Keller Williams Realty Jargon

Kellerisms

 

Cappers                       Agents who close between 1.8 & 2 million in volume.

 

½ Cappers:                  Agents who close between 1.7 & 750,000 million in volume

 

Less than ½ Cap:        Agents who close 749,000 – 350,000

 

Anniversary Year:       The 12 months preceding the day and month that you joined Keller Williams.  Anniversary Year is used for capping structure purposes.

 

Company $                  The amount of each commission that is paid to KW.  This is the 30% split.  The Market Center uses these funds to pay bills and make a profit.

 

Royalties                     This is the 6% that you pay to KWRI for being affiliated with the franchise.  This figure is capped at $3,000 per anniversary year.

 

P&L                            Profit and Loss Statement which calculated Gross Commission Income less Cost of Sales (Agent Commissions) which totals Company $ less expenses plus other income equals profit or loss for the given period.

 

Other Income              Other Income paid into the company in the form of desk fees, copies, or ancillary services.

 

Ancillary Services       Affiliated ventures that have a relationship with the market center and contribute to the income of the company.  Typically a joint venture with a mortgage company or title company or a marketing services agreement.

 

Transmittal                  The month end when financials are sent to KWRI

 

EOM                           End of Month

 

ALC                            Associate Leadership Council.  A group of individuals 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

 

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

 

DISC                           A written personality profiling system that assesses the individuals 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.

 

High D                        An individual with a high score in the Dominant/Driver category of the DISC personality evaluation. 

 

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 has that it shares between the owners who took the risk and the associates who generated the profit (split on a three-tier scale).

 

Profit Share                 Amount of MC Profit that is sent to KWRI for distribution to the appropriate associate in the Profit Share Tree.

 

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. 

 

W14C2TS                   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 and 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; but you must first set the yearly goals and then detail monthly and weekly goals. It is not a to-do list; it’s a have-to-do list.

 

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 lead generation schedule consisting of thirty-three touches over one year. A high-impact, high-saturation technique that is designed to keep 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          People in a position to help each other reach their goals.

 

Below the Line           Market Center expenses that the owner must pay for after Profit Share has been calculated.

 

Cost of Sales (COS)  The commissions paid to associates as a percentage of Paid on GCI according to their commission splits (70/30 for example).

 

Forecast Model         A Tool designed to help project a Market Center’s “next year’s” business. Goals are entered and tracked here.

 

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 when they start due to start up costs will carry losses forward until profit wipes them out. Market Centers want to wipe out loss as quickly as possible

 

Owner Profit                Profit owners keep after Profit Share.

 

Written Volume          Number of pending contracts. Team Leader uses 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, including KW Direct.   

 

Millionaire Mondays Weekly phone interview conducted by Keller Williams International.   Associates can listen in as a KWU instructor interviews top producing agents from around the country.  These calls can also be downloaded for free from

 

Mo Anderson              If Gary Keller is the vision of Keller Williams Realty, former CEO and current Vice Chairman of the Board of Directors is Mo Anderson is its 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.

Acronyms

36:12:3     Lead Generation 36:12:3 (36 transactions 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

443           CAMP 4:4:3 (4 listings & 4 sales in 3 months)

80/20        80/20 Principle – Vilfredo Pareto’s study of the predictable imbalance in life

ALC           Associate Leadership Council

AVA           Activity Vector Analysis

CMA          Comparative Market Analysis

COS           Cost of Sales

CRM          Customer Relationship Management

DISC          Abelson’s Personality Assessment System (Dominant/Driver, Influencing/Inspiring, Stable/Steady, Compliant/Correct)

E&O          Errors & Omissions

E to P        Entrepreneurial to Purposeful

FR             Family Reunion

FSBO         For Sale By Owner

FSO           Franchise Systems Orientation

GCI           Gross Commission Income

High-D       An individual with a high score in the Dominant/Driver category of the DISC assessment system.  Team Leaders are typically High-D.

IALC          International Associate Leadership Council

IVR            Integrated Voice Response

KW            Keller Williams

KWLS         Keller Williams Listings Service

KWR          Keller Williams Realty

KWRI         Keller Williams Realty International

KWU          Keller Williams University

MAPS         Mega Agent Productivity Systems

MC            Market Center

MCA          Market Center Administrator

MM            Millionaire Mondays

MREA         Millionaire Real Estate Agent

MREI          Millionaire Real Estate Investor

MSYS          Millionaire Systems

MVVBP       Mission, Vision, Values, Beliefs & Perspective

OP             Operating Principal

QL             Quantum Leap

RD             Regional Director

RSTLM       Recruit Select Train Lead Motivate

R-S            Recruit-Select

RTCK         Recruit Train Consult Keep

TL             Team Leader

USP           Unique Selling Promotion

WBW         Wealth Building Wednesday

WI4C2TS    KW’s Value Proposition