Earnings statements for the third quarter of the year are rolling out and we’re diving in to examine the market slowdown’s impact on revenue and growth for some of the industries biggest companies.
As a privately-owned company, Keller Williams may not be required to share earnings reports, but the company did release some numbers for Q3. KW agents closed $381.4 billion in sales volume, down 3 percent from the same period last year.
Agents closed some 884,500 transactions year-to-sate, down 12.6 percent over the same period in 2021. Agents wrote contracts with volume of $414.7 billion, down 4.7 percent over the same period last year.
The number of new listings was also down for KW, with agents taking on 536,700 listings, down 7.7 percent.
“While we are less than pleased to report our sales volume is down by a low single digit percentage year to date, there’s immense opportunity in this market for our agents,” said Marc King, president, KW. “And, we are leaning into our powerful culture, training and technology to enable our agents to map a growth trajectory for their businesses based on the new math required by this market. We have moved from a speed-based market to a skill-based market,” said King. “Lead conversion rates from months back are no longer applicable to find those motivated to transact in this market.”