So have you started to realize how much real estate jargon you have to learn while going through real estate school? From ARM (Adjustable Rate Mortgage) to CMA (Comparative Market Analysis), there’s a whole host of acronyms out there.
Well, when you join Keller Williams you will soon realize there’s even more lingo to learn! Today we talk about the Keller Williams lingo that’s most commonly used and what it means. Forget about feeling like the new person. Pretty soon, you’re going to sound like a KW pro!
So let’s get started!
Keller Williams Lingo To Know:
Mega Agent or Top Producer – This is a term for an agent who sells a lot of real estate.
ALC or Agent Leadership Council – A committee comprised of the KW office’s top agents (the top producers) who are serving a year-long term. They help make decisions for the office on behalf of the agents and head up different sub-committees. It's an honor to serve on the offices ALC.
The Market Center – A Keller Williams office.
TL or Team Leader – They run the day-to-day operations of the office much like an office manager. The Team Leader’s role is to recruit and retain agents through consulting, training and ultimately the delivery of the KW models and systems.
MCA or Market Center Administrator – The MCA is the one whom all the money flows through. They run the financials of the office and make sure the money goes where it needs to for the agents. (They process your commission checks!)
PC or Productivity Coach – Depending on the size of the KW Market Center, you may or may not have a Productivity Coach. But the coach’s job is to work one-on-one with new agents to help them grow their business and be their personal mentor. Now if at all possible, we strongly recommend signing up for productivity coaching during your first year in real estate.
The OP or Operating Principal – The OP of a KW Market Center acts as the Chairman of the Board for the investors who own the office. Their job is to cast the vision for the office, hire the Team Leader and hold them accountable for making sure the office is well-run.
The Red Book – The commonly referenced book, The Millionaire Real Estate Agent, written by Gary Keller, Co-Founder of KW. The Red Book is the gold standard book for the entire real estate industry. As a side note, I would purchase and read this book immediately!
HOLD, The Millionaire Real Estate Investor, and FLIP – These are 3 books written in what is called the Millionaire Series by Keller Williams.
Profit Share – Unlike other real estate companies, Keller Williams franchise owners agreed to give up to 48% of their profits back to the agents who help grow the company. Each month on the 21st, profit share checks deposited directly into thousands of KW agents’ accounts who helped recruit people to the company. It is a fantastic way to earn passive income and is will able one generation down. The top profit share earners in KW have earned over $16,000,000 in lifetime profit share, it's a BIG opportunity for those who want to build passive income!
A “Sponsor” – Everyone who joins KW lists a sponsor in the company. This is the person you feel is most responsible for connecting you to the company.
Downline – If someone who joins KW lists you as their sponsor, they will go into your downline. When they contribute profit to the office, the office splits some of that to you as profit share. Your downline can be as big as possible and it goes down 7 levels.
GCI – This one is a standard industry term for Gross Commission Income. It’s the total commissions you earn from a deal.
Family Reunion – Family Reunion is the big KW annual convention that is held in a different major city each year. It’s a reunion of your whole KW family where you get to meet your fellow agents from across the country. Family Reunion has keynote speeches about the state of the company and the future of the real estate market. It also includes multiple breakout sessions for additional training, dinners, parties, and lots of fun!
Mega Camp – This KW event is typically in August each year. Mega Camp is always in Austin, Texas where KW started. It’s one of the industry’s biggest and best educational event.
KPA – The Keller Personality Assessment that KW associates have access to when looking to hire people onto their team. They can identify if someone is a low, medium, or high match for a specific real estate job like Administrative Assistant or Transaction Coordinator for example. This one tool alone is worth GOLD in value to those looking to grow a team.
ESO or Expansion Systems Orientation – A KW class that shows top-producing agents how to expand their business all over the country.
FSO or Franchise Systems Orientation – FSO is a class required for Market Center Owners and leadership every 2 years. It covers how to successfully operate a KW franchise.
Culture – The word commonly used to describe KW’s unique value in the industry. Our culture builds on training, giving back, profit share, open books, and many more fantastic qualities.
Now you know the commonly used Keller Williams lingo. You are ready to show up on day one sounding like a pro!