Charged up: Compass is giving agents
credit cards

Agents can pay off bills with commission payments

TRD NATIONAL /
Nov.November 29, 2018 01:00 PM

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


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Jared Kushner and Cadre CEO Ryan Williams (Getty, iStock)

Jared Kushner’s plan to unload Cadre stake shelved by pandemic

Jared Kushner’s plan to unload Cadre stake shelved by pandemic
(iStock)

Manhattan co-op sales prices saw 11% drop in Q2

Manhattan co-op sales prices saw 11% drop in Q2
(iStock)

Manhattan vacancy hits new peak; Brooklyn stable

Manhattan vacancy hits new peak; Brooklyn stable
Churchill Real Estate Holdings’ Justin Ehrlich (iStock)

Churchill Real Estate lines up $2B investment for residential lending

Churchill Real Estate lines up $2B investment for residential lending
Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...