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Kellerisms GPS Goals, priorities & strategies to reach your annual 4-1-1 goals. This is then broken down into the 4-1-1 The 4-1-1 is a productivity tool that drives your weekly activities. 1 goal, 3 priorities, 5 strategies. goal setting from the desired end results to the present. 4-1-1 stands for 4 weeks, one month, and DA one year; but you must first set the yearly GPS Company Disbursement Authorization. The DA is goals and then detail monthly and weekly goals. taken from Command and sent to title, so they can issue a paycheck directly to you. 8x8 A lead generation schedule consisting of 8 touches Growth Initiative over eight weeks. A high-impact technique which The systems, tools, and conversations that enable is designed to put you in the number one position Market Center leadership to work together to in the minds of everyone in your MET database. recruit market share, communicate value, and ultimately achieve sustainable profitability. 33 Touch A lead generation schedule consisting of 33 Career Growth Initiative touches over 12 months that is implemented after A suite of interconnected value tools that provides the completion of an 8x8 plan that includes calling an unprecedented view into an associates your database once a quarter. business so they know exactly what needs to be accomplished in order to achieve all-new levels of KWRI production and profitability. Keller Williams Realty International. MC ALC Market Center – your local office. Associate Leadership Council. A group of individuals selected from the top 20 percent of Market Center Market Center producers. Keller Williams believes that success in real estate occurs out in the marketplace, not in an IALC office. It is the Keller Williams philosophy that International Associate Leadership Council. everything we do, even down to the name we give our sales offices, should reflect our Big WHY philosophy. Hence, Keller Williams has Having a purpose, a mission, or a need that in turn “Market Centers” … not offices. gives you focus. Capper An individual who produces sufficient GCI and contributes enough company dollar to the market center to satisfy his/her annual commission Cap requirement. After capping, the individual keeps all commission income, less a $50 transaction fee. Our cap is $24,000
Kellerisms cont. The Model The process created by Gary Keller that describes Career Growth Initiative the guidelines, models, and systems to be A suite of interconnected value tools that provides followed for the successful launch of an agentʼs an unprecedented view into an associates business business. so they know exactly what needs to be accomplished in order to achieve all-new levels of MREA production and profitability. Millionaire Real Estate Agent book. Here you will find all the models and processes laid out. Company Dollar The money the market center keeps after all the Above/Below-the-Line Expenses agents are paid their commission. The VP of Above-the-Line expenses are expenses that Strategy & Development uses this money for bills may be subtracted from Profit when and profit, the balance is paid out in profit sharing. calculating Profit Share. Below-the-Line expenses are expenses that are allowable for DISC tax purposes but not for Profit Share A written personality profiling system that assesses purposes. personality. D: Dominant/Driver Associate I: Influencer/Inspiring Agent who joins Keller Williams is referred to S: Stable/Steady as an associate because they are treated like a C: Compliant/Correct stakeholder in an interdependent business model. KPA Keller Personality Assessment to determine your MCA job strengths. Market Center Administrator. The MCA is responsible for implementing and GCI maintaining all operating systems in a KW Gross Commission Income – total commission Market Center. before any splits. Paid on Volume OP The sales volume that is produced by an Operating Principal. The OP, the owner of the associate before they have reached their market center, is responsible for the success of the Market Center Company Dollar cap. business venture and for bringing capital, leadership, and accountability. Profit Share Amount of market center profit that is sent to KWRI for distribution to agents.
Kellerisms cont. Profit Share Market Center Administrator. The MCA is responsible for implementing and maintaining all operating systems in a KW Market Center. Growth Share Residual income paid to Keller Williams associates who help grow the company in the United States and Canada. TL Team Leader. The person at a Market Center who is responsible for attracting/hiring sales associates. The TL also trains and consults the associates to perform. WI4C2TES The Keller Williams Realty Belief System Win-Win: or no deal Integrity: do the right thing Customers: always come first Commitment: in all things Communication: seek first to understand Creativity: ideas before results Teamwork: together everyone achieves more Trust: starts with honesty Equity: opportunities for all Success: results through people
commonly used terms Down payment A cash payment that is a percentage of the sales Annual Household Income price of the home that buyers pay at closing. Collective income from everyone in your household Different lenders and loan programs require various before taxes or other deductions are taken, down payment amounts such as 3 percent, 5 investment income or dividends, Social Security percent, or 20 percent of the purchase price. benefits, alimony, and retirement fund withdrawals. Earnest money deposit Appraisal Also known as an escrow deposit, earnest money is a A written justification of the price lent for a property dollar amount buyers put into an escrow account by a lender, primarily based on an analysis of after a seller accepts their offer. Buyers do this to comparable sales of similar homes nearby. Lenders show the seller that theyʼre entering a real estate order the appraisal to determine fair market value. transaction in good faith. Appraised value Encumbrance An opinion of a propertyʼs fair market value, based on Anything that affects or limits the fee simple title to a an appraiserʼs knowledge, experience, and analysis property, such as mortgages, leases, easements, or of the property. Lenders will not lend more than the restrictions. appraised value. Equity APR A homeownerʼs financial interest in a property. APR refers to the annual percentage rate, which is the Equity is the difference between the fair market value interest rate youʼll pay expressed as a yearly rate, of the property and the amount still owed on its averaged over the full term of the loan. APR includes mortgage and other liens. lender fees in the rate, so itʼs usually higher than your mortgage interest rate. Escrow Putting something of value, like a deed or money, in Closing costs the custody of a neutral third party until certain A percent of the purchase price that includes lender conditions are met. fees, recording fees, transfer taxes, third-party fees such as title insurance, and prepaids and escrows Home Warranty such as homeownerʼs insurance, property taxes, and A home warranty is a contract that agrees to provide HOA fees. a homeowner with discounted repair and replacement services. Closing disclosure A document that provides an itemized listing of the Homeowner Association funds that were paid or disbursed at closing. A homeowner association, is a private association-like entity often formed to oversee and Deed manage neighborhood common areas & amenities The legal document conveying title to a property. as well as ensuring property owners obey governing documents.
commonly used terms Rate Lock A rate lock on a mortgage loan means that your Inspection interest rate wonʼt change between the offer and A home inspection is a limited, non-invasive closing, as long as you close within the specified time examination of the condition of a home, often in frame and there are no changes to your application. connection with the sale of that home. Seller disclosure Mineral Rights A seller disclosure statement is a form disclosing Mineral rights are property rights to exploit an area the sellerʼs knowledge of the condition of the for the minerals it harbors. Mineral rights can be property. The seller disclosure notice or statement separate from property ownership. Mineral rights can is anecdotal and does not serve as a substitute for refer to sedentary minerals that do not move below any inspections or warranties the purchaser may the Earthʼs surface or fluid minerals such as oil or wish to obtain. natural gas. Survey Mortgage Payment A survey refers to the process of locating and Your mortgage payment is the amount you pay every measuring a propertyʼs boundary lines to determine month toward your mortgage. Each monthly the exact amount of land that a homeowner owns. payment has four major parts: principal, interest, taxes and insurance Title policy Title policy or title insurance protects you from Option Period claims of ownership from other parties. It protects An Option Period is written into a real estate contract you against losses from problems that arose before to give a buyer a specified number of days in which you bought the property. they can terminate the contract and be refunded their earnest money deposit. Title search A title search is the process of examining public Option Money records and retrieving documents on the history of The money that is paid by the buyer and deposited a piece of real property to determine and confirm with the title company for the right to have an option propertyʼs legal ownership, and find out what claims period. If the buyer terminates the contract during or liens are on the property. the option period, the title co. will release the option money to the seller. PMI PMI stands for private mortgage insurance. It protects your lender if you stop making payments on your loan. If you make a down payment of less than 20% when you buy a home, your lender will probably require that you pay private mortgage insurance.
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