Compass chairman Robert Reffkin has admitted that in some areas the company has fallen short.
He highlighted the failed July launch of Powered By Compass, software the company had hoped to license to independent brokerages but was forced to roll-back following criticism from their own agents.
“We launched some technology without testing it thoroughly with agents,” Reffkin wrote, “and learned we can move too fast.”
Another “rocky” moment for Reffkin came in August, when news of Compass’s acquisition of Pacific Union, a blockbuster California brokerage, leaked to the press. “Doing multiple mergers in a single year put strain on our employees, our culture, and unfortunately, the incoming agents felt and saw those cracks,” said Reffkin, according to Inman, which published his email on Thursday.