Keller Williams hires nearly 50 agents in Bakersfield

BY VANESSA GREGORY, Californian staff writer
e-mail: vgregory@bakersfield.com | Tuesday, Dec 4 2007 8:40 PM

Last Updated: Tuesday, Dec 4 2007 8:42 PM

Amid an atmosphere of mergers and layoffs, a fast-growing commercial and residential real estate firm is ignoring the bleak pundits, and placing a bet on Bakersfield

A local representative of Keller Williams Realty Inc. has hired nearly 50 agents, with plans to employ 310 within four years, Bakersfield CEO David Culen said Tuesday.

Culen expects the firm to finalize its franchise agreement within days. "We feel that it's a great time to open up a real estate firm in Bakersfield," Culen said. "Our business model was created in the 1983 oil bust in Austin, Texas."

That meant the company's systems evolved to thrive in a down market, he said.

Recruiting, at least, may be easier in a slow market, when restless agents have the time and the motivation to examine their career options.

"To come in (during) a busy market, agents would be so busy that they couldn't even think about moving," residential agent Denise Wigley said.

A 10-year veteran of Bakersfield's real estate business, Wigley left Watson-Touchstone Real Estate in Bakersfield, lured by a Keller Williams corporate culture she described as transparent and agent-oriented.

Agents can vote on business matters and review the financial books, she said.

In a nod to the firm's egalitarian aspirations, CEOs like Culen are called "team leaders."

But Keller Williams' decision to wade into today's glum market struck Brian Wiley, a financial and economic radio commentator, as a very bold move.

"I can't even imagine it, to be honest with you," said Wiley, who hosts "Moneywise" on Kern News Talk 1410.

"What in the world could their business plan be?" he asked.

Company literature suggests the business plan rests, in part, on giving agents a hefty bulk of control.

"It's an agent-run company," said agent Susan Ford, who also left Watson-Touchstone to join Keller Williams.

"The agents vote and make the decisions."

They also own their property listings, rather than ceding them to a broker's control, she said.

This could prove a challenge to other brokerages, she said.

Agent Jon Busby, who co-owns Bakersfield Premier Realty, shrugged off the new competition.

"Honestly, the people that produce -- it's not going to affect them a bit," Busby said.

"Personally, I think it's good, because it keeps everybody sharp," he said.