Compass is coming for your clients.
At the company’s REtreat Conference on Tuesday, CEO Robert Reffkin, Chief Product Officer Greg Hart and several regional presidents laid out the brokerage’s bold 2022 strategy that includes a revitalized expansion plan, a more robust referral platform for Compass agents and managers, a supercharged transaction management platform, and the star of the show — the Compass Client Dashboard.
“Ninety percent of buyers and sellers say they’ll work with their same agent again, but only 12 percent do,” Reffkin said. “Now I know you’re top agents, so your number is probably higher than 12 percent.”
“But I also know how painful it is when you lose touch with even one of your clients and they end up listing with somebody else,” he added. “What we’re going to give you, your clients are going to love so much that anyone who starts working with you is going to become your clients for life.”
Available in early 2022, Reffkin said the Compass Client Dashboard will house everything homebuyers and homesellers need to know about the transaction process using an integration with the brokerage’s existing transaction management hub for agents. Clients will be able to search homes, market information, view buyer and seller checklists, and access exclusive content that helps them understand every phase of the transaction.
After the transaction is over, clients will retain access to the dashboard and receive relevant information about their new abodes, such as property tax reports and home value trends in their neighborhood.
“Imagine if when you went to FedEx, you had no idea how long it would take for the package to arrive, you had no idea where it was, or if it even got there,” Reffkin said. “Imagine if you bought a flight ticket online and you did not get a flight confirmation email or flight status update.”
“That’s what it is like for too many of your buyers and sellers today,” he added. “This dashboard is going to solve that for all of your clients.”
Lastly, Reffkin said agents will be able to have their branding front and center on the dashboard. “It’s going to be a repeat and referral goldmine,” he said. “Just imagine anyone who starts working with you stays with you forever.”
In addition to improving agent-to-consumer relationships with the Compass Client Dashboard, the company said it’s laser focused on strengthening communications between agents and sales managers through in-person events and a streamlined referral platform.
“Regionally, we’re gonna play the role of matchmaker [and] bring together agents from key feeder markets around specific areas of expertise, so that you can build your network and bring agent-tested ideas to put back to work in your home markets,” Compass Central President Danielle Wilkie said of the more than 1,000 in-person events Compass has planned in 2022. “And finally, nationally, we’re going to be launching a variety of group coaching programs and more events just like this so that you all can continue to expand your nationwide network.”
Meanwhile, West Regional President Rory Golod focused on the tech side of Compass’ networking push, which centers around Find An Agent, a mobile platform that enables Compass agents and sales managers to send and receive referrals at the click of a button. Starting Wednesday, Golod said agents can utilize location, property type, listing price and buy-sell and sell-side filters to quickly find the right agent who can help a client.
“How many times have you made the connection, only to find later on another person is actually a better fit for your client?” he said. “And how many of you tried the current process on Workplace? It can feel like a popularity contest, right? Or even worse, a waste of time. And we know time kills deals.”
“[Find An Agent] instantly connects you to the entire community of Compass agents and beyond,” he added while hinting Compass may be launching international markets in the coming months. “While the industry is busy talking about affiliations, you’ll be able to search a global network of the top agents around the world and easily send their listing right to them, effectively making you one phone call away from every millionaire and billionaire purchaser of their home. That is powerful.”
Although the referral pipeline will begin in the Find An Agent app, the tracking process will automatically happen in Compass’ transaction management hub, Compass East Regional President Neda Navab said. As the transaction process progresses, agents will receive alerts and prompts so they can receive their commission quicker than ever.
“You’ll see a clear transaction report and there’s no more needing to ask, ‘When will my referral close? How much will I make?’ she said. “Or worse, leaving money on the table because you forgot about it altogether. Now, you will spend less time tracking your referral and more time making them.”
Chief Product Officer Greg Hart said Compass’ 1,500-person technology team is working around the clock to streamline agents’ experience with Compass Concierge, Compass Marketing Center, OriginPoint and the slew of new additions coming in 2022. Now, he said, Compass agents will need only one username and password to access everything within the Compass ecosystem.
“One system to get paid faster and more directly. One system to easily onboard and manage your contacts, one marketing platform to elevate and promote your brands,” he said. “One place where you can search and collaborate with your buyers. One place to manage every form and document in the deal. One place to connect with your title officer or mortgage broker.”
“Everything with just one username and one password,” he added while noting the capability will be available to every Compass agent by summer 2022.
With a high-performance tech platform serving as a tailwind into 2022, Compass said they’re ready to ramp up their expansion plans after a decidedly slower pace leading up to and after the April initial public offering. Wilkie declined to share specific market launch details; however, she said Compass 2022 plans “represent 170 million potential clients in more than $1 trillion dollars in market potential.”
Reffkin ended the conference noting that Compass is under the spotlight more than ever, as it rides out a tough patch on the stock market and navigates market challenges alongside competitors who’ve knocked the company for its controversial tactics. However, the CEO is expecting the company’s rivals to eat crow in 2022 as Compass races for the top spot.
“I know some people think you don’t need the best agents, and some people think you don’t need the best technology. But I have conviction,” he said to a roaring crowd of Compass agents and staff. “There always going to be people that don’t get it. You know what, I’m grateful. If they don’t see what you see, they’re not going to make the necessary investments that will allow them to be relevant in the future.”
“Every year, they’re allowing us to get further and further ahead while they’re staying in the same place,” he added. “Conviction is how we got to where we are today. I promise you — Compass, our company, our culture, our dreams are only going to get bigger and better.”