Study Document

Keller Williams Realty Essay

Pages:5 (1421 words)

Sources:3

Subject:Business

Topic:Sales Agent

Document Type:Essay

Document:#63692340




Organizational Issues and Solutions: Keller Williams in Ft. Mitchell

Description of the Organization and the Issue to Resolve

The company selected for this study is a Keller Williams Realty in Ft. Mitchell, KY. The international real estate brokerage firm was founded in 1983 by Gary Keller and Joe Williams is headquartered in Austin, TX, and has served the communities all over the U.S. for more than 40 years. KW is known among real estate agents as offering the best rates when it comes to commissions and the best training through their IGNITE and BOLD programs (Larcker & Tayan, 2015). KW Ft. Mitchell is known for its customer service which has allowed the firm to remain competitive with larger brokerages like HUFF in the area, as home buyers know they are getting agents who will work hard for them and help them to make a sale.

The organizational issue the company is having is that there is a high rate of turnover among agents, and that is a problem for the franchisee who is refusing to build a new building for the firm until it can consistently maintain 100 agents at the office for at least a year. While the firm does provide IGNITE training to every new sales rep that comes to work at KW, the training does not actually give the reps realistic experience in the field. Many real estate agents who come to KW come because the firm pays a higher commission than HUFF or other competitors. They also like the motto at KW of “God, family, business,” which they feel reflects wholesome values. However, new sales agents are never actually taken into the field by other sales agents, who could act as mentors—mainly because in spite of all the talk about teamwork, the real estate industrious is competitive and every agent is out there trying to get clients for themselves. This means that new sales agents are basically left on their own to figure what works and what does not work—in spite of the inspiring message given through IGNITE. The company could benefit from having a mentor program that could be useful in the firm’s quest to retain agents (Orpen, 1997). Specifically the problem can be understood in these terms: Inspiring training motivates initially but the lack of substantial know-how for agents first entering the field has caused multiple problems within the company, including: 1) sales agents are leaving after a few months, either giving up or going to HUFF which does not charge office fees (KW does); 2) over the…

Some parts of this document are missing

Click here to view full document

…and help them to make a career of selling homes. The company needs to provide mentorship to reduce turnover.

Proposed Solutions

To implement a solution to the turnover problem, the organizational culture at KW has to provide the foundation for success: it has to follow through on the vision it proposes, which will serve as the foundation for growth and development that the workers need (Meyer & Stensaker, 2006). It has to provide a mentorship program and pay its top sellers to head up that program. Otherwise, it will continue to bleed agents to HUFF. Thus, leaders should be appointed (and paid) to mentor new agents and show them the methods that lead to success in closing sales. They should be responsible for promoting a learned approach to messaging with customers, drumming up clients, and making sure that every sales agent is confident in the field and knows what to do in a variety of settings when with clients. Confidence will lead to sales, which will reduce the turnover problem, as many new agents feel discouraged by having to pay office fees when no money is coming in from sales. Overall, this strategy will also help to promote a positive culture within the organization as everyone will be more supportive of and encouraging…


Sample Source(s) Used

References

Chang, S. C., & Lee, M. S. (2007). A study on relationship among leadership, organizational culture, the operation of learning organization and employees' job satisfaction. The learning organization, 14(2), 155-185.

Gerhart, B., & Fang, M. (2015). Pay, intrinsic motivation, extrinsic motivation, performance, and creativity in the workplace: Revisiting long-held beliefs. Annual Review of Organizational Psychology and Organizational Behavior, 2, 489-521

Larcker, D. & Tayan, B. (2015). How important is culture? An inside look at Keller Williams Realty. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-48. Social Science Research Network.

Meyer, C. B., & Stensaker, I. G. (2006). Developing capacity for change. Journal of Change Management, 6(2), 217–231.

Orpen, C. (1997). The effects of formal mentoring on employee work motivation, organizational commitment and job performance. The Learning Organization, 4(2), 53-60.

Cite this Document

Join thousands of other students and "spark your studies."

Sign Up for FREE
Related Documents

Study Document

The Keller Williams Strategy for Agents in Real Estate

Pages: 4 (1336 words) Sources: 4 Subject: Advertising Document: #42696990

Keller Williams I would like to work for Keller Williams Realty Services. Keller Williams has the best training program in the world and is the number one realty services provider in North America in terms of agents attached to the franchise (Larcker, Tayan, 2015). The business model of Keller Williams is based on the motto "God, Family, Business" in that order and the entire organization is run like a big family,

Study Document

How to Market a Free Service in Real Estate

Pages: 28 (8571 words) Sources: 15 Subject: Urban Studies Document: #71242895

Marketing Plan for a KW Service Designed to Generate New Clients Product Idea The product idea for this marketing plan is a service that Keller Williams could provide to potential home buyers/investors that no other competitor is currently offering: that is, free educational classes for the public about the process of buying, investing, owning, keeping up or rehabbing houses. The purpose of this service would be that it draws potential clients into

Study Document

Why Incentives Help Make Employees Happy

Pages: 23 (6623 words) Sources: 18 Subject: Sports - College Document: #97795433

Profit Sharing and Other Incentives as Employee Development Performance Motivational Tools and the Relationship between Managerial Support and Employee Commitment to the Organization The impact of profit sharing and other incentives on employee development and organizational growth is measured in various companies around the world. From Keller Williams to Southwest Airlines companies are utilizing incentives, such as 401ks, profit sharing plans, insurance plans, even pre-tax commuter benefits, because like Southwest

Study Document

Training Programs Organizational Psychology

Pages: 3 (952 words) Sources: 4 Subject: Business Document: #96666272

industrial/organizational psychology provides the evidence-based framework for corporate training programs, as well as the methods used to evaluate the success of those programs. Industrial/organizational psychologists can help organizations improve their current human resources strategies and make changes that can help promote organizational goals. Analyzing job roles, recruiting, and training all involve firm understanding of the principles of industrial/organizational psychology. The industrial/organizational psychologist "researches and identifies how behaviors and attitudes

Study Document

Social Justice and the Need for Distribution of Wealth

Pages: 7 (2313 words) Sources: 3 Subject: Sports - College Document: #48184279

Corporate Social Responsibility and the Triple Bottom Line: Why Distributive Justice Matters More Than Accounting Tricks That multinational corporations have an ethical duty to be socially responsible has been made very clear by businessmen and social justice advocates like Sir James Goldsmith (Rose, 1994). The question that remains is precisely how they are to execute that social responsibility. Some contend that a triple bottom line (TBL) concept is the way to

Join thousands of other students and

"spark your studies".