Why Keller Williams?
REASONS WHY KELLER WILLIAMS BUSINESS MODEL IS THE BEST
The aim of developing the KW business model is to gain maximum productivity rate and profit. Most traditional companies' target is to make a profit for the Company, and the agents are the means of achieving that profit. But at KW the business plan is for the best of both Company and the agents.
INTERDEPENDENCE BETWEEN COMPANY AND AGENTS
Keller Williams's Business model is an interdependent business model. This means the Company's agents and brokers depend on each other. KW believes in teamwork and considers the agents as valuable team members. Therefore, instead of making profits only for the brokers, the Company focuses on building the careers and lives of the agents.
KW values its agents because it understands that running a profitable real estate business is impossible without satisfying the agents first. In addition, the agents bring the clients to the Company. Without them, the Company will have no existence.
Similarly, the agents depend on the Company. KW gives them the platform to start their career and all kinds of support to the agents. In addition, the training and support provided by the Company enable the agents to become experts in the real estate business.
To keep the brokers and the agents on the same track, the Company has created a set of rules which are part of KW culture. The brokers and the agents must follow the written rule of the Company to achieve the goals of Company.
These rules are known as the MVVBP of Keller Williams Realty. MVVBP stands for Mission, Vision, Value, Belief, and Perspective of KW.
The MVVBP of Keller Williams shows the Company's importance to its agents. The mission statement of KW repeatedly emphasizes developing the careers and lives of the company associates. Besides, the Company's vision is to become a company that agents are happy to work with and that customers trust.
As the Company and agents follow these roles together, they can work side by side as a sole entity. Thus, KW has become a great company depending on the agents.
AGENT-CENTRIC CULTURE
KW does not exist only to do real estate business. The Company also aims to change lives. Therefore, it has created a culture in the Company where agents can feel at home and operate their business. The culture of KW is also referred to as the agent-centric culture. You will understand why after reading the next part.
The Difference between KW and Traditional Companies
Traditional real estate companies lure agents by promising them a good career, but they use the agents only to get clients. The agents are often treated as ordinary employees. The companies do not have any connection with the agents apart from doing business. These companies are just working places for the agents and nothing else.
Fortunately, at KW, things are different in a positive way. KW has created an atmosphere or a culture that inspires the agents. The culture encourages the agents to help each other to grow in their business.
So, you can see that it is not only the Company's responsibility to support the agents; the agents are also responsible for making others feel welcome. The agents can work together as teams. The senior agents train the new agents, give advice, and share personal experiences.
Programs and Organizations to Support the Agents
To create a better bonding among the associates, KW has been arranging programs and events. The agents participate in these programs and work together to create a better relationship between themselves and the local community. Here are some programs and events arranged by Keller Williams Realty for its agents:
KW Red Day: KW has celebrated Red Day annually since 2009 on every second Thursday of May. Agents can work as teams to serve their local communities on this day. Hundreds of agents spend thousands of hours helping the community in various ways, like cleaning parks, and beaches, rebuilding houses, serving food, and so on.
KW Cares: KW wants to develop the lives of its agents. For that, it founded an organization named KW Cares. This organization supports the agents and their families if they need help. In addition, the organization assists the agents to solve their problems.
KW Wellness Program: The company associates' mental and physical well-being is essential for the Company. So, KW formed the KW Wellness Program, which informs the agents about the best insurance they can get. The Company believes wellness brings success. That is why it encourages associates to get proper health coverage plans.
Agent Leadership Council: the associates of Keller Williams can directly share their opinion and thoughts with the Company through their Agent Leadership Council. The market centers of KW are run mainly by the agent council and not the brokers. KW truly meant when it said the Company is operated by the agents and not by the brokers.
TRAINING FOR AGENTS
Most of the agents of Keller William Realty say that one of the best parts of joining the Company was the unique training program for the agents. They believe it is the best training program offered in the real estate business world.
There are different programs and courses for training the agents of Keller Williams.
These programs are designed to prepare agents for the business world. The programs are:
KW Ignite: This training program aims to educate agents about the current real estate business world. This is a four-week program. The program teaches the agents how to start their businesses correctly. Getting sellers and buyers, finding properties, negotiation tactics, customer service, and more are trained in this program.
KW Connect: It is an online real estate education program. Agents of KW learn helpful real estate information and skills from this program. The program covers a lot of information, from lead generation techniques to creating personal online blogs. The agents upload their data into the program so others can use the notification.
Keller Williams University: Keller Williams University offers an industry-based curriculum. Like KW Connect, this program also teaches agents skills related to the real estate business. In addition, multimedia courses and different tools are provided so that the agents can prepare for earning from the beginning of their careers.
KW MAPS: Keller Williams Mega Achievement Productivity Systems coaching for the agents. It focuses on developing the individual skills of the agents. The coaches of the MAP are the best experts in the Company. They guide the agents and ensure that they follow the right track. This way, the agents can know better about the business.
PROFIT-SHARE
Another reason people prefer the business model of Keller Williams Realty is its profit-sharing system. The agents of Keller Williams can earn a lot. This is because they have a great commission split from the Company. So, before you know about the profit share system, you have to know about the commission split system of KW.
Commission Split System
The Company treats every agent equally. So, it has a 70/30 commission for every agent. The agents will get 100% of the commission if they reach their annual cap.
According to the commission system of the Company, the agents get 70 percent of the commission they get from the customers, and the Company takes 30 percent of the commission. This commission goes to the market center.
The market center uses the commission percentages of the agents to run the offices and then keeps the rest of the money as profit.
The Profit Share System
Now, how is the commission system related to the profit share system? It is pretty simple. Remember the commission paid by the agents to their market centers? The profit comes from that money. This is how it works:
Suppose you have been working with Keller Williams for quite a long time, or you can be a relatively new agent of the Company. The Company will allow you to recruit new agents. Of course, you don't need to recruit new agents, but it can be a passive income.
The new agents that you will recruit will be given a form. In that form, he has to write a name as their sponsor agent. This means the person who influenced the new agent to join Keller Williams. When the new agent write-downs your name, you become a sponsoring agent.
So, when the agents you recruit pay a 30 % commission to their market centers, the market centers share a percentage of their profit with you, who are the sponsors of the agents. Furthermore, the sponsor agents continue to get the money even after they retire from KW. Later on, their heir will continue to get the profit.
KW started the profit share system in 1997. Since then, it has shared more than $1.2 billion money with the associates because they helped Keller Williams Realty grow so much.
THE USE OF TECHNOLOGY
Keller Williams Realty has changed and evolved a lot since 1983. It is one of the leading real estate companies supported by modern technology and apps. As a result, the use of technology in their business model is unmatchable. Here are some of the technologies that KW uses to expand its business.
KW Command
The KW Command system is an artificially intelligent CRM-Plus Solution system. The 180,000+ agents can access this system to get information that can help their business. It is directly connected to the company cloud, which is the data information storehouse.
All the agents of KW are requested to update their information regarding any real estate business. Every agent has a login ID and Password so they can access the system whenever they need any information about clients or properties.
The KW APP
KW is a modern real estate company that keeps up with modern technology. It has created an app to keep the agents updated and lessen their paperwork. It is known as the KW App.
Agents and customers can use this app to make their business deals quickly and easily. In addition, an agent can customize this personal app and design it how they like.
Customers can use the KW app to browse houses around the country and contact the agents. This app helps to create a network among clients and agents.
The app is also connected to the Command System of KW. So the agents can track down what the customers are doing with the apps. The agents get notified when the customers select houses from the apps.
The app has a Market Snapshot feature. It shows various information about the nearby locality and ratings of restaurants, schools, and other public places. The report influences whether customers will buy or sell properties. But, on the other hand, the agents understand how they should convince the customers to find a suitable house in the area.
So, these are why the Keller Williams business model is preferred by so many people in the real estate business. Agents get the best opportunities to build their businesses when they work with Keller Williams Realty. KW proved that an agent-centric business model makes a company successful and makes the agents loyal to the Company.