There are 2 million real estate agents in the US, and we drive at least $15 billion of business to a wide variety of local vendors. If agents across the industry pledged 15% of their real estate vendor spend to Black professionals, those professionals would earn more than $2 billion per year from real estate agents alone. That’s enough revenue to create opportunity for countless Black entrepreneurs and to empower many Black communities.
The Compass 15% Pledge states:
Moving forward, I will work to allocate 15% of my real estate vendor spend to Black professionals — from photographers to videographers to attorneys to contractors to stagers to all the small businesses I source and refer to my clients.
I am also proud to share that Compass has made a commitment that going forward, the company will only work with external advisors who have at least one Black professional on the team directly advising Compass. Every year, Compass works with many different external advisors, such as lawyers, accountants, bankers, consultants, and recruiting firms.
In an interview with CNBC on June 8th, our Founder & CEO Robert Reffkin invited corporate America to join us in efforts to diversify their boards, ensuring everyone is represented. Right now, only 8% of corporate board members are Black. And at Compass, we are proud that our board is 40% Black and 40% women.
If you have any other ideas of things we can all be doing, please let me know! I would love to hear them.