The fast-expanding real estate brokerage Compass announced its own credit card Wednesday night, touting it as “one solution” for all of the needs the brokerage’s agents might face.
Compass Chief Growth Officer Robert Lehman unveiled the card during the company’s bi-annual retreat, which was held in downtown Los Angeles’ opulent Orpheum Theatre. Lehman described the program, dubbed Compass Card, as “one card, one solution for all your business needs.” He also said it would be fully integrated in Compass’ technology.
“Compass is already powering you from your phone,” Lehman said. “Now Compass is going to be powering you from your wallet.”
Lehman said agents who use the card will pay back their expenses out of their commissions “on your own timeline.” An image of the card projected on a screen during Lehman’s presentation showed what looked like a chip-enabled credit card.
However, the company offered few other details, including how exactly the card will work, when it will be available, and what the interest rates on it will be.
Lehman also did not specify which company is the credit card issuer, or what payment network it will use— Visa, Discover, Mastercard, or American Express (Amex). Presumably, the card will be co-branded by Compass but issued by another company, as only banks and credit unions may issue credit cards, and co-brand them with other firms.
In an email to Inman, Compass said the card will be available to all Compass agents, and can be used for “any business investment an agent wants to make.” The company said it was not ready to disclose details about the card issuer.
Despite the lack of specific information, the packed crowd of Compass agents and employees cheered raucously at the announcement Wednesday night.
The announcement of the Compass Card comes at the conclusion of a year of massive growth for the company, which has raised more than a billion dollars in funding at a valuation of over $4.4 billion, and expanded rapidly into many major U.S. cities. Lehman said Wednesday night that Compass began 2018 with just 30 offices but will finish the year with over 150.
“By the end of next year we’ll have well over 300,” he added.
The card was just one of several initiatives that Lehman touted Wednesday night. He also discussed the company’s no-interest loans for agents, which launched in September. The loans are designed to help agents grow their businesses, and Lehman said that by the end of 2019 Compass will have doled out more than $100 million as part of this program.
Lehman also discussed Compass Concierge, which helps with staging and renovation, and a program that will give agents access to operational managers, effectively giving them COOs.
This post was updated after publication with additional information and images provided by Compass.