The answer from Matej was helpful for me, but I was not able to use it as-is and still get it to work for both local builds within Visual Studio and automated builds via TFS.
I had to add some extra msbuild settings. Actually, there were 2 different scenarios that I had. One project was an Web App that built into the _PublishedWebsites folder and one was an MVC Web App that did not build into the _PublishedWebsites folder.
First, add the following if it is not already in your project file:
<PropertyGroup>
<MvcBuildViews>true</MvcBuildViews>
</PropertyGroup>
For the one WITH _PublishedWebsites:
<Choose>
<When Condition="'$(BuildingInsideVisualStudio)' == true">
<PropertyGroup>
<AspNetCompilerPhysicalPath>$(ProjectDir)</AspNetCompilerPhysicalPath>
</PropertyGroup>
</When>
<Otherwise>
<PropertyGroup>
<AspNetCompilerPhysicalPath>$(WebProjectOutputDir)</AspNetCompilerPhysicalPath>
</PropertyGroup>
</Otherwise>
</Choose>
<Target Name="PrecompileWeb" AfterTargets="build" Condition="'$(MvcBuildViews)'=='true'">
<!-- aspnet_compiler.exe needs to be run on the folder that has the aspx files and the "bin" subfolder.
When running locally, the value needs to be the project directory, which is $(ProjectDir).
When running the TFS build, the value needs to be (BuildFolder)\(ProjectName)\_PublishedWebsites\(ProjectName).
The $(AspNetCompilerPhysicalPath) will hold the correct value for both types of builds.
-->
<Message Text="Starting AspNetCompiler for $(ProjectName) at $(AspNetCompilerPhysicalPath)" Importance="high" />
<AspNetCompiler
VirtualPath="/"
PhysicalPath="$(AspNetCompilerPhysicalPath)"
TargetPath="$(AspNetCompilerPhysicalPath)\bin_precompile"
Force="true"
/>
</Target>
For the one WITHOUT _PublishedWebsites:
<Choose>
<When Condition="'$(BuildingInsideVisualStudio)' == true">
<PropertyGroup>
<AspNetCompiler_CopyFilesFirst>false</AspNetCompiler_CopyFilesFirst>
</PropertyGroup>
</When>
<Otherwise>
<PropertyGroup>
<AspNetCompiler_CopyFilesFirst>true</AspNetCompiler_CopyFilesFirst>
</PropertyGroup>
<ItemGroup>
<AllOutputFiles Include="$(OutDir)\\**\*.*" />
</ItemGroup>
</Otherwise>
</Choose>
<Target Name="PrecompileWeb" AfterTargets="build" Condition="'$(MvcBuildViews)'=='true'">
<!-- aspnet_compiler.exe needs to be run on the folder that has the cshtml files and the "bin" subfolder. I could not find a setting that was appropriate for both.
When running locally, the value needs to be the project directory, which is $(ProjectDir).
When running the TFS build, there is no folder that matches both of those criteria.
So first we will copy the output into the source code folder's "bin" subfolder,
then run it against the source $(ProjectDir), the same as if we were building locally.
-->
<Message Text="Before running AspNetCompiler, copy files from $(OutDir) to $(ProjectDir)\bin" Importance="high" />
<Exec Command="( robocopy.exe /mir $(OutDir) $(ProjectDir)\bin ) ^& IF %25ERRORLEVEL%25 LEQ 1 exit 0" Condition="'$(AspNetCompiler_CopyFilesFirst)'=='true'" />
<Message Text="Starting AspNetCompiler for $(ProjectName) at $(ProjectDir)" Importance="high" />
<AspNetCompiler
VirtualPath="/"
PhysicalPath="$(ProjectDir)"
TargetPath="$(ProjectDir)\bin_precompile"
Force="true"
/>
</Target>