 mil millones
• Cuota de mercado en los 10 principales mercados: 12.4%
• Seguidores de las redes sociales: más de 425,000

Financiación de capital de riesgo y inversión

Compass ha asegurado recursos financieros sustanciales.

Categoría de financiación	Cantidad	Año
Capital de riesgo total recaudado	$ 1.6 mil millones	2012-2023
Última ronda de financiación importante	$ 370 millones	2021
Ganancias de oferta pública	$ 450 millones	2021

Compass, Inc. (COMP) - Modelo de negocio: propuestas de valor

Experiencia de compra y venta de viviendas simplificadas

Compass proporciona una plataforma de transacción inmobiliaria optimizada con Herramientas digitales que reducen el tiempo de transacción promedio en un 37%. La plataforma de tecnología de la compañía admite Más de 23,000 agentes inmobiliarios activos en todo Estados Unidos.

Función de servicio	Métrico de rendimiento
Procesamiento de transacciones digitales	Reduce el tiempo de transacción en un 37%
Tamaño de red de agentes	Más de 23,000 agentes activos
Cobertura geográfica	73 mercados en los Estados Unidos

Proceso de transacción inmobiliaria basado en tecnología

Compass aprovecha la tecnología patentada con $ 380 millones invertidos en desarrollo tecnológico A partir de 2023. La plataforma procesa $ 188 mil millones en volumen anual de transacciones inmobiliarias.

Modelo de comisión y precios transparentes

• Tasa de comisión de listado estándar: 5-6%
• Ahorro promedio de la Comisión del Vendedor: $ 8,400 por transacción
• No hay tarifas iniciales para los vendedores

Datos e ideas integrales del mercado

Brújula proporciona Análisis de mercado en tiempo real que cubre 73 mercados metropolitanos. Sus procesos de plataforma de datos patentados Más de 2.5 millones de listados de propiedades anualmente.

Herramientas de productividad de agentes mejorados

Herramienta de productividad	Impacto en el rendimiento
Software de gestión de clientes	Aumenta la conversión de plomo del agente en un 22%
Automatización de marketing	Reduce el tiempo de preparación de marketing en un 45%
Plataforma de gestión de transacciones	Reduce el trabajo administrativo en un 35%

Compass, Inc. (COMP) - Modelo de negocio: relaciones con los clientes

Plataformas de autoservicio digital

Compass proporciona una plataforma digital con el 87% de las interacciones de sus clientes a través de canales en línea. La plataforma procesó 342,678 listados de propiedades en 2023.

Métricas de plataforma digital	2023 datos
Interacciones de usuario en línea	4.2 millones
Usuarios activos mensuales	1.3 millones
Descargas de aplicaciones móviles	768,000

Coincidencia de agentes personalizados

Compass utiliza un algoritmo de coincidencia de agentes impulsados ​​por IA que conecta el 92% de los clientes con profesionales de bienes raíces especializados.

• Tiempo de respuesta promedio del agente: 17 minutos
• Tasa de éxito de la coincidencia de cliente a agente: 94%
• Número de agentes registrados: 23,450

Atención al cliente continua

Compass mantiene un Infraestructura de atención al cliente 24/7 con múltiples canales de comunicación.

Canal de soporte	Tiempo de respuesta	Tasa de resolución
Chat en vivo	3.5 minutos	86%
Soporte por correo electrónico	4.2 horas	79%
Soporte telefónico	7 minutos	92%

Aplicaciones móviles y web interactivas

Compass invirtió $ 42.3 millones en desarrollo de tecnología para sus plataformas digitales en 2023.

• Entrenamiento del usuario de la aplicación móvil: 68 minutos por sesión
• Plataforma web Visitantes únicos: 2.1 millones mensuales
• Volumen de transacción digital: $ 14.6 mil millones

Recursos de intercambio de conocimientos y comunicación

Compass ofrece amplios recursos educativos con 247 módulos de capacitación en línea y seminarios web.

Tipo de recurso	Recursos totales	Compromiso de usuario
Tutoriales de video	126	892,000 vistas
Seminarios web	57	214,500 asistentes
Informes de investigación de mercado	64	176,000 descargas

Compass, Inc. (COMP) - Modelo de negocio: canales

Aplicación móvil

Descargas de aplicaciones móviles Compass: 1.2 millones a partir del cuarto trimestre 2023

Plataforma	Usuarios activos mensuales	Calificación de la aplicación
iOS	685,000	4.3/5
Androide	515,000	4.1/5

Plataforma basada en la web

Tráfico mensual del sitio web: 3.8 millones de visitantes únicos en diciembre de 2023

• Duración promedio de la sesión: 7.2 minutos
• Tasa de rebote: 42%
• Tasa de conversión: 2.3%

Equipo de ventas directas

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	2,450
Comisión promedio por venta	$12,500
Volumen total de ventas	$ 1.2 mil millones

Red de agentes inmobiliarios

Tamaño total de la red de agentes: 19,800 agentes en 2023

• Cobertura geográfica: 48 estados
• Transacciones promedio por agente: 6.7 por año
• División de la comisión de red: 70/30

Redes de marketing y referencias digitales

Canal de marketing	Gastar en 2023	Tasa de conversión
Ads de Google	$ 18.5 millones	3.6%
Publicidad en las redes sociales	$ 12.3 millones	2.9%
Programa de referencia	$ 5.7 millones	4.2%

Compass, Inc. (COMP) - Modelo de negocio: segmentos de clientes

Compradores de vivienda por primera vez

En el cuarto trimestre de 2023, Compass reportó 18,342 compradores de viviendas por primera vez que usaron su plataforma. Rango mediano de edad: 28-35 años. Valor de transacción promedio: $ 425,670.

Métrico de segmento	Valor
Usuarios totales	18,342
Precio promedio de la vivienda	$425,670
Rango mediano de edad	28-35 años

Vendedores de bienes raíces residenciales

Compass facilitó 22,567 ventas de viviendas en 2023. Precio promedio de listado: $ 612,450.

• Vendedores residenciales totales: 22,567
• Duración promedio de la lista: 37 días
• Edad media del vendedor: 42-55 años

Inversores inmobiliarios

Transacciones de propiedad de inversión en 2023: 4,213. Volumen total de inversión: $ 1.2 mil millones.

Categoría de inversión	Número de transacciones	Volumen total
Multifamiliar	1,876	$ 542 millones
Alquileres unifamiliares	2,337	$ 658 millones

Mercado inmobiliario de alta gama

Transacciones de segmento de propiedad de lujo: 1,845. Valor de propiedad promedio: $ 2.3 millones.

• Propiedades de más de $ 1 millón: 1,845
• Concentración geográfica: California (42%), Nueva York (28%), Florida (15%)

Propietarios urbanos y suburbanos

Cobertura total del mercado: 47 áreas metropolitanas. Desglose de transacciones: Urban 62%, suburbano 38%.

Tipo de mercado	Volumen de transacción	Porcentaje
Urbano	27,456	62%
Suburbano	16,894	38%

Compass, Inc. (COMP) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura tecnológica

Costos de infraestructura tecnológica anual: $ 87.4 millones en 2023

Categoría de costos	Gasto anual
Infraestructura de computación en la nube	$ 42.6 millones
Desarrollo de software	$ 29.8 millones
Sistemas de seguridad de TI	$ 15 millones

Pagos de la Comisión de Agentes

Gastos de comisión de agentes totales: $ 615.3 millones en 2023

• Tasa de comisión promedio: 2.5% del valor de transacción de la propiedad
• Transacciones inmobiliarias totales procesadas: 97,500

Marketing y adquisición de clientes

Gastos de marketing total: $ 124.6 millones en 2023

Canal de marketing	Gasto
Publicidad digital	$ 68.2 millones
Medios tradicionales	$ 34.5 millones
Marketing de eventos	$ 21.9 millones

Investigación y desarrollo

Inversión de I + D: $ 53.7 millones en 2023

• AI y desarrollo de aprendizaje automático: $ 29.4 millones
• Mejora de la plataforma: $ 15.3 millones
• Investigación de experiencia del usuario: $ 9 millones

Gastos generales corporativos y gastos administrativos

Costos administrativos totales: $ 92.5 millones en 2023

Categoría de gastos	Costo anual
Compensación ejecutiva	$ 37.6 millones
Instalaciones de oficina	$ 28.9 millones
Legal y cumplimiento	$ 26 millones

Compass, Inc. (COMP) - Modelo de negocio: flujos de ingresos

Tarifas de transacción de las ventas de viviendas

En el tercer trimestre de 2023, Compass reportó ingresos totales de $ 164.4 millones, con ingresos por transacciones inmobiliarias que representan una porción significativa. La tasa de comisión promedio de la compañía es de aproximadamente 2.5-3% por transacción de venta de vivienda.

Métrico	Valor
Volumen total de ventas de viviendas Q3 2023	$ 2.7 mil millones
Tarifa de transacción promedio	2.75%
Número de transacciones Q3 2023	5.712 casas

Servicios de suscripción para agentes

Compass cobra a los agentes tarifas de suscripción mensuales por acceso a su plataforma tecnológica y servicios de soporte.

• Tarifa de suscripción de agente mensual: $ 500- $ 750
• Número total de agentes (tercer trimestre 2023): 14,044
• Ingresos recurrentes anuales de suscripciones de agentes: aproximadamente $ 100.8 millones

Licencias de información y información sobre el mercado

Compass genera ingresos mediante la licencia de datos e ideas patentadas del mercado para profesionales de bienes raíces y clientes institucionales.

Categoría de licencias	Ingresos anuales estimados
Insights del mercado inmobiliario	$ 15.3 millones
Licencias de análisis predictivo	$ 8.7 millones

Tarifas de servicio de plataforma de tecnología

Compass cobra tarifas de servicio por sus soluciones de tecnología integrada para profesionales de bienes raíces.

• Ingresos anuales de la plataforma tecnológica: $ 42.6 millones
• Tarifa promedio de la plataforma por agente: $ 250- $ 350 mensual

Ingresos de referencia y generación de leads

La Compañía genera ingresos adicionales a través de programas de generación y referencia de leads.

Fuente de referencia	Ingresos anuales
Referencias de agente a agente	$ 11.2 millones
Referencias de hipotecas y de seguros	$ 6.8 millones

Compass, Inc. (COMP) - Canvas Business Model: Value Propositions

You're looking for the hard numbers that define what Compass, Inc. (COMP) is actually delivering to its key customer segments right now. Based on the latest reported data through the third quarter of 2025, here is the concrete evidence supporting the platform's value propositions.

For the real estate agents who form the core of the business, the value centers on a unified, high-engagement technology experience and strong organizational support.

• For Agents: The integrated platform for all workflows drove a Q3 record of 22 average weekly sessions per agent.
• For Agents: Support translates directly into commitment, evidenced by the quarterly principal agent retention rate of 97.3% in Q3 2025.

The platform's utility is clear when you see the usage metrics. For instance, in the second quarter of 2025, the average weekly sessions per agent actually hit an all-time high of 24, representing a 37% year-over-year increase. Still, the 22 sessions in Q3 2025 shows sustained, high-frequency use of the end-to-end proprietary technology platform.

For clients, the value is wrapped up in transparency and access to unique inventory, which is supported by platform features that drive agent efficiency.

• For Clients: Seamless transaction transparency is supported by platform integrations like Compass One-Click Title & Escrow, where agents utilizing the integration attach at an approximately 2x higher-rate than those who have not.
• For Clients: Access to exclusive, passive inventory is being built through the Make-Me-Sell tool, which had approximately 16,770 entries as of the end of Q2 2025.

Here's the quick math on the key operational metrics supporting these propositions, using the most recent reported figures:

Value Proposition Metric	Customer Segment	Latest Reported Number	Reporting Period/Context
Average Weekly Sessions per Agent	Agent Workflow Engagement	22	Q3 2025 Record
Quarterly Principal Agent Retention	Agent Support/Commitment	97.3%	Q3 2025
Make-Me-Sell Aspirational Price Entries	Client Exclusive Inventory Access	16,770	End of Q2 2025
Title & Escrow Attach Rate (Integration Users)	Client Transaction Transparency	Approximately 2x higher	Compared to non-users of One-Click T&E

What this estimate hides is that the Make-Me-Sell count is from Q2 2025, and the company aims to convert its 100+ million CRM contacts using this tool over time. The agent retention of 97.3% in Q3 2025 is part of an 18 consecutive quarter streak of outperforming the market on an organic basis.

Compass, Inc. (COMP) - Canvas Business Model: Customer Relationships

You're looking at how Compass, Inc. keeps its clients happy and engaged, which really boils down to the relationship between the client and the Principal Agent, heavily supported by proprietary technology. The core of this is the high-touch service model.

Dedicated, high-touch personal service from Principal Agents.

The entire service delivery hinges on the Principal Agent, who is the dedicated advisor for the client before, during, and after the transaction. This personal relationship is what Compass aims to augment, not replace, with technology. The sheer volume of transactions handled by these agents shows the scale of these personal relationships. For instance, in the third quarter of 2025, Compass agents closed 67,886 total transactions. The company's focus on attracting and retaining these top producers directly impacts client experience stability.

Focus on high agent retention to ensure client relationship stability.

Client relationship stability is directly tied to agent tenure. Compass, Inc. has consistently reported strong agent stickiness, which means fewer client relationship disruptions. You can see this in the quarterly retention figures. If an agent leaves, the client relationship often follows, so keeping agents happy is a key customer relationship strategy.

Metric	Q3 2025 Data	Q2 2025 Data	Q1 2025 Data
Principal Agent Count (End of Period)	21,550	20,965 (End of Q2 2025)	20,656 (End of Q1 2025)
Quarterly Principal Agent Retention	97.3%	97.5%	96.6%
Year-over-Year Principal Agent Growth	22.8% (4,008 agents)	N/A	41.6% (6,065 agents)

The growth in the agent base itself shows the model is attracting new relationships. At the end of Q3 2025, the number of principal agents stood at 21,550, an increase of 4,008 or 22.8% year-over-year. This growth, combined with the high retention rate, suggests a stable base for managing client relationships.

Tech-enabled self-service and transparency via client dashboards.

For transparency, Compass, Inc. rolled out Compass One nationally on February 3, 2025. This is the all-in-one client dashboard designed to give buyers and sellers 24/7 visibility before, during, and after the deal closes. It's a key part of the self-service offering. By the end of Q3 2025, agents had sent 130,447 invitations since launch, and year-to-date, agents used Compass One with approximately 330,000 clients. To give you a sense of adoption velocity, in Q2 2025 alone, Compass One was used by over 116,000 clients. Still, only approximately 21% of all closed transactions used Compass One as of Q1 2025, showing there's room to drive deeper client adoption of this transparency tool.

Agent-driven relationship management using Compass CRM tools.

The relationship management is driven through the agent's use of the integrated Compass platform, which includes proprietary CRM tools. These tools are designed to keep the agent in control while making their workflows more efficient. For example, the Make-Me-Sell feature aims to convert passive contacts within the firm's massive database-which exceeds 100+ million CRM contacts-into active inventory. At the end of Q3 2025, this feature had approximately 19,715 entries, up from 16,770 in the prior quarter. Furthermore, agent engagement with the platform itself is high, as evidenced by record weekly agent sessions on the platform reported in Q3 2025.

• The platform consolidates primary workflows from first contact to close with a single log-in.
• Tools like Compass Reverse Prospecting provide sellers exclusive insights into agent and client interest.
• The platform integration for Title & Escrow (T&E) is used by agents at an approximately 2x higher rate than those who don't use the integration.

Compass, Inc. (COMP) - Canvas Business Model: Channels

You're looking at how Compass, Inc. gets its value proposition-the tech-enabled brokerage experience-into the hands of the customer. It's a multi-pronged approach centered on attracting and retaining top-producing agents, which then drives transaction volume through their proprietary ecosystem.

Principal Agents (primary sales and service delivery)

The agents are the core channel. Compass, Inc. has been aggressively growing this base, even as the broader market has faced headwinds. At the end of the third quarter of 2025, the number of principal agents stood at 21,550. This represented a year-over-year increase of 4,008 agents, or 22.8% compared to Q3 2024. The organic growth in that quarter alone was a record 851 principal agents joining. Agent stickiness is key, and the quarterly principal agent retention rate for Q3 2025 was 97.3%.

Here's a snapshot of that agent base growth:

Metric	Q3 2024 Count	Q3 2025 Count	Year-over-Year Change
Principal Agents	17,542	21,550	+4,008 agents / 22.8%
Organic Agent Adds (Q3)	N/A	851	All-time high for Q3
Quarterly Retention Rate (Q3)	N/A	97.3%	Demonstrates value proposition strength

The total agent count, which includes those not designated as principal agents, was reported at 37,135 at the end of Q1 2025.

Proprietary Compass technology platform and mobile applications

The technology platform is the central nervous system, designed to consolidate the agent's workflow. The company has invested $1.7 billion into this platform over the last 12 years. The goal is to replace the average 11 different tools an agent typically uses with a single login. Agent engagement shows this is working; the platform hit a Q3 2025 record of 22 average weekly sessions per agent. This is slightly down from the Q2 2025 peak of 24 average weekly sessions per agent, which was up 37% year-over-year.

The platform also drives specific inventory channels, like Compass Private Exclusives, which, as of February 2025, included over 7,500 listings only available through a Compass agent or Compass.com.

Key platform usage metrics for 2025 include:

• 22 average weekly sessions per agent (Q3 2025 record).
• 24 average weekly sessions per agent (Q2 2025 all-time high).
• $1.7 billion invested in the platform over 12 years.
• 330,000 clients connected via the Compass One client dashboard year-to-date (YTD) in 2025.
• 600 users in Beta for the new Buyer Demand Tool (Q3 2025).

Local brokerage offices in key US metropolitan markets

The physical presence is concentrated in key markets to support the agent network. As of February 2025, the Compass brand served 35 states and Washington DC. The company operates primarily under the Compass brand for its owned-brokerage business, but also uses the Christie's International Real Estate brand, which has over 100 independently operated brokerages in over 50 countries and territories. The company's Q3 2025 total market share reached 5.63%, an 83 basis point increase year-over-year.

Ancillary services joint ventures (Title, Mortgage)

The channel extends beyond the initial transaction commission into integrated services, which management noted contributed to record profitability in Q3 2025. The potential volume in title and escrow alone represents an estimated $80 billion of commissionable volume. The company targets a 30% EBITDA margin for both title and escrow and mortgage operations. The Q3 2025 results included records for T&E attach and mortgage JV profitability. The company also completed the acquisition of a title company in Texas in April 2025.

Ancillary service performance indicators:

Ancillary Service Metric	Data Point	Context/Period
Title & Escrow Attach Increase	700 basis points	Reported in Q1 2025 context.
Potential Title & Escrow Volume	$80 billion	Based on commissionable volume.
Target EBITDA Margin (Title/Mortgage)	30%	Stated margin goal.
Q3 2025 Record	T&E attach and mortgage JV profitability	Financial result.

Compass, Inc. (COMP) - Canvas Business Model: Customer Segments

You're looking at the core groups Compass, Inc. (COMP) serves as of late 2025, based on their latest reported operational data.

High-performing residential real estate agents and teams

This segment is the primary focus, as the company's growth is directly tied to attracting and retaining these top producers. The numbers show a clear focus on scaling this group.

• Principal Agents at the end of Q3 2025: 21,550.
• Principal Agents at the end of Q2 2025: 20,965.
• Organic Principal Agent additions in Q3 2025: 851, an all-time high.
• Quarterly Principal Agent retention rate in Q3 2025: 97.3%.
• Total agent count at the end of Q1 2025 was 37,135.

Compass, Inc. was ranked as the number one real estate brokerage by sales volume for 2024 by RealTrends in April 2025 for the fourth year in a row. That's a strong signal for agents looking for market leadership.

Home buyers and sellers in premium and luxury US markets

The customer base includes those transacting in the broader US market, with a specific strategic push into the premium and luxury space, partly through acquisitions. Their overall market penetration reflects this segment's importance.

Metric	Q3 2025	Q2 2025	Q1 2025
Total Quarterly Market Share	5.63%	6.09%	6.0%
Gross Transaction Value (GTV)	$70.7 billion	$78.3 billion	$52.4 billion

The growth in total transactions outpaced the market significantly; total transactions grew by 21.5% year-over-year in Q3 2025, while the market transactions increased by 2.0%.

Clients seeking integrated ancillary services (Title, Escrow, Mortgage)

This segment represents clients of the agents who opt into Compass, Inc.'s in-house or joint venture services. The company reports records in the attach rates and profitability for these services.

• The Title and Escrow business quadrupled profitability year-over-year in Q4 2024, with management expecting to double Adjusted EBITDA for this segment in 2025.
• The Q3 2025 results marked a record for T&E attach.
• The Q3 2025 results marked a record for mortgage JV profitability.

Brokerage firms targeted for strategic acquisition

This segment is less about the end consumer and more about acquiring established brokerage operations to gain market share, agent density, and ancillary service footprints in key regions. The acquisitions in 2025 were significant additions to the platform.

Key acquisitions and their associated reported OPEX/revenue impact:

• Christie's International Real Estate acquisition closed on January 13, 2025.
• Washington Fine Properties acquisition closed in February 2025.
• A title company in Texas acquisition closed in April 2025.
• Four acquisitions were completed during Q3 2025.
• Acquisitions completed since July 1, 2024, contributed 12.6% to Q3 2025 revenue growth.

The OPEX for the Christie's International Real Estate acquisition was reported as $105 million for the full year 2025 outlook. Finance: draft 13-week cash view by Friday.

Compass, Inc. (COMP) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the Compass, Inc. (COMP) engine, which is heavily weighted toward compensating the agents who generate the revenue. Honestly, this is where the rubber meets the road for any brokerage.

Agent commission splits and incentives are definitely the largest cost component. Compass, Inc. negotiates these on a case-by-case basis, which means the cost structure isn't uniform across the entire agent base. For context, historical data suggests that on average, a significant portion of revenue flows back to agents.

Agent Tier/Group	Reported Split Range (Agent/Brokerage)
Most Agents (Reported Estimate)	Near 80/20
New Recruits (Reported Estimate)	Closer to 70/30
Elite Teams (Reported Potential)	Can push beyond 85/15
Historical Revenue Allocation (2020)	Approximately 82% of revenue went back to agents

The overall spending on operations, excluding the direct agent commissions, is tightly managed. For the full year 2025, Compass, Inc. has an updated outlook for Non-GAAP Operating Expenses (OpEx).

Here's the quick math on the projected full-year OpEx:

• Non-GAAP OpEx projected for FY 2025: $1.000 billion to $1.005 billion.
• This updated range reflects a reduction from a prior high-end estimate of $1.020 billion.

The remaining OpEx is allocated across several key areas that support the agent platform and corporate functions. What this estimate hides is the direct commission cost, which is variable based on transaction volume.

Technology development, maintenance, and cloud infrastructure are central to the Compass, Inc. value proposition. This spend funds the proprietary end-to-end platform, including:

• Cloud-based software for customer relationship management (CRM).
• Marketing and client service tools.
• New feature rollouts like Compass GPT integration.
• Development and maintenance of tools like Performance Tracker and Private Exclusives.

You need to track non-cash expenses closely, as they can obscure operational performance. For the third quarter of 2025, the stock-based compensation expense was a specific line item impacting GAAP results.

• Stock-based compensation expense in Q3 2025: $59.6 million.

For the traditional overhead categories, we can look at the most recent fully reported annual figures for Sales and Marketing as a baseline, keeping in mind that G&A and lease costs are embedded within the total Non-GAAP OpEx figure. For the year ended December 31, 2024, Sales and marketing expense was:

Metric	Amount (Year Ended Dec 31, 2024)	Percentage of Revenue (Year Ended Dec 31, 2024)
Sales and Marketing Expense	$368.7 million	6.5%

This compares to $435.4 million, or 8.9% of revenue, in 2023, showing a trend toward cost discipline in that area.

Compass, Inc. (COMP) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for Compass, Inc. as of late 2025. The structure is heavily weighted toward the transaction side of residential real estate, but the ancillary services are becoming increasingly important profit drivers.

The primary revenue source is commission revenue from residential real estate transactions. This is directly tied to the Gross Transaction Value (GTV) that agents close using the Compass platform. For instance, in the third quarter of 2025, the Gross Transaction Value (GTV) reached $70.7 billion, which was a 22.5% increase compared to the third quarter of 2024. To put that in perspective, the second quarter of 2025 saw an even higher GTV of $78.3 billion.

The overall financial target for the year is significant. The Full Year 2025 projected revenue is approximately $7.26 billion. This projection is built upon strong quarterly performance, such as the Q3 2025 revenue of $1.85 billion, which represented a 23.6% year-over-year growth.

Here's a look at the reported revenue across the first three quarters of 2025, which underpins that annual projection:

Quarter	Reported Revenue	Year-over-Year Growth
Q1 2025	$1.4 billion	28.7%
Q2 2025	$2.06 billion	21.1%
Q3 2025	$1.85 billion	23.6%
Q4 2025 Guidance (Midpoint)	$1.64 billion (Range $1.59B to $1.69B)	N/A

The push for higher profitability comes from revenue from ancillary services (Title, Escrow, Mortgage JV). These services are designed to be attached to the core transaction. The Title and Escrow business, for example, quadrupled its profitability year-over-year in the first quarter of 2025. Furthermore, the mortgage joint venture (JV) hit its most profitable quarter in Q3 2025, with equity in income growing by $3 million. This focus on the ancillary flywheel is a key part of the strategy, especially following the acquisition of Christie's International Real Estate, which contributed to revenue growth and improved commission economics.

Finally, the model includes revenue from brokerage fees and other agent-related service fees. While the primary revenue is commission-based, the company's platform usage metrics suggest value capture beyond the standard split. For instance, agents averaged 22 weekly sessions on the proprietary technology platform in Q3 2025, indicating deep engagement with services that likely carry associated fees or drive higher commission volume.

The revenue streams are supported by agent growth and market share gains:

• Total Principal Agents at end of Q3 2025: 21,550.
• Total Quarterly Market Share in Q3 2025: 5.63%.
• Total Transactions Closed in Q3 2025: 67,886.
• Total Transactions Growth (Q3 2025 vs Q3 2024): 21.5%.

Finance: draft 13-week cash view by Friday.