I feel like I actually lucked into Keller Williams. I had not heard of Keller Williams Realty until I attended real estate school. One of the students in the class worked for Keller Williams Realty as an administrative assistant and was acquiring her real estate license to become a licensed assistant. She urged many of us in the class to talk with Keller Williams Realty before making a decision on a company.
I did meet with and talk to two other companies before I met with the Team Leader at Keller Williams Clients' Choice of Northern Colorado Springs. "We believe in God first, family second, and business third. We know that isn't politically correct, but we don't give a flip." This was my introduction to the company.
Wow! My family comes before the business? |During the previous two interviews, my family wasn't even asked about, let alone given any type of priority.
After meeting with the Team Leader, I knew that this was my new professional home. Keller Williams had the same values I do. I felt comfortable around the office and was nicely surprised when other agents greeted me with a smile and a big smile, unlike the cold dismissive greetings I received at the previous two companies. I will warn you, that we are a hugging company. Being a retired Military Officer, hugging was considered "public display of affection" in the military and certainly not permitted. Well, at Keller Williams Colorado Springs, it is "standard operating procedure."
The Culture at Keller Williams Realty is very different then most real estate companies, and I think it is because of the profit sharing system. There is no shortage of help within the office. Everybody is happy to provide their guidance on the most difficult problems. I do believe this is because the more successful everybody is in the office, the more profits that get shared.
There are a lot of misunderstandings by those outside of Keller Williams Realty, so I would like to dispel them by outlining the Keller Williams profit sharing system in layman terms for the benefit of new or future agents.
There are essentially two fees paid to the company when you have a closing. (1) The 6% royalty fee that is paid to corporate headquarters in Austin TX. This is capped at $3000 in a 12 month period. (2) Company dollar, which for new agents starts at 30%, and in Colorado Springs, caps at $18,000 in a 12 month period. The only way these fees are paid are when an agent has a closing. If you don't close enough transactions to cover these fees in a 12 month period, the difference is forgiven and you start over on your anniversary.
There are other monthly office fees for technology ($38), advertising ($25), and consortium ($10) and if you want to rent an office space (variable).
Of the $18,000, ideally $9000 is profit for the owner| of the franchise, the other $9000 is applied toward expenses and the remainder is "shared out" with the agents and staff in your tree that helped to sponsor you in the company. Bear in mind, this is spread out over a 12 month period. The more productive agents we have with closings and paying their fees, the more expenses are paid, and the more profits shared. Thus the reason everyone in the company wants to help you be highly successful. Our office at Keller Williams Clients' Choice in Northern Colorado Springs has profit shared over $600,000 with their agents and staff in the last 9 years and the Keller Williams company has profit shared over $316 million since 1997.
I feel that the largest difference with the Keller Williams profit sharing system compared to the traditional agent fee system, is if there is a loss due to high expenses and low production, the owner of the franchise covers the loss with no added cost to the agents. In my opinion, other traditional real estate company owners see this system as a perceived threat to their profit margin, and as a result talk badly about Keller Williams. This profit sharing system has been validated is really growing rapidly. That is why Keller Williams is the ONLY major real estate company that has expanded in the past three years. We are currently in second place, but foresee being in first place early next year. And we did it with NO national advertising!
Keller Williams is also an open book company. Anyone can ask any Keller Williams Team Leader to show them their accounting books. I would suggest that you should ask to see the accounting books for any real estate company you are considering. If they are unwilling to share their books, there is sure to be a reason, most likely they are not a money-making company, and may soon be out of business. (Both of the other companies I interviewed are no longer in business.) The more agents they have in their office, the more income they can make, and the more losses they can share with their agents. In other words, you really don't know what your monthly office bill is from month to month if the company expects the agents to pay toward their losses. Keller Williams Realty will never do this to their agents. Our system forces the owners and team leaders to be good business managers and keep expenses low.
So, if you are considering a career in real estate, give me a call (719-964-4810). I would be happy to discuss the Keller Williams difference with you. Then visit your local Keller Williams office and see for yourself.
I did meet with and talk to two other companies before I met with the Team Leader at Keller Williams Clients' Choice of Northern Colorado Springs. "We believe in God first, family second, and business third. We know that isn't politically correct, but we don't give a flip." This was my introduction to the company.
Wow! My family comes before the business? |During the previous two interviews, my family wasn't even asked about, let alone given any type of priority.
After meeting with the Team Leader, I knew that this was my new professional home. Keller Williams had the same values I do. I felt comfortable around the office and was nicely surprised when other agents greeted me with a smile and a big smile, unlike the cold dismissive greetings I received at the previous two companies. I will warn you, that we are a hugging company. Being a retired Military Officer, hugging was considered "public display of affection" in the military and certainly not permitted. Well, at Keller Williams Colorado Springs, it is "standard operating procedure."
The Culture at Keller Williams Realty is very different then most real estate companies, and I think it is because of the profit sharing system. There is no shortage of help within the office. Everybody is happy to provide their guidance on the most difficult problems. I do believe this is because the more successful everybody is in the office, the more profits that get shared.
There are a lot of misunderstandings by those outside of Keller Williams Realty, so I would like to dispel them by outlining the Keller Williams profit sharing system in layman terms for the benefit of new or future agents.
There are essentially two fees paid to the company when you have a closing. (1) The 6% royalty fee that is paid to corporate headquarters in Austin TX. This is capped at $3000 in a 12 month period. (2) Company dollar, which for new agents starts at 30%, and in Colorado Springs, caps at $18,000 in a 12 month period. The only way these fees are paid are when an agent has a closing. If you don't close enough transactions to cover these fees in a 12 month period, the difference is forgiven and you start over on your anniversary.
There are other monthly office fees for technology ($38), advertising ($25), and consortium ($10) and if you want to rent an office space (variable).
Of the $18,000, ideally $9000 is profit for the owner| of the franchise, the other $9000 is applied toward expenses and the remainder is "shared out" with the agents and staff in your tree that helped to sponsor you in the company. Bear in mind, this is spread out over a 12 month period. The more productive agents we have with closings and paying their fees, the more expenses are paid, and the more profits shared. Thus the reason everyone in the company wants to help you be highly successful. Our office at Keller Williams Clients' Choice in Northern Colorado Springs has profit shared over $600,000 with their agents and staff in the last 9 years and the Keller Williams company has profit shared over $316 million since 1997.
I feel that the largest difference with the Keller Williams profit sharing system compared to the traditional agent fee system, is if there is a loss due to high expenses and low production, the owner of the franchise covers the loss with no added cost to the agents. In my opinion, other traditional real estate company owners see this system as a perceived threat to their profit margin, and as a result talk badly about Keller Williams. This profit sharing system has been validated is really growing rapidly. That is why Keller Williams is the ONLY major real estate company that has expanded in the past three years. We are currently in second place, but foresee being in first place early next year. And we did it with NO national advertising!
Keller Williams is also an open book company. Anyone can ask any Keller Williams Team Leader to show them their accounting books. I would suggest that you should ask to see the accounting books for any real estate company you are considering. If they are unwilling to share their books, there is sure to be a reason, most likely they are not a money-making company, and may soon be out of business. (Both of the other companies I interviewed are no longer in business.) The more agents they have in their office, the more income they can make, and the more losses they can share with their agents. In other words, you really don't know what your monthly office bill is from month to month if the company expects the agents to pay toward their losses. Keller Williams Realty will never do this to their agents. Our system forces the owners and team leaders to be good business managers and keep expenses low.
So, if you are considering a career in real estate, give me a call (719-964-4810). I would be happy to discuss the Keller Williams difference with you. Then visit your local Keller Williams office and see for yourself.
About the Author:
Looking for a good real estate company in Colorado Springs? Contact Murray Knoll Partners with Keller Williams Colorado Springs first.
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