Compass announced new brokerage policies, shedding light on its playbook after its $4 billion deal to acquire Anywhere Real Estate.

New Compass program pays listing agents a 10% fee for referring buyer inquiries from their listings to colleagues.

Dealmakers who opted into Compass’ much-heralded agent equity program last year are staring at sobering losses — at least on paper. The program incentivizes agents to defer commissions in exchange for ...