However, this change motivated the agent to return to Keller Williams. A former agent’s profit share will be restored to his 100% if he rejoins the company within 6 months from the effective date of the reduction. These changes were scheduled to take effect on July 1, 2024.
Mark Willis, CEO and president of Keller Williams Realty and chairman of IALC, rescinded current policy regarding former KW agencies competing with vested interests in a recent meeting, the company said. formally recommended that it be done.
The IALC is made up of employee, market center and regional representatives from across the U.S. and Canada and typically votes on policy at its annual “family reunion” event, scheduled for February, and at its Mega Agent Camp, held in 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 program. This vote, which demanded everyone’s close attention, was not taken lightly,” Willis said in a statement.
“The vote passed overwhelmingly. This result reflects our company’s commitment to integrity, teamwork, and finding win-win relationships for all involved. With today’s vote, IALC We have chosen to strengthen our profit-sharing model as the basis for everyone’s collective success.”
Over the past few months, impending changes to Keller Williams’ profit-sharing program have made the company the target of more than a dozen class-action lawsuits, all brought by former Keller Williams representatives.
In these cases, the plaintiffs allege that, according to Keller Williams’ policy and guidelines manual, the brokerage did not have the right to terminate the profit-sharing program. It also alleges that absent specific direction from IALC, it had no right to modify any aspect of the program’s methodology for calculating the market center’s profit sharing contribution or the recruiting sponsor’s profit sharing share.
Finally, it asserts that any amendments to the profit-sharing program are permitted only prospectively, not retroactively.
