In the opening address at the Compass REtreat, CEO Robert Reffkin emphasized the importance of basics
and genuine client connections for success in the current challenging real estate market.
Reffkin highlighted Compass's achievement as the leading brokerage in sales volume and its impressive 98% agent retention rate, which accounts for agents retiring or exiting the industry. He emphasized the brokerage's dedication to empowering agents, strengthening the role of real estate advisors, and aiming to double their market share.
Robert stressed the need for more personal, face-to-face interactions with clients, especially post-COVID/Zoom era. Reffkin personally embraced this approach by visiting over 200 Compass offices and inviting agents and employees to his home. He argued that real connections can't be replaced by digital communication, emphasizing trust-building through personal interactions.
To address threats to agent commissions, Reffkin encouraged the use of broker buyer agreements and focused on demonstrating value to buyers.
In conclusion, Reffkin introduced the "Back to Basics Challenge," motivating agents to boost face-to-face client interactions and offering incentives for outstanding performers. He also hinted at exciting future developments for Compass, such as global expansion and advancements in technology and team resources.