The 5 W’s of Expansion and the Virtual Brokerage
During Mega Leadership, John Davis shared the big news that Keller Williams is developing a Virtual Brokerage model to help both Expansionists and Market Centers grow. As a company, Keller Williams is moving from E to P — from complexity to simplicity, with one set of rules and unified economic model.
As the leader of the KW MAPS Coaching expansion program, as an Expansion Systems Orientation (ESO) instructor, and as one of Keller Williams’ most productive Expansion business owners, Chris Suarez is committed to being part of the Virtual Brokerage conversation.
As key stakeholders from across the company (including Agents, Team Leaders, Operating Partners, Market Center Administrators, and Regional Leaders) come together as partners to develop the model, Chris will be sharing details and insights with the Build Your Business to Expand community through their weekly calls and Facebook community.
In the Keller Williams model, Expansion occurs when an Expansion Agent carefully selects an Expansion Partner to lead a new Expansion Business in an additional market. This Expansion Business is powered by and supported by the Expansion Hub.
Every Keller Williams business is a potential Expansion empire. Indeed, we believe that every agent should have the same opportunity as any brokerage.
A successful business, built on the foundational models of Gary Keller’s bestselling book The Millionaire Real Estate Agent, is the perfect launching point for Expansion.
Is your real estate team or business modeled on MREA? If so, you have the foundation for Expansion. If not, focus on putting those bricks into place to create the opportunity to expand.
Expansion allows you to extend your Operations, Leads, and Activities through Coaching, Consulting, Collaborating, and Culture.
Business owners who want to grow. And business owners who want to partner with talent. One of the greatest opportunities with Expansion is not to draw borders around your business or talent.
You can expand geographically or strategically. The first thing to consider is geographic expansion. This is probably the most natural. Ideally your expansion should start with an area you can travel to quickly to address issues, problems, or breakdowns.
With strategic expansion, you might be looking for an average price point that’s higher than your current location, or to take advantage of new construction, demographic concentration, or property type (condos, vineyards, farms, feeder communities for second homes, beach retreats, etc.)
The success of your business should force you to grow. You should never have to ask: Is now the right time? Learn about Expansion, be part of the community, and when the time is right — or you get to a place of real clarity around time and money — you will know.
Gary Keller says there are 3 reasons to expand:
The average profit for a fast-food franchise is about $75,000. That’s nothing to sneeze at, but probably not going to fund a lot of people’s futures. That’s why most franchise owners own multiple franchises. They’re looking to duplicate the profit at home. How do you do it? Through customer acquisition, economies of scale, attracting more and higher quality talent, and brand awareness.
When Gary Keller was planning the growth of Keller Williams, he recognized that expansion was the key not only to expanding the vision of the company within the city, state, and country — it was also the key to increasing the financial opportunities for his team members.
Gary recognized that to be successful, he needed to find talent equal to or greater than himself. To attract talent of that caliber, he had to create a vision that would not only give him the financial and professional opportunities he was looking for, but that would also attract and retain the kind of talent he needed to achieve that very vision.
In his book Million Dollar Habits, Robert J. Ringer says that the No. 1 habit of millionaires is having a reality mindset. The first thing they do is recognize where they are and proactively take action based on that reality. Without this mindset, many people are under the delusion that they are farther along than they are, and they underestimate the time it will take them to move from “I do it” to “We do it” to “They do it” to “Theirs.”
Gary’s perspective is that no one succeeds alone. No matter how skilled or talented, everyone has a ceiling of achievement. And if you are not where you want to be, and you are doing all you can do, you have hit that ceiling. The reality is, you are missing a relationship — a relationship with someone who excels at what you cannot do.
The key to successfully growing your empire is ensuring that everything can be leveraged, replicated, and expanded.