Keller Williams, a well-known real estate agent franchise, is partnering with a private equity firm and has appointed a new CEO as it works to keep pace in an evolving industry.
The brokerage said Tuesday it formed a partnership with Stone Point Capital, a firm that specializes in real estate and financial services. Stone Point is investing capital to help fund further growth at Keller Williams.
Terms of the deal were not disclosed.
“With their commitment, we will also be exploring new ways to make sure top agents and franchisees who drive the growth of our business are able to share in its future success," said Gary Keller, co-founder and executive chairman of Austin-based Keller Williams, in the statement.
In addition to the partnership with Stone Point, Keller Williams also said Tuesday that Christopher Czarnecki is joining the franchise as CEO and president with a “focus on expanding the company’s capabilities in all areas, ensuring agents and franchisees have the very best platform to succeed."
Czarnecki replaces former CEO Mark Willis, who stepped down following 14 months at the helm.
The partnership and change at the top comes at a time of flux in the housing market and real estate industry at large as homes sales fall and new agent compensation rules shape the business.
Real estate dynamics are shifting
“The need for risk mitigation and strategic relationships, are driving the real estate business more than ever,” Darryl Frost, a spokesperson for the brand, said in a statement.
Keller Williams has not been immune to the turbulence. Between the end of 2022 and the beginning of this year, the firm lost more than 25,000 of its real estate agents.
Frost said the “partnership was created to focus on agents’ personal development and their sales growth, market center success and new financial and business opportunities for agents and franchisees.”
Executives from both brands said the partnership is a step toward the next chapter for Keller Williams that sets the franchise up for continued success.
“We believe that Keller Williams’ industry-leading agent and franchise network, training resources and technology platform, position the company for continued success in the future,” said Chuck Davis, chairman and co-CEO of Stone Point Capital, in a statement.