THE LEAD Ed. 2 | Recruit From the Terminal Cliff

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Quote from Gary stating: "In a career of 50 years, you'll most likely go through several booms and busts. You want to approach your life and your business in such a way that you thrive throughout the good times and bad."

You Have One Year to Save Drifting Relationships

A graph showing the happiness of two partners, where partner 1 begins to feel unhappy about 1 year before partner 2. Sourced by a study by Buhler, J.L., & Orth, U. 2025

Remember this:

Real estate agents know about two companies — the one they’re at today and the one they’ll turn to if the sky falls tomorrow. This study shows it takes a whole year between when a person begins to feel unhappy in a partnership and when they voice their unhappiness and eventually sever the relationship. It’s predictable.

The appointments you’re setting today with unhappy, experienced agents either result in them joining this month or falling somewhere on this continuum.

Training Boosts Confidence and Retention

Studies by ADP and HousingWire show that providing training makes workers feel 3.3X more productive, 50% less likely to leave, and more likely to feel valued in and invested in by leadership.

What caught our attention:

The research is overwhelming. If you run an effective training program, your people are more likely to feel valued, remain loyal, and become more productive.

Training is the singular most important value you can provide your people.

It Hasn't Been Better Since 1929

A line graph of the highest marginal income tax rate over the last 100 years. Source: Tax Policy Center

Here’s what perspective affords us: We’re living at historically low marginal tax rates for the highest earners. Taxation changes often, sometimes every year, but for those fortunate enough to file in the highest tax brackets, they’re currently living well below the 100-year average.

What Gary, Jason, and Jay are publishing in April!

El Agente de Bienes Raíces Millonario

by Gary Keller, Dave Jenks, and Jay Papasan

Over 120,000 NAR members identify as Spanish speakers. Pre-order the official translation of The Millionaire Real Estate Agent in Spanish, or, El Agente de Bienes Raíces Millonario.

Pre-Order

Gary's Notepad

Gary's letter this month is long!

View his original handwritten version or the digital version.

An image depicting a late-night hand-written letter from Gary Keller on notebook paper. Image is faded into a gradient at the bottom.

Leadership Digital Masterminds — July 17
9:00 AM — All TL & ATL Digital Mastermind
10:45 AM — All Operating Principals Digital Mastermind
12:45 PM — Top 100 Team Leaders Digital Mastermind
2:00 PM — Top 100 Operating Principals Digital Mastermind
3:15 PM — Top 50 Operating Principals Digital Mastermind

For the full calendar, see the 2025 Leadership Masterminds Schedule.

THE LEAD™ is an exclusive leadership newsletter brought to you by KW's executive team.

Edition 2 | April 2025

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