As the COVID-19 pandemic and associated economic tailwinds sent housing prices and demand soaring, Keller Williams agents reaped the economic benefits, the company revealed Tuesday during the virtual Keller Williams Family Reunion event.
Agents affiliated with the company closed 1.2 million transactions in 2020, up 7.9 percent from the year prior. In the fourth quarter of 2020 alone, Keller Williams agents closed 350,692 transactions, an increase of 27.9 percent from the year prior.
Agents affiliated with the company also closed $407.4 billion in sales volume in 2020, increasing 16 percent from the year prior. In the fourth quarter of 2020, agents closed $124.5 billion in sales volume, up 45.3 percent from year over year.
“You literally dominated the industry,” Gary Keller, the founder of Keller Williams and executive chairman of parent company KWx, said in a statement. “10.4 percent of all homes transacted in America, you did it.”
The company’s fourth quarter was the most successful in company history, according to a Keller Williams spokesperson, topping the third quarter of 2020.
The company’s agent count continued to grow after a period of steady declines following an audit of the company’s agent rolls in early 2019.
Keller Williams had 164,399 affiliated agents in the U.S. and Canada and 12,068 agents internationally as of Dec. 31, 2020.
The company closed the year with 96 percent of its total market centers in North American reporting profit.
It also reached a new milestone in profit sharing. Under Keller William’s model, when deals close, agents who haven’t met their cap pay their market centers, and those dollars go toward paying operating expenses. A portion of that profit then goes into the profit-sharing pool for agents.
The company reached $1.5 billion in total profit-sharing with its agents to date, as of the year’s end.
The company also released data around the adoption of its agent technology tools. The company’s proprietary customer relationship management tool Command had 150,998 active users as of Dec. 31. The average cost per lead for agents inside Command was $1.91 across social media platforms.
Keller, along with President Josh Team, committed to refocusing its technology development efforts on a slower rollout of new features. Keller said they found that innovating in real-time has led to many issues, and the company will spend the next few months “stabilizing” its technology platform.
“I’m really excited and proud of the progress that we’ve made in building our technology platform, but we also know that we have some really important issues to resolve,” Keller said.
The company revealed its year-end results as part of its yearly KW Family Reunion event, held virtually due to the COVID-19 pandemic. The event had nearly 50,000 virtual registrants, according to a Keller Williams spokesperson.