Keller Williams (KW), the world’s largest real estate agency by agent count, has awarded a franchise to a team of local professionals, making Cambodia the eighth market in Asia where the firm has a presence.
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The franchise was awarded to local agency Khmer Real Estate Co, Ltd., who will set up a KW office in the next few months, according to a statement released Thursday by Keller Williams Worldwide (KWW).
“Khmer Real Estate will lead Keller Williams’ growth across Cambodia,” said William E. Soteroff, president of KWW.
Mr Soteroff said Khmer Real Estate will be adopting KW systems to disrupt the broker-centric model thoroughly embedded in the market.
“He saw a market opportunity to bring a new model into his country and took action immediately,” Mr Soteroff said of Kim Heang, CEO of Khmer Real Estate.
“The Keller Williams Cambodia leadership team is also one of the most dynamic and influential that we’ve seen in international real estate,” Mr Soteroff said.
Khmer Real Estate’s Mr Heang said KW’s business model fits the situation in the Cambodian market, marked by a huge labour force with many untrained or unlicensed real estate agents.
“We are very proud to be a part of the Keller Williams family. We will take real estate to the next level leveraging the brand’s value proposition,” Mr Heang said.
He said that, following the KW system, they will assign agents to every district in the country. Within five to ten years, there will be a KW Cambodia office in every district. In the next ten years, the company aims to control about 30 percent of the local market.
“We are now beginning operations and hope to launch our first office with a team of 50 agents in the next several months,” Mr Soteroff added.
KWW is present in 170 markets across the globe, boasting more than 6,800 international agents.
It is the biggest company in its sector in the United States in terms of sales volume.
Only in Asia, the Texas-based company has 1,330 agents.