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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.
Robert Reffkin
“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:
Compass Agents,
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.
| First Prize
(Top 25 Agents) |
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| Second Prize
(Top 26-50 Agents) |
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| Third Prize
(Top 51-250 Agents) |
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| Fourth Prize
(Top 251-500 Agents) |
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| Fifth Prize
(Top 501-1000 Agents) |
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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:
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- $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!
Robert
