Keller Williams president and CEO Mark Willis discussed his return to the Texas franchiser and the potential impact of commission lawsuits on brokerage and agent consolidation.
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Willis anticipates a wave of consolidation in the real estate industry due to changes in the buyer-broker commission structure. Independent broker-owners are exploring their options amidst these changes.
The National Association of Realtors obtained preliminary approval for its settlement terms on April 23, signaling significant changes to the industry. Brokerages with high transaction volumes have until June 18 to opt into the settlement.
Willis predicts that the industry could see a consolidation of agents, with some leaving the profession and new agents entering the field. Keller Williams is adapting to the changing landscape with updated training and education programs.
While the future is uncertain, Willis remains optimistic that the industry will not only survive but thrive through these changes. Email Marian McPherson for more information.
Keller Williams president and CEO Mark Willis predicts a major wave of consolidation in the real estate industry amid changes to the buyer-broker commission structure. As the National Association of Realtors settles a lawsuit, brokerages above $2 billion in annual transaction volume must opt in. Independent brokerages have until June 18 to deposit funds or participate in mediation. Willis also expects agent consolidation, but believes new agents will adapt quickly. Keller Williams is focused on training and education to prepare for these changes. Willis acknowledges that his predictions are speculative, but remains optimistic about the industry’s future.
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