KW ‘best equipped to grow’ in post-settlement world
Brokerages need to define their purpose in this new era, says Keller Williams CEO Mark Willis, and training, tech will be key to KW’s identity.
Key points:
- Willis thinks of KW as a “training and consulting company” with proprietary technology, which will give the company “a strategic advantage.”
- The company is also continuing to educate agents, address their fears and help them get “to the next level.”
- Despite the tough market — and loss of more than 10,000 agents over the past year — KW is focused on recruiting new agents who can thrive in the long term.
Real estate has entered a new era, and just as agents will need to adapt, brokerage companies should also be reflecting on their place — and purpose — in a post-settlement world.
At Keller Williams, CEO Mark Willis said he's been giving a lot of thought to KW's identity and working with leadership to develop an action plan as the company looks toward 2025. A key component of that plan? Giving agents the tools to succeed as entrepreneurs.
"We are, first and foremost, a training and consulting company that happens to own proprietary technology," Willis told Real Estate News. "An agent needs to be fully tech-enabled… owning that technology gives us a strategic advantage. We are the best equipped to grow during this period of uncertainty."
Ready to train — and retrain — the agents of the future
Within the greater economy, real estate has been experiencing a type of recession, but Willis believes Keller Williams is performing better than the rest of the industry. Many brokerages are dealing with attrition, he acknowledged — as of the end of July, Keller Williams had more than 173,000 agents worldwide, down from around 189,000 last May — but he added that new agents continue to get licensed. And as long as that's the case, KW will remain focused on recruiting and being ready to train.
"I believe those new people will be very well equipped, because they're coming into a time when conditions are challenging," Willis said. He noted that historically, many of the agents who've entered the industry during a downturn became survivors for the long term.
Along with navigating the current sluggish market, both new and veteran agents will need to be equipped to handle the rule changes that went into effect Aug. 17.
Willis believes the biggest challenge for agents will be getting comfortable telling their buyer clients that they need to get paid for their services — and internalizing the goal of providing services that far exceed the cost of the fee.
"We've been teaching them how to articulate their value proposition and really slowing down the process of representing buyers from day one, earning the right to do so," said Willis, who stepped into the role of CEO in November 2023 after being away from the company since 2016.
Taking agents 'to the next level'
John Clidy, vice president of growth at KW, said that in addition to recruiting, the company is focused on helping current agents build their skills.
"The cool thing about this company is you can have any agent and take them to the next level," Clidy said, adding that KW has been successful at transforming an average agent into a good one, and pushing a good agent to become excellent.
During this period of change, leveling up will also require a clear understanding (and adoption) of the new industry rules. Keller Williams has been hosting town hall events to answer agent questions and recently introduced a new agent resource site, "Buyer and Seller Agent Tools to Thrive," intended to guide agents through the settlement practice changes.
As agents adapt to the changes, Clidy emphasized that having the right mindset is critical.
"If you're focused on the right things and you're doing what you need to do, you're going to be fine. If you're in panic mode and you think the sky is falling, you have some problems right now," Clidy said.