Austin-based Keller Williams Realty Inc. is facing a potential class-action lawsuit over changes to its profit-sharing program that could collectively cost former associates millions of dollars. Ex-Keller Williams agent Jerri Moulder wants a court to rule the company cannot retroactively reduce distributions earned by former associates vested in the profit-sharing program just because they now work for a competitor. She’s now an agent with another firm in Kansas City, Mo.
What to know: How Realtors' proposed settlement could reduce costs for Texas home buyers and sellers The dispute involves big money. In her cased filed in federal court in San Antonio, Moulder seeks damages of $250 million or an amount to be determined at trial. The class is expected to number more than 100 former agents. As of July 31, Keller Williams distributed almost $1.6 billion to associates since the profit-sharing program took effect in 1987, HousingWire reported in August.
Return to normalcy? San Antonio home sales increase for a second straight month as prices fall. In August, though, Keller Williams’ leadership council met at the Austin Convention Center and voted to change the program so that vested agents who joined before April 1, 2020, and who “actively compete” with the firm’s brokerage offices would have their profit share cut to 5%, Inman News reported.
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