– Compass is launching a “Back to Basics Challenge” to encourage agents to have more in-person interactions with clients and increase their business.
– The challenge includes tracking the number of buyer exclusive agreements signed and the number of in-person interactions agents have with clients.
– The top 25 agents with the most buyer exclusive agreements and in-person interactions after 100 days will win a trip to NYC, lunch with Leonard Steinberg, and dinner at Robert Reffkin’s home.
– Additional prizes will be awarded to agents who lead in buyer exclusive agreements and in-person interactions, up to the top 1,000 agents.
– The challenge will start on January 1, 2024, and daily training sessions will be provided to prepare agents for the challenge.
– Agents will track their in-person interactions through Compass’ CRM system.
– Agents will also need to complete buyer representation agreements, and the top 25 agents with the most signed agreements will receive a prize.
– Prizes for the top agents include flight and hotel accommodations in NYC, coaching sessions, personal email introductions to top agents, and credit for the Compass Coaching Marketplace.
Twenty-five Compass agents with the most buyer-exclusive agreements and in-person interactions after 100 days of 2024 will win a trip to NYC, lunch with Leonard Steinberg and dinner at Reffkin’s home.
The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.
Last week at Compass’ annual RETREAT, CEO Robert Reffkin made a call to Compass agents to hunker down on relationships and in-person interactions in 2024, and teased the brokerage’s “Back to Basics Challenge,” which was officially announced to all Compass agents today, Inman has learned exclusively.
“This is a time to get old school,” Reffkin told agents during his keynote address last Tuesday. “Eye-on-eyes, face-to-face, building your business one relationship at a time.”
The Back to Basics Challenge, Reffkin explained, is an initiative to get agents inspired to have more high-touch interactions with their clients, and in doing so, increase their business significantly and address the changing nature of buyer representation. In tandem with daily trainings and mastermind sessions led by Compass’ top coaches and agents on how to execute buyer broker agreements with clients, agents will track through Compass’ CRM how many buyer exclusive agreements they get signed and how many in-person interactions they have with clients.
The top 25 agents who sign the most buyer exclusive agreements and have the most in-person interactions during the first 100 days of 2024 will receive a trip to New York City for a full day of mastermind sessions, as well as lunch with Leonard Steinberg and dinner at Reffkin’s home. Additional tiers of prizes will also be awarded to other agents who lead in buyer exclusive agreements and in-person interactions, up to the top 1,000 agents who complete these activities.
Reffkin officially announced the details to Compass agents on Monday in an email that was exclusively obtained by Inman.
Read the full email with details of the Back to Basics Challenge below:
Last week at RETREAT, I shared (click here to watch the video) that I believe this market is your greatest opportunity disguised as a challenge. Real estate is a people business and the DNA of Compass is both high-tech and high-touch. Despite the fear that exists in the market today, there are thousands of agents who are having their best year ever because they are spending more time in person with people. Whoever connects the most, grows the most.
Today, we’re announcing the Back to Basics Challenge – a 100-day challenge starting on January 1, 2024 with the goal of helping you grow your business and gain market share by doubling down on in-person connections.
Here’s how it works:
The Back to Basics Challenge has two parts: (1) spend time in-person with your clients and (2) complete buyer representation agreements. The top agents in these categories will win valuable prizes that will help you grow your business even further!
To help prepare you for this challenge, between Monday, November 27th and Thursday, December 21st, we’ll be hosting daily training sessions. For more details, head to the Back to Basics Challenge Website (click here to access the website) where you can find the challenge details, a calendar of events, links to view helpful resources, FAQs, and more!
Part 1: Spend Time In-Person With Your Clients
While others are leaning out, I’m asking you to lean in. Have more face-to-face conversations, shake more hands, and connect with more people. Remember, if you think you’re close to your clients… get closer. Here is a list of 100 ways to connect in 100 days.
How will you track this? For all your contacts in the Compass CRM there is a button that says “Add Activity” which you will click, then select “In-Person” from the drop-down and enter your notes for the activity. Click these links to watch a video on how to do this on desktop (click this link to see video) and mobile (click this link to see video).
See below for the prizes for the top 1,000 Agents who make the most connections. In addition, all winners will receive a certificate of completion signed by Robert Reffkin and delivered in person during his next visit to your region.
(Top 25 Agents)
(Top 26-50 Agents)
(Top 51-250 Agents)
(Top 251-500 Agents)
(Top 501-1000 Agents)
Part 2 – Complete Buyer Representation Agreements
This is a moment where you can elevate your role as a real estate advisor by articulating your value to buyers in the same way you already communicate your value to sellers. If you’re not sure where to find your local Buyer Representation Agreement, please contact your sales manager.
How will you track this? At the end of the 100 days we will send you a link to a survey where you will input how many agreements you have signed. For the prize winners, we will ask to verify by requesting a copy of those agreements.
Prizes for the Top 25 Agents who get the most buyer representation agreements signed:
- $2,500 to spend on the Compass Coaching Marketplace
I believe this will be the most impactful thing we might ever do as a company. If you double the time you spend with people in 2024, I would bet that your business doubles in 2025. Let’s all double down. Let’s lean into culture and connection with everything we have and go ALL-IN!
Property Chomp's Take:
In an industry that is constantly evolving, real estate agents are always looking for new ways to stay ahead of the competition. One brokerage, Compass, is taking a unique approach to encourage their agents to prioritize relationships and in-person interactions with clients.
At the company's annual retreat, CEO Robert Reffkin announced the "Back to Basics Challenge" to all Compass agents. The challenge aims to inspire agents to have more high-touch interactions with their clients, ultimately increasing their business and adapting to the changing nature of buyer representation.
The challenge consists of two parts: spending more time in-person with clients and completing buyer representation agreements. Agents will track these activities through Compass' CRM system. The top 25 agents with the most buyer-exclusive agreements and in-person interactions during the first 100 days of 2024 will win a trip to New York City. The prize includes a full day of mastermind sessions, lunch with Leonard Steinberg, and dinner at Reffkin's home.
Additional tiers of prizes will be awarded to other agents who excel in these areas, up to the top 1,000 agents. The prizes range from coaching sessions and personal introductions to top agents in referral markets, to credits towards client appreciation events.
Reffkin emphasized the importance of building relationships and connecting with clients in person during his keynote address at the retreat. He encouraged agents to embrace the "old school" approach of face-to-face interactions, stating that whoever connects the most, grows the most.
Compass agents will have access to daily training sessions leading up to the challenge, providing them with the tools and strategies to execute buyer representation agreements and maximize their in-person interactions.
The Back to Basics Challenge is a testament to Compass' commitment to both high-tech and high-touch aspects of the real estate industry. While technology has revolutionized the way business is done, Compass recognizes the value of personal connections and aims to empower their agents to prioritize these interactions.
As the verdict is in – the old way of doing business is over – Compass is challenging their agents to defy the market and bet big on their future. The Back to Basics Challenge is an opportunity for agents to strengthen their relationships, expand their business, and prepare for tomorrow's opportunities.
If you're a Compass agent, get ready to hunker down on relationships and in-person interactions in 2024. The challenge has been officially announced, and the countdown to the first 100 days of the year has begun. Will you be one of the top 25 agents to win a trip to NYC and exclusive experiences with industry leaders? It's time to embrace the "old school" approach and take your business to new heights.