Q&A with Key
FAQs
1. What is your company's “value” statement?
At Key, our mission is to give every agent a fighting chance at success. Our values guide this mission and they are: Give and Serve, Inspire Greatness, Stay Scrappy and Lean, Win Win or Walk Away, Embrace Education, Let the Knife Do the Work, Always be Improving.
2. Who makes decisions on a local, regional, and/or national level that will affect how the firm is run?
Decisions are made by our home office team but unlike many other corporations, we rely heavily on input from agents and our regional managers.
3. What amount will I pay annually to your company from my sales?
Our annual amount is $5100 and can be paid one of two ways: $425/month or 50/50 split until you reach the cap. If for some reason you don’t make enough money to pay that cap, we do not bill you for the difference.
4. Is there a “cap” on that annual fee?
$5100
5. If there is a “cap” in the annual fee I pay to the company, but I do not make the necessary sales to pay the entire “cap", is the remainder forgiven on my anniversary date?
Yes.
6. What would my “split” be at your company?
50/50 until the cap is paid at which point you receive 100% of your commissions or 100% of every commission if you are on the Key Monthly plan of $425 per month.
7. Does your company offer a “true” 100% commission plan or am I always going to be paying something to the company on each transaction?
Yes we offer a true 100% model. Our only fee is an annual fee of $249. There are no monthly fees, transaction fees, office fees, desk fees, technology fees, or marketing fees.
8. If I choose your company but for some reason things do not work out and I want to move to another competing company what does your independent contractor agreement say in writing regarding my listings and/or sales? Would my listings belong to me and my new company or would they remain with your company? If I did move to another company what about any “pending” sales I have, would I be paid on my normal “split” or would my “split” change on those sales?
See our Key Guarantee. We put in writing that when you leave you receive your listings, your commissions according to your current schedule, and all of your data. We will help you with the transition in hopes that you come back. Listings go with you. You would stay on your current split for sales, unless we were required to step in at which point we reserve the right to charge a referral fee.
9. Does your company charge franchise fees?
No, we are not a franchise company therefore do not charge a franchise fee.
10. Can I advertise my own direct phone number on all of my “for sale” signs, flyers, internet sites, home books & newspaper ads & business cards without including the main office number?
Yes, as long as it is permitted by state law, this is our preferred way of conducting business. We see each agent as a business owner and strongly encourage entrepreneurship. Your listing, your lead!
11. What type of “structured” training does your company offer for: New Agents? Experienced Agents? Mega/Top Agents?
Our agents go through approximately 4 months of training which includes an immersive 12 hour FRESH START program for all new agents, weekly Key Mastermind series covering various real estate topics, a pre license agent exam study group, advance training and free CE for all agents. All education is included!
12. How often is your training available, what is the cost and where do I go for training?
It is included as part of the value package at Key and it is a combination of online and in-person training that is continuously available.
13. Who is responsible for developing your training curriculum? What are their qualifications?
Most of the training was developed by our broker staff. Collectively our Brokers and trainers have over 200 years experience. It is everything we learned in the business.
Additionally, we are always adding new classes to reflect the market realities and to teach new technologies.
14. What types of tools, systems, training, education & business models have your company developed to assist your agents in making not only their first sale but in achieving whatever level of success the agent desires?
Fresh Start, Coaching, Mentoring, Mastermind Series, Advanced Training, CE Classes. We provide Dotloop, Move Easy, KeyWorld CRM, personal IDX website, and a Key Design Center for marketing materials.
15. Does the broker and/or manager of your office compete for listings and/or sales?
Possibly, however, our management team mostly works referrals from their own friends and family. Area managers will default to the agent if a competitive situation arises
16. How does your company view “team building”?
Key encourages Teams and we help agents find and form teams.
17. Does all relocation or other referrals go directly “agent to agent” referral fee?
Yes, Key does not charge any additional referral fees for relocation or referrals from agents including Opcity.
18. Will you show me the section of your independent contractor agreement that covers this issue?
Yes we can provide that information upon request.
19. Does your company do local, regional and/or national advertising? If yes, why? If no, why?
No. You will never see a Key ad unless it was generated by an agent. We are an entrepreneur-centric company which means our goal is to help you market you. Most other companies are broker-centric with the goal of marketing the company. Their idea is if the company is well-recognized, then people will call and agents will get business. NAR studies tell us this is ineffective at best.
20. Are all agents in your company treated equally with the same potential for earnings?
Yes. All agents are treated equally in terms of commission plans and company lead distribution
21. Do some agents in your company have better “deals” than others? How would I know for sure?
No. $5100 is the number for everyone. How do you know for sure? See our website agent roster and call an agent.
22. Does your company have a charitable foundation set up to contribute to community needs? National needs? Needs of agents in your local office?
Yes, it is called The Key Foundation. The foundation works to provide for local charities throughout the Key Realty footprint.
23. If you offer a 100% commission plan, do I pay a monthly fee to get to 100% or do I pay only as I make sales?
No monthly fees or transaction fees. You pay us out of your commissions. If you charge your clients an administrative fee, you keep that fee for yourself.
24. Would I get my own personal website? What is the cost?
Your own personal website with an IDX feed is included at no additional cost.
25. How many offices do you have? Are they individually owned & operated?
Key Realty currently operates in 30 regions throughout Indiana, Kentucky, Michigan, Ohio, and West Virginia. They are all owned and operated by Key Realty, LTD.
26. What is your policy for hiring agents from other companies? Does your company have a system in place to determine if this agent would be a good fit for your company?
Most of our experienced agents come to us as referrals from our current agents. We trust them to bring us people of integrity who they would want to work with. We offer a profit sharing program for Key agents who recruit agents to the company.