Compass to share 500,000+ pre-market listings on Redfin, offer mortgage rate cuts
Compass will immediately publish its 500,000+ off-market and ‘Coming Soon’ property listings on Redfin under a three-year distribution pact with Rocket Cos. As part of the deal, Rocket Mortgage will extend a 1-percentage-point first-year mortgage rate reduction or up to $6,000 lender credit to Compass clients.
1. Three-Year Listing Pact
Compass has struck a three-year agreement with Rocket Cos. to feed more than 500,000 of its off-market and “Coming Soon” property listings directly into Redfin’s portal, enabling immediate exposure on Redfin’s website and app.
2. Mortgage Incentives
Under the pact, Rocket Mortgage will provide Compass clients with preferred pricing, including a reduction of 1 percentage point on the first-year mortgage rate or a lender credit worth up to $6,000, enhancing affordability for buyers.
3. Seller Benefits
By leveraging Compass’s “Private Exclusive” and “Coming Soon” listing options, sellers can test pricing strategies without revealing days on market or price cut history, mitigating negotiating leverage for buyers while reaching 60 million users.
4. Competitive Context
The deal comes as Compass battles a legal dispute with a major portal that ceased listing its properties, and positions Compass for greater market visibility at the start of the spring homebuying season.