Kellerisms

Kellerisms: 
Cappers: An associate who reaches the Market Center Cap each year and gets 100% of their commission for the rest of their contract year.
½ Cappers: Associates who pay 1/2 of their Market Center Cap in a contract year.
Less than ½ Cap: Associates who pay 1.4 percent of their Market Center Cap in one contract year.
Anniversary Date: The full 12 mos. that runs from when you start with KW back to the date 1st of the month that you joined.
Company $: The amount of each commission that is paid to KW, up to the date of your Cap.
Royalties: This is the 6% that you pay to Keller Williams International for being affiliated with the franchise. Each year the Royalty is capped at $3,000.
P&L: Profit and Loss Statement. The financial statement showing Profit and Loss.  We teach that each agent should also have one for their business, like our Market Center has for our business.
Other Income: Other Income paid into the company in the form of desk fees, copies, or ancillary services.
KWRI Keller Williams Realty International
Transmittal: The month end financial process when our financials are sent to KWRI
EOM: End of Month
ALC Associate Leadership Council. A selected group of associates drawn from the top 20% of the Market Center producers that help make decisions for the market center that pertain to Culture, Productivity, Profit, and Growth both in our market center, as well as leading by example in their own businesses.
Core Group: The influential group of people at a Market Center who are recruited for their influence in the marketplace as well as ability to attract and recruit others to increase MC profitability.  Particularly important and required when launching an office in a new area.
DISC: A written personality profiling system that assesses the individual’s personality in terms of D: Dominant/Driver, I: Influencing/Inspiring, S: Stable/Steady, C: Compliant/Correct.
GCI: Gross Commission Income. The total amount of the commission dollars the Market Center receives from a transaction before the agent is paid their share.
MCA: Market Center Administrator. The MCA is responsible for implementing and maintaining all operating systems in a KW Market Center.
OP: Operating Principal. The OP is responsible for the success of the business venture. They are also responsible for bringing Capital, Leadership, and Accountability.
KW Profit: The profit that the Market Center makes which is then split with the partners in the company, and the profit share partners in KW.
Profit Share: Apprx. 48% of the Market Centers Owners profit, which distributed each month to associates and staff who were influential in helping that market center grow with productive agents who contributed to Market Center Center profits.
The Model: The process set forth by KWRI that describes the guidelines to be followed for the successful launch & profitable operation of a Market Center.
TL: Team Leader
WI4C2TES: The beliefs of KW.

Win-Win or no deal;

Integrity-do the right things;

Customers-always come first;

Communication-seek first to understand;

Commitment-in all things;

Creativity-ideas before results;

Teamwork-together everyone achieves more;

Trust-begins with honesty;

Equity-Opportunities for All

Success-results through people.
4-1-1: The 4-1-1 is a productivity tool that drives your goal-setting from the desired end results to the present. 4-1-1 stands for four weeks, one month, and one year.  A one page business plan to help you use as a “scorecard” to help in achieving your goals.
8 x 8: A lead generation schedule consisting of eight touches over eight weeks. A high-impact, high-saturation technique that is designed to put you in the number-one position in the minds of everyone in your Met database within an eight-week period.
33 Touch: A leader generation schedule consisting of thirty-three touches over one year. A high-impact, high-saturation technique that is designed to put you in the number-one position in the minds of everyone in your Met database.
12 Direct: A lead generation schedule consisting of twelve touches over one year. A high-impact technique that is designed to put you in the minds of everyone in your Haven’t-Met database.
Above the Line: Approved Market Center expenses that are taken before Profit Share is calculated.
Allied Resources: Allied businesses and people who assist and support the growth and productivity in our industry.
Below the Line: Market Center expenses that the owner must pay for after Profit Share has been calculated.
Cost of Sales (COS): Fees paid out as a percentage of the transaction, such as for referrals fees or to buyers agents.  As taught in the Millionaire Real Estate Agent book.
Forecast Model: A tool designed to help project a Market Center’s “next year’s” business. Goals are entered and tracked here.
MREA Four Laws of Lead Generation: 1.      Build a database;

2.      Feed it every day;

3.      Communicate with it in a systematic way;

4.      Service all the leads that come your way.
Loss Carry-Forward (LCF): Market Centers that lose money will calculate a loss carry forward. Once the LCF is paid the Market Center profit shares.
Owner Profit: Profit owners keep after Profit Share, as their business profit.
Written Volume: Number of pending contracts. Team Leader’s use this as a gauge for how well the Market Center is doing.
Gary Keller: Chairman of the Board and vision of the company. Started KW in 1983 and franchised in 1991.
KWU: Keller Williams University. KWU is responsible for developing national training classes and programs. KWU has several items of interest that can be found on www.kw.com.
Mo Anderson: If Gary Keller is the vision of Keller Williams Realty, former CEO and current Vice Chairman of the Board of Directors, Mo Anderson, is it’s heart. Mo’s personal integrity and unquenchable drive are touchstones that have made Keller Williams Realty one of the most successful franchises in real estate.
 KPA Keller Personality Assessment.  All associates have access to this to help them determine the right hires for the right positions on their teams.  Each KPA costs $20.00 and can be accessed by setting it up with the market center MCA.
 

 

Acronyms
36:12:3 Lead Generation. 36:12:3 (36 transaction in 12 months by doing 3 hours/day in lead generation)
3 L’s Leads, Listings, Leverage
4-1-1 KWRI’s goal setting & productivity tool
80/20 80/20 Principle – Vilfredo Pareto’s study of the predictable imbalance in life. 20 percent of what you do, gets 80 percent of your results.
ALC Associate Leadership Council
CMA Comparative Market Analysis
COS Cost of Sales
CRM Customer Relationship Management-Data Base system
DISC Abelson’s Personality Assessment System (Dominant/Driver, Influencing/Inspiring, Stable/Steady, Compliant/Correct)
E&O Errors & Omissions Insurance
E to P Entrepreneurial to Purposeful Perspective KW teaches to get to the next level of your life
FR Family Reunion-KW yearly Convention which occurs in February each year.
FSBO For Sale By Owner
FSO Franchise Systems Orientation-A one week training in Austin, Texas that teaches all of our KW deliverables and models.
GCI Gross Commission Income
High D: An individual with a high score in the Dominant/Driver category of the DISC personality evaluation. Team Leaders are typically High D and I personalities.
IALC International Associate Leadership Council-The international model for the Market Center, for which representative are chosen from the region to serve on.
IVR Integrated Voice Response-Call response system that can be used in marketing
KW Keller Williams
KWLS Keller Williams Listing Service-Which drive your listing to hundreds of websites and protects your name and information on Zillow sites, via a KW negotiated program with them exclusive to our agents. “Your listings your leads.”
KWR Keller Williams Realty
KWRI Keller Williams Realty International
KWU Keller Williams University
MAPS Mega Agent Productivity Systems Coaching programs via Keller Williams Realty
MC Market Center used instead of the term “office”
MCA Market Center Administrator
MREA Millionaire Real Estate Agent-The name of the “red book” written for agents by Gary Keller and Dave Jenks
MREI Millionaire Real Estate Investor-The name of the “Blue Book”. Written by the Keller team for agents and their clients to teach about investing.
MSYS Millionaire Systems
MVVBP Mission, Vision, Values, Beliefs, & Perspective
OP Operating Principal-The responsible overseeing partner of the ownership of the Market Center
QL Quantum Leap-A class on life and balance designed by Gary Keller
RD Regional Director-The regional Representative that oversee’s the region for the regional ownership.
Career Vision The detailed step by step process taught to help our teams and leadership find and hire talent specific to roles in our company.
 Expansion The focused training specific to mega agents who want to franchise their teams across different markets into other market centers all over the world.
 KW Cares KW Cares is a 501(c)(3) public charity created to support Keller Williams associates and their families with hardship as a result of a sudden emergency. Hardship is defined as a difficult circumstance that a person or family cannot handle without outside help. The charity is the heart of Keller Williams culture in action – finding and serving the higher purpose of business through charitable giving in the market centers and communities where Keller Williams associates live and work.
KW Kids Can An educational 501(c)(3) nonprofit that leverages technology and the passion of KWKC Instructors to empower young people to live life to its fullest.

 

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in Culture | Special Posts, New Agent Start Up, Office Policies, Training