Keller Williams FDD Item 19: Financial Performance Representations | What Franchisees Need to Know
Keller Williams is the number one real estate franchise in the United States by agent count and sales volume, with $370.8 billion in U.S. sales and over 145,000 agents in 2024. But when prospective market center owners turn to FDD Item 19 for financial performance data, they find less information than many other franchise systems provide. Keller Williams does not publish average market center income data in its FDD, choosing instead to let system-wide metrics and direct conversations with existing owners inform the investment decision.
At Lopes Law LLC, we review Keller Williams FDDs and help clients navigate the limited Item 19 disclosure by developing independent financial models based on local market conditions and realistic agent recruitment projections.
What Keller Williams Does and Does Not Disclose
| What KW Discloses | What KW Does Not Disclose |
|---|---|
| $370.8B U.S. sales volume (2024) | Average market center revenue |
| 828,875 U.S. transaction sides | Average market center profit |
| 145,042 U.S. agents | Median market center income |
| System growth trends | Performance distribution (top/bottom) |
| Brand ranking (#1 in U.S.) | Break-even analysis or payback period |
Attorney’s note: When a franchisor provides limited Item 19 data, the prospective franchisee must build their own financial model. At Lopes Law LLC, we help KW prospects develop market center pro formas that account for agent recruitment rates, average agent production, the commission split structure, office operating costs, and technology fees. This independent analysis is essential when the FDD does not provide the numbers for you.
How to Evaluate KW Without Detailed Item 19 Data
Without published financial performance data, prospective Keller Williams market center owners should contact multiple existing market center owners for validation, analyze the local real estate market (transaction volume, average commission, agent density), model agent recruitment scenarios (realistic growth from 0 to 30, 50, or 100 agents), calculate revenue based on the commission split structure and cap levels, and stress-test the model against market downturns.
Reviewing a Keller Williams FDD Right Now?
At Lopes Law LLC, our $3,000 flat-fee FDD validation review includes financial modeling support for limited-disclosure FDDs like Keller Williams. Free 20-minute consultation.
For guidance, see our Item 19 guide, FDD review guide, and franchise exit audit service.
Important: This article is based on publicly available Keller Williams information. Always review the current FDD with a qualified franchise attorney before investing.
Frequently Asked Questions About Keller Williams FDD Item 19
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Last updated: March 12, 2026
Get the Financial Picture Before You Invest
At Lopes Law LLC, our flat-fee FDD validation review includes financial modeling for KW market centers. Free 20-minute consultation.