4-1-1: The 4-1-1 is a productivity tool that drives your goal setting from the desired end results to the present. 4-1-1 stands for four weeks, one month, and one year; but you must first set the yearly goals and then detail monthly and weekly goals. It is not a to-do list; it's a have-to-do list.
12 Direct: Marketing schedule of monthly touches for a year.
36 Touch: Marketing schedule of 36 touches (12 newsletters, 6 fun emails, 6 phone calls,
8 x 8: A lead generation schedule consisting of eight touches over eight weeks. A high-impact, high-saturation technique that is designed to put you in the number-one position in the minds of everyone in your Met database within an eight-week period.
80/20 Rule: In the real estate business, 20% of your efforts will account for 80% of your results. The key to becoming a highly successful real estate agent, is to define that 20%, and focus on it
Ahas: Self-discovery of a moment, statement, or action you find inspiring.
ALC: Agent Leadership Council - acts like our office’s board of directors. This group of individuals comes from the top 20% of our market center.
Associate: An agent part of a KW office and is referred to as an associate because they are treated like a stakeholder in an interdependent business model.
Big Rocks: A phrase encompassing the 80/20 Rule: do the important things first to make sure they’re being completed, then work on the little items. When trying to fit rocks, pebbles, sand, and water into a cup, you’d need to put the “big rocks” in first since the other items are smaller and can fill in the rest.
Big Why: The biggest motivational factor in your life that pushes you daily to excel and be your best both personally and professionally.
Capper: An agent that has produced sufficient GCI and Company Dollar to the Market Center to satisfy the annual commission cap requirement. Once they have reached this cap, they are “capped” and receive their commission at 100% for the remainder of the anniversary year.
CCAR: Collin County Association of REALTORS® - this is where you hold your membership and have MLS access. 972-618-3800
CD: Closing Disclosure – five-page form that provides final details about the mortgage loan selected.
CE: Continuing Education – required amount of education to maintain your license. In Texas you’ll need to obtain 18 CE hours per 2 years (10 hours of any CE credit and 8 hours for Legal Update I and II).
CMA: Comparative Market Analysis - A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market, or were on the market but not sold within the listing period.
Company Dollar: The money the Market Center keeps after all the agents are paid their commissions and is used to pay bills and to make a profit. (30% up to $18,000 per anniversary year)
Compliance: The agent or agents that are proofing your transaction forms for legality and accuracy. The KW Allen compliance team is Chris Griffin and Steve Roseberry.
E & O: Errors and Omissions insurance, in which you have coverage through the KW Allen MC.
eEdge: Online system within KW.com that runs your database and marketing materials.
Fill Your Bucket: During our weekly Sales Meetings individuals are recognized for their help and going above and beyond and are having their “buckets filled.”
FSBO: For Sale By Owner (often pronounced fiz-bo)
HOA: Home Owners Association
HUD: (Department of) Housing and Urban Development
GCI: Gross Commission Income - The total amount of commission the Market Center receives from a transaction. (The 3%).
GRI: Graduate REALTOR® Institute – real estate designation to increase your skill level with in-depth training.
KPA: (Keller Personality Assessment): The KPA is an enhanced behavioral assessment that measures personality traits and cognitive thinking abilities. KPA is designed to help Keller Williams’ market center leadership and agents who are building teams get into business with the right people. The new tool also serves as a valuable resource to help manage, motivate and communicate with team members after they’ve joined an agent’s team.
KW Command: to run your business within mykw.kw.com. (database, marketing materials, etc)
KW Connect: online education center within mykw.kw.com.
KWRI: Keller Williams Realty International or “International” refers to KW’s headquarters in Austin, TX.
MC or Market Center: used in place of “office.”
MCA or Market Center Administrator: Essentially the CFO of the office and is responsible for implementing and maintaining all operations in the MC. The Allen MCA is Merrolee Dill.
MLS: (Multiple Listing Service): An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listings web sites. MLSs are local or regional. There is no MLS covering the whole country.
MREA: Millionaire Real Estate Agent or The Red Book: book written by Gary Keller and Jay Papasan that outlines the systems and procedures of becoming a millionaire real estate agent.
NAR: National Association of REALTORS® - North American trade association for those who work in the real estate industry.
ONE Thing: The #1 bestseller identifying that behind every successful person is their ONE Thing. The ONE Thing is about getting extraordinary results in every situation.
OP or Operating Principal: The OP is responsible for the success of the business venture. They are also responsible for bringing Capital, Leadership, and Accountability. The Allen OP is Richard Licare.
PC or Productivity Coach: Provides coaching and accountability at the MC level. The KW Allen Productivity Coaches are Taffney Wilson, Marcia Wilkicki, Pam Heinirich and Kim McCarty.
PMI: Private Mortgage Insurance – insurance to protect the lender if client stops making payments on their loan. Usually required if client is putting less than 20% down for the home or have less than 20% equity.
P&G: Policies and Guidelines (manual)
Profit Share: Amount of profit from the MC that is sent to KWRI for distribution to the appropriate Associate in the Profit Share Tree.
RESPA: Real Estate Settlement Procedures Act – governs the real estate process by mandating all parties fully inform borrowers about all closings costs. Adds transparency to the cost of settlement services.
Royalty: amount paid to KW International out of the GCI (6% up to $3,000 per anniversary year)
SAE: Salesperson Apprentice Education– required amount of education to renew your license for the first time. In Texas you’ll need to obtain 98 SAE hours (30 3-hour classes and 8 hours for Legal Update I and II).
Shift: Teaches you how to make the tragic into magic during a shifting hosing market and what Realtors need to do to thrive in them. It will help you alter your focus and your actions to ensure that you increase your market share.
TAR: Texas Association of REALTORS® - advocate for Realtors and private property rights in Texas. You are automatically enrolled when you hold your membership with CCAR.
TC or Transaction Coordinator: Assists agents in completing their transaction paperwork correctly and in a timely manner. The KW Allen Transaction Coordinator is Lael Rogers.
TILA: Truth in Lending Act – promotes informed use of credit. Summarizes important terms about loan.
TL or Team Leader: The TL is responsible for recruiting/selecting sales associates. The Allen TL is Chris Mickle
The Model: The process set forth by KWRI that describes the guidelines to be followed for the successful launch and profitable operation of a MC.
Transmittal: Upon closing our books monthly, the MC will send their numbers to KWRI.
TREC: Texas Real Estate Commission – state regulatory agency that governs real estate practices in Texas.
TRELA: Texas Real Estate License Act – licensing for real estate agents and brokers.
TREPAC: Texas Real Estate Political Action Committee – protects free rights of ownership.
Uptime: At KW we believe that it’s your listing, your leads. Therefore, any calls or walk-ins to the MC that are not tied to one of our agents or our listings will go to the agent on Uptime. To qualify for Uptime you must have attended 2 Sales Meetings and 2 Tours in the prior month. See the Front Desk for the calendar.
WI4C2TES: The KW Belief System standing for Win-Win, Integrity, Commitment, Customers, Creativity, Communication, Teamwork, Trust, Equity & Success
