‘Playmakers’: Gary Keller on why most agents fail his pitch test 

Editor's note: The Playmakers podcast explores the biggest shifts in real estate with those who are shaping the industry's future. Check out our top takeaways and watch the latest episode from host Andrew Flachner, co-founder of RealScout.

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On this episode of the Playmakers podcast, Keller Williams Co-founder and Executive Chairman Gary Keller shares advice — and a reality check — for agents and brokerage leaders navigating the tough housing market, and offers a prediction for when the situation will improve.

Keller's first lesson for agents: For those just starting out, it's normal to worry about earning enough money or making mistakes — Keller had those fears too — but early on, he said, "I read a line that changed my life."

That line? "A professional is someone who knows what they know, knows what they don't know, and knows the difference between the two."

This distinction is essential, he added. "Nobody knows all the answers. The idea that a professional is someone who knows all the answers — be careful with that one."

Don't expect every year to be better than the last: Economists have blamed elevated mortgage rates for the slow spring buying season, but Keller remembers rates being well above 10% when he joined the industry in the late 1970s. Instead of trying to wait it out, Keller realized he had to "treat it like a job" and buckle down in order to reach his end-of-year goals — and he says today's agents should do the same.

"This idea that every year is going to be a better year isn't a truly realistic thought process," Keller said. He urged agents to "make sure that your personal financial life is in order" and "recognize that your goal is to have a great career, not necessarily a better year every year."

"My advice to everyone is, do not stray from the fundamentals," he said. "The fundamentals are absolutely true. Real estate is a contact sport."

A new market in 2026? Today's market challenges are "all about the economy," Keller said. There needs to be "some sort of economic calamity or economic event" to "drive prices down" and fix the affordability crisis.

Recent data has indicated real estate is moving closer to a buyers market — and Keller agrees this will be the case in "another six months or so." Barring any major economic developments, the market will "start beginning to see the change in 2026 — probably by the summer of '26," he predicted.

'99% of real estate agents' would fail Keller's pitch test: Keller believes many brokerages today are "spending too much money" and "not providing value for what they charge." Demonstrating value is essential at the agent level, because "at the end of the day, consumers hire real estate agents," he said. "They don't hire companies; the company comes with the agent."

If he were to ask a random agent to pitch him as a potential client, "99% of real estate agents can't do it" because many fall back on their brokerage's offerings instead of focus on what they as individuals bring to the table.

"Every day, we charge for value," he said. "And the question is, is our value worth it?"

Being open to change: From welcoming a new CEO in Chris Czarnecki to taking on a private equity partner in Stone Point Capital, KW is embracing change in 2025. Keller said "money and expertise and access" contributed to the decision to bring in Stone Point, and he's been impressed with the firm's approach.

Like any other business, Stone Point has "returns that they have to maintain," Keller acknowledged, "but if they can get those returns by not selling, they're okay with that too."

"They didn't wake up and say, 'Look, we're going to buy you and flip you' sort of a thing," he added.

'What matters' for KW's future: Keller's goal for the next few years is simple: He wants KW's agents and market centers to be able to say the brokerage has been "a good partner."

"If we can answer that question, that means we all were on the path and journeying the way we wanted to journey," he said. "And that's what matters."