WATCH: Ilan Bracha on Keller Williams NYC’s management shakeup, agent defections and future of the firm

TRD New York /
Jun.June 01, 2018 12:00 PM

Keller Williams NYC’s recruiting spree at the height of the condo boom in 2015 ultimately got the best of the firm, according to co-founder Ilan Bracha.

After rampant speculation about his firm’s future in Manhattan, Bracha sat down for a one-on-one interview with The Real Deal to talk about the firm’s management shakeup, layoffs and dip in agent headcount.

In the wake of Town Residential’s closures, the tumult fed speculation that Keller Williams may shutter its Midtown office — a rumor Bracha flatly denied.

But he acknowledged a need for cost-cutting measures to reposition the brokerage after it ballooned to 900 agents, the majority of whom weren’t making money. Today, Keller Williams NYC has 630 agents (455 in Midtown and 175 in Tribeca).

Until recently, the Manhattan offices of Keller Williams have generated around $1 million in profits each year since 2014, according to a publication from the parent company.

Bracha didn’t deny that real estate competition is fierce.

“All the competition is out there, they’re trying to take a piece of the pie,” he said.

Video produced by Jhila Farzaneh. Interview conducted by E.B. Solomont

Related Articles

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Compass SoCal boss Nick Segal steps down

Compass SoCal boss Nick Segal steps down

Democratic State Sen. James Skoufis (Credit: NY Senate)

Real estate agents facing subpoenas after failing to appear at hearing

From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: Jeff Cohn and Gary Keller

Gary Keller walks into Berkshire Hathaway’s backyard and takes its top team

From left: renderings of 1 Propect Park West, 85 Jay Street and 98 Front Street in Brooklyn (Credit: StreetEasy)

The priciest Brooklyn condo filings of 2019