But the changes did inspire agents to return to Keller Williams. If the former agent returns to the company within six months of the effective date of the reduction, his or her profit share will be restored to 100%. These changes were originally scheduled to take effect on July 1, 2024.
Mark Willis, CEO and president of Keller Williams Realty and chairman of the IALC, formally recommended at a recent meeting that the existing policy related to vested interests and competing former KW agents be repealed, according to the company.
The IALC, composed of colleagues, market centers and regional representatives from across the U.S. and Canada, votes on policy at annual “house party” events (usually scheduled in February) and at Super Agent Bootcamps each August or September each year. . But Willis called for a special vote on the issue.
“Today, in an unprecedented meeting, the International Associate Leadership Council (IALC) voted to rescind previously proposed changes to our profit sharing plan. This vote requires everyone to take a closer look at our values and business structure, so we are not Not taken lightly.
“The vote was overwhelmingly passed. This result reflects our commitment to integrity, teamwork, and seeking win-wins for all involved. With today’s vote, IALC has chosen to strengthen our profit-sharing model as a collective The cornerstone of success.
Impending changes to Keller Williams’ profit-sharing plan have made the company the target of more than a dozen class-action lawsuits over the past few months, all of them filed by former Keller Williams agents.
In those lawsuits, the plaintiffs argued that the brokerage was not entitled to terminate the profit-sharing program under Keller Williams policies and instruction manuals. They also claim that, unless specifically directed by IALC, it does not have the authority to modify any aspect of the plan’s methodology for calculating market center profit-sharing contributions or recruiting sponsor profit-sharing allocations.
Finally, they claim that any changes to the profit-sharing plan can only be made prospectively, not retrospectively.
