The last two lines of 3.1 - KW can not deduct more that 30% of any banked income unless the associate is in arrears with fees etc.? This wording leaves things a little open for KW to step into an associates company to withhold more than 30% - NOthing to be alarmed about - as we invoice the client (you use KW terms of business), when we receive the money, in the unlikely event you haven't paid your monthly fees, this merely allows us to deduct this from the 63 or 90 percent of the commission your limited company will have invoiced us for to get your share of the commission. It doesn't give us a right to unilaterally change the percentage on deals or anything like that.
5 - can we not advertise our services and properties under the KW brand on Facebook and Instagram? Of course you can - this merely protects us from for example setting up a website in the name of the market centre, making all the leads go to you and representing yourself as the whole of KW - extreme but some people obviously have tried it. the key words here are 'without express permission from the Company and compliance with the Keller Williams' Guidelines'. This doesn't mean you have to get authorisation to post something, it merely means stay within the brand guidelines. It also protects the master licence and KW Reality international from an agent taking their KW association and setting up in a new territory (country) without authorisation and due process so this clause is kind of enforced on us.
6.1 - this relates to 4.6, would I not already be reimbursing KW for this? - If you trade as a KW agent (limited company but no physical brand identity) then you are covered under our policy. If someone wishes to take your limited company to court though then you would not be covered and it is for this reason that in particular if you wish to have a Brand and be a 'powered by KW' agent you should take out PI. We advise it anyway and this is your own cost, we don't pay for it and recover through expenses highlighted in 4.6. It uses the words 'IF' - which covers a market centre if by agreement with the agents they cover the upfront cost and the agents share in that cost - not a concern for you in Prime though (and any of the current market centres for that matter).
Is there any other financial commitment, responsibility or liability to me as an associate from KW other that the 37% and the monthly fee of £225+Vat? Only if there are additional services you require - so if you want your own Lonres login for example, we have to take out a subscription as a market centre for 10 users once our current threshold is met which costs us circa £590 plus VAT per month. We merely share this cost amongst 10 agents at £59 plus VAT per month currently as a pass on cost (no profit). You can still use lonres without your own login, but this has to be accessed in our premises (Lonres are sticklers for this sort of thing).
9.1.1 - does KW offer this as an extension to the associates? Yes we are members of the property ombudsman scheme - if you opt for your own brand powered by KW then it becomes a grey area and you are advised to register with the property ombudsman too as customers can reach you through both our brand and your own (one of the reasons I would avoid this)
9.1.2 - (approves professional body) does KW offer support for this? We currently don't enforce this Dan - it is there should the regulations change around agents becoming licenced - we are working with Agency Pro (branded as KW Learn) to provide level 2 and 3 technical awards in EA or Lettings which will come with a 1 year membership to ARLA or NAEA - still work in progress at this stage. There will be a cost to be borne by the agent (£500 to £600) which is the same if you do it directly with Arla or NAEA - the difference is that if you fail the exam, you get to take it again without having to pay 2 x!
I also need some clarity on how I would hire someone and what responsibilities I would have to KW for that person, do they operate under my Cap? Depends on whether they are admin or a fee earner - best we discuss this one together with Nicky.
Please, remind me on which portals I will be able to list properties for sale and rent? Also, will I be able to receive access to market data and any market related reports that we can re-brand and send to our Clients? Rightmove, Rightmove International, Zoopla & Lonres, Keller Williams UK, KW Command (International referral platform). You will have a personal Rightmove Plus account and access to book in weekly consultations with a Rightmove Intel rep who can help you tailor make you reports and take you through the exceptional level of information that RMP can generate, personal Zoopla Pro Account, Access to our Market Centre Lonres Account that has comprehensive market relates stats, reports etc we regularly hold session where experts from the portals share their knowledge and how you can maximise the information available.
2. Can you please email me the list of all associated costs relating to the office and any other related costs? I want to understand in details, so I can project my cashflow as the set up will take some time.
Your related costs to the Market Centre will be your joining Fee of £325 plus VAT and monthly £225 + VAT pcm thereafter (due on the 20th of the month). This covers the set up of all your accounts and access to our wonderful space here in Victoria (the space works on a hot desk basis) and monthly the cost of your portals (Rightmove, Zoopla, Lonres, KW & KW Command (International Referral platform) , your first 200 Business Cards, CRM system, KW Learn (AML & Compliance qualification), all training and coaching, Accountability meetings, Access to preferential rates with our chosen third party companies for AML, Lettings/Property Management, Photography floorplans, EPC, Marketing material . YOU WILL NEED TO BUILD INTO YOUR BUDGET MODEL - MARKETING COSTS, AML COSTS, STATIONARY, CANVASSING ETC.
3. If I will decide to have a dedicated desk in the Victoria office, can I make my own set up: computer, printer and have a locked cabinet for client related documents? Will the telephone line provided?
We have a printer in house so this is not something you would need to budget for. You will need your own laptop these are not provided. Designated desk/office space with a phone line and lockable pedestal is at a monthly cost of £399.00 plus VAT.
4. Will a Professional indemnity Insurance be provided as a part of the membership? Keller Williams Prime have their own Professional Indemnity that Agents are somewhat covered by when starting out and if operating as Powered BY Keller Williams. As you will be starting your own limited company and growing your Business is it advised and agreed in the Associate Agreement that each Associate will get their own Insurance. (This is inexpensive - I think about £18.00 for a year)
5. Will a Client money protection be provided as a part of the membership - If you are doing Lettings you'll need to have existing Lettings Business and provide three years worth of Client Accounts and confirm you have CMP cover. If not - CMP is included via our third party lettings provider which if used is at an additional cost to our agents.
6. Will there be any legal support be provided as a part of the membership? Each agent has their own limited company and as such, they will need to seek their own legal advice if the need arises. We do have a lot of informed individuals in the company that can help advise, as well as compliance training manuals available for our agents and we can recommend a Legal Practice.