The Real Deal New York

Charged up: Compass is giving agents
credit cards

Agents can pay off bills with commission payments
November 29, 2018 01:00PM

Robert Reffkin and Robert Lehman (Credit: Compass and iStock)

Over the past year, Compass has offered agents business loans and the option to buy company stock. Now, it’s launching a Compass-branded credit card.

The residential brokerage announced the “Compass Card” on Wednesday at a biannual retreat in Los Angeles, which attracted some 2,500 agents.

Chief Growth Officer Rob Lehman described the card as a solution “for all your business needs,” Inman reported. Agents who use the card will pay back charges on their “own timelines,” he said.

Compass offered few other details about the card — such as who will be eligible, which bank is issuing the card and what interest rates will apply. It’s also unclear if the card has any restrictions.

Launched in 2012, Compass has raised $1.2 billion from investors to date. The company was valued at $4.4 billion following an investment in September by SoftBank and Qatar Investment Authority.

Over the past year, Compass has launched a slew of products and services, including illuminated brokerage signs; a health insurance offering; and an equity program that lets agents invest in Compass stock options. Compass also launched a business loan program for agents that is on track to lend $100 million by the end of 2019.

It’s also expanding geographically at breakneck pace. Compass started the year with 30 offices and will finish the year with 150. By next year, it will have 300, Lehman said. [Inman] — E.B. Solomont