The Millionaire Real Estate Agent
The person responsible for generating the majority of the team's business in the traditional MREA organizational model.
Who is the Rainmaker?
The document used to establish the terms of a buyer's offer to purchase a property.
What is the Purchase and Sale Agreement?
The price a willing buyer and willing seller would agree upon in an open and competitive market, assuming neither is under unusual pressure.
What is market value?
The number of properties currently available for sale in a particular market.
What is inventory?
This is the year Keller Williams Realty was founded.
BONUS!!
This is the year Keller William Atlanta Midtown opened this office.
What is 1983?
BONUS!!
What is 2006?
The amount of gross commission income a real estate business generates before expenses.
What is GCI (Gross Commission Income)?
The date on which the parties become bound by the contract according to its terms.
What is the Binding Agreement Date?
The price a seller hopes to receive for their property, regardless of what the market data supports.
What is the seller's desired price?
The relationship between available inventory and the rate at which properties are selling.
What is absorption rate?
This is the city where Keller Williams Realty was founded.
What is Austin, Texas?
The process of consistently finding and attracting potential clients and customers.
What is lead generation?
Money deposited by the buyer to demonstrate good faith and potentially provide security for the seller if the buyer defaults
What is earnest money?
This occurs when a property is priced above what the market data supports.
What is overpricing?
A market condition characterized by more available properties relative to the number of buyers.
What is a buyer's market?
These are the two people whose names make up the Keller Williams brand.
Who are Gary Keller and Joe Williams?
The MREA tool that breaks annual goals into four weeks, one week, and one day of actionable activities.
What is the 4-1-1?
A period during which the buyer has the contractual right to terminate the agreement for any or no reason, subject to the specific contract terms.
What is the Due Diligence Period?
This valuation method looks at the cost of the land plus the cost to reproduce or replace the improvements, minus depreciation.
What is the cost approach?
A market condition characterized by strong buyer demand and relatively limited inventory.
What is a seller's market?
DAILY DOUBLE!!
An agent has 200 leads, converts 20% into appointments, and converts 50% of appointments into closings. This is the number of transactions the agent should expect.
What is the agent's GCI if their average commission check is $8,000?
GCI is $160,000
(20 transactions x $8,000)
The MREA concept of determining the financial results you want and then calculating the number of transactions, appointments, and leads required to achieve them.
What is the Economic Model?
A change to the terms of an existing contract that must be properly agreed to by the parties.
What is an amendment?
This valuation method estimates value based primarily on the income a property can generate.
What is the income approach?
A market where neither buyers nor sellers have a significant advantage and supply and demand are relatively balanced.
What is a balanced market?
This is the term Keller Williams uses for its unique agent-owned, agent-led business structure in which associates have a voice in the operation of their Market Center.
What is the Agent Leadership Council (ALC)?