Personal Transaction Policy
Keller Williams believes that purchasing or selling real estate is one of the greatest advantages you have as a real estate professional and it is our goal to preserve this advantage. Keller Williams Associates ("Associates") are not required to pay the company a Real Estate commission on the portion of the transaction that involves the Associate as an owner under the following provisions:
1. Personal property shall be defined as a property with the Associate named on the property title and /or named as a member of the business entity buying or selling the property.
2. The brokerage fee for a personal transaction depends on which KW Market Center you are licensed with. Please see the MC specific amounts at the bottom of this article.
3. For each one (1) completed traditional brokerage transaction in which the Associate represents a buyer or seller, the Associate qualifies for the Personal Transaction Fee being applied to the purchase or sell of one (1) personal property transaction.
4. The Market Center must have a copy of the REPC no later than three days after the property goes under contract. The Market Center may request documentation to verify ownership.
5. Associates are required, without exception, to run all transactions they are associated with through the brokerage and meet all brokerage and state required agreements and disclosures. Personal transactions are subject to the brokerages E&O fee policy.
Exceptions: Unless otherwise approved in writing by the Broker or the Team Leader, the Personal Transaction fee reduction program identified above, shall not be available to the Associate under the following circumstances:
A newly licensed Associate's first transaction with KW will be at the full 70/30 split even if this is a personal transaction for that Associate;
An Associate's first transaction after joining KW (regardless of whether it is a personal transaction) will also be at the full 70/30 split if no previous production of that Associate can be documented through the MLS; and
Associates who are only engaged in personal transactions, and who are not providing brokerage services as an agent for buyers and/or sellers, will be at the full 70/30 split.
Market Center Amounts for Personal Transactions:
KW Legacy, Keller Williams Realty: If Agent is buying or selling a personal property (meaning the Agent is the principal Buyer or Seller or is a principal in the entity that is buying or selling), and has not Capped, the Agent will be billed $500 in Company Dollar and $34.15 for KWRI Royalty Franchise Fees, and any appropriate Errors and Omissions Fees. If the Agent chooses to take a full commission from the transaction, the Agent will be charged the $500 in Company Dollars and 6% of the total commission as KWRI Royalty Franchise Fees.
St. George Market Center: The Agent Leadership Council (ALC) approved the following policy 2014: