Find out the key information from June’s Town Hall.
Ben started the Town Hall by talking about his time in Scotland last week and mentioned how proud he was that Keller Williams is known and has a strong, positive reputation. He then explained that this month’s Town Hall will be a little different, in that he had asked for questions to be submitted prior to the event and he would answer them, rather than giving lots of updates that might not cover everything Associates wanted to know.
Ben had two important points to cover before he commenced the Q&A: firstly, Mark Readings told us how Daniel Bennett knocked on 750 doors in a week and came away with 7 valuations and several listings and has consistently continued that drive. His positive attitude and impressive drive shows through in his videos and is inspiring other agents in this fearless approach. Daniel added that this process works for him and it is more his confidence in his approach that is helping his success.
Secondly, Chris Buckler spoke about the model and how much our Keller Williams culture influences who we become. This culture is one of the main reasons that Chris joined Keller Williams. Chris asked the Associates to take part in a Thunderclap during Town Hall in order to raise money for Justin Jacob’s family following their loss. You can donate or share the link here: https://www.justgiving.com/crowdfunding/Julian-jacobs
Ben spoke briefly about how the stamp duty saving had been dwarfed by the rise in house prices and reminded Associates that some stamp duty will return at the end of this month. In terms of predictions, Ben mentioned there may be some drop off in houses coming to market as a result of this and reminded Associates to build their businesses in a way that this will not affect them in a bad market. The economy is only 3% behind where it was pre-covid and people are earning more, which is predicted to continue.
Ben moved on to the Hot Seat questions and had questions from Agents and Leadership and started with questions from the agents.
Q. When does Ben see KW becoming the agent of choice in the UK? What do we need to do to achieve this and what do Associate levels need to be at?
A. When we reach 1000 agents and 20 Market Centres, that would be the significant number and a huge UK presence although Ben believes we are already the first choice for many.
Q. Keen to see what Ben/Regional Leadership have planned for any form of UK advertising/sponsorship. My previous company had huge success with TV & Football sponsorship. Think this would be a game changer for KW UK.
A. Other agencies pile money into advertising that their business exists, whereas at KW we keep putting the resources into building a better value proposition for agents. Once we have more money we will accelerate that, but Ben will always choose to put the money back into the Agents business rather than his own.
Q. What is the strategy now that marketing is in-house?
A. More focus on what we give to the agents as a marketing package. We’ve learned a lot from Propel but bringing it in-house has allowed there to be added value in marketing immediately rather than having to wait for the profit to come in. There will be accelerator packages available as we can provide better deals for you to help support your business coming soon.
Q. There seems to be a weakness in the value proposition when an agent starts to produce well / build a team. Is this being looked into?
A. Ben would encourage agents to build a team as fast as possible to leverage the benefits earlier and faster. He thinks it gets better and better with more leads, listings, and leverage. If an Agent doesn’t think there are benefits for them as they grow, they should talk to their MC Leadership Team who can help them see the opportunities.
Q. Why do you think some KW agents leave to go to ExP but no agents from ExP leave to join KW?
A. Why does someone leave? Someone leaves because they don’t see the value proposition, ie there isn’t enough value to stay, or because they don’t know what they don’t know. People don’t see the tools they have available to them to build an amazing business and therefore, they leave and find somewhere else to go. As a general rule, 40-50 people join KWUK each month and any agent who talks about leaving is very likely not to be plugged into KW the way we are.
Q. What are my options – as agent or leader – for being entrepreneurial within KWUK?
A. As an agent in KW you can see agents build wonderful businesses, you can build coaching businesses, investing in real estate, and market centres. There are so many opportunities for entrepreneurs because you are surrounded by them. The biggest thing is learning what to say no to so you can say yes to the right thing. 90% of agents don’t invest in real estate, read the information about investing and decide what you really want.
Q. We’ve heard a lot of mention about a new CRM coming, what’s the progress and when are we going to see it?
A. Mark Readings answered this one: The coming soon message has been frustrating for everyone but it really is now here – it’s just in the advanced testing stage and so far there are minimal bugs. The system should be operationally passed early next week and the platform should be workable, with a teaser video coming out on Monday to start to show what it will look like. There will be a login area for clients to track their sale / purchase which we will be able to show in the next two weeks. There is a demo planned for next Friday for the first MC going through the launch which should be live in the middle of July, but it should be live for all MC’s by the end of August.
Q. If Agent fees were regulated in the UK, what fee do you believe should be charged for the service that an agent delivers for a residential property sale?
A. If it were regulated, I think it should be 3% but I think 2% is more likely in the UK. The quality, professional advice at current prices are not fair as there isn’t enough money in it at the moment. The level of service in the USA and Australia is much better because they’re richer and can provide that better customer service. In a world designed by Ben Taylor, which doesn’t exist just yet, people would choose to have a buying agent which would double agent income and provide a better business.
Q. What is the best advice you would give a KW Agent in “bullet-proofing” their business to ensure consistent and predictable growth and profitability?
A. The most successful agents understand to build a database that you cultivate and nurture with at least a 33-touch programme and that will give you a predictable amount of referral business if it’s nurtured correctly. That is how you build a predictable business. 3 names, addresses, and phone numbers a day for 5 days a week is 780 people in the database in a year, that will provide financial security in one year. For five years that is a database of 3900 and that will provide financial freedom in these 5 years. Ben reiterated that 3900 in the database in any market will provide financial freedom.
Ben didn’t manage to get through all the questions and will use feedback to shape the next session in which the rest of the questions will be answered if this format is preferred.