The 10×10 Business Growth Challenge will pay individual agents and team leaders to participate in various training programs over the course of 10 weeks.
Fast-growing brokerage Compass on Wednesday announced the debut of a new coaching program that will give the company’s agents up to $10,000 for training.
Company co-founder and CEO Robert Reffkin announced the “10×10 Business Growth Challenge” in an email to agents. The email, which Inman also received, explains that the program will take place over 10 weeks. During that time, agents can earn $1,000 for coaching and virtual assistant support if they participate in 10 external group coaching sessions. Compass has teamed up with a variety of coaches including Tom Ferry, Steve Shull and Brian Buffini for the program.
Agents can earn another $1,000 if they participate in a 10-part coaching and series that comes from Skye Michiels, a podcaster and Compass managing director, as well as other leaders across the U.S.
Finally, agents can earn yet another $1,000 if they finish 10 sessions with one of the company’s Agent Experience Managers. The sessions will focus on what the email describes as “re-onboarding,” which is meant to “help make the Compass platform work for you.”
Agents who complete all three tasks will receive $10,000, the email adds, which they can use for coaching and virtual assistant support.
The email notes that the program officially begins Jan. 1 and will be available on a first-come, first-served basis to 2,500 Compass team leaders and individual agents. Members of teams who are not team leaders are not currently eligible for the program.
Individual agents and team leaders who join Compass in the future will be eligible for the program.
Reffkin explained in the email that the genesis of the program came from agents who are just now wrapping up their best professional years ever, but also asked company leadership how they could make 2022 just as successful.
“As always, our conversations with agents have led us to the answer,” Reffkin explained.
The program launches at a time when the competition for teams and talent in real estate is fierce. Compass itself has scooped up a number of high profile teams over the last year, including from various legacy brands, and the company’s aggressive recruiting methods have become and ongoing point of contention and legal wrangling in the industry. Those battles notwithstanding, recruiting has allowed Compass to grow rapidly.
The new coaching program appears designed to strengthen Compass’ hand and help it compete against rivals such as eXp Realty, which has similarly grown quickly by luring agents and teams away from older companies.
In his email, Reffkin ultimately concluded that it makes sense for Compass to “invest millions of dollars” into agents’ businesses because “we believe in you.”
“And, we’ve seen the impact that business coaching and our platform can have on growing your business,” he added. “We want you to be able to maximize the success of your business while also maximizing your quality of life, which is why we’re putting our money where our mouth is.”