FDD ITEM 20 · FISCAL 2023–2025
Keller Williams Realty â Market Center Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), Keller Williams Realty â Market Center reported 735 franchised outlets at year end. 33 of 762 franchised outlets open at the start of the year left the system — an annualized exit rate of 4.3%— while 11 new outlets opened. Systemwide units moved -7.3% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 826 | 810 | 773 |
| Opened | 6 | 9 | 11 |
| Transfers | 13 | 13 | 11 |
| Terminations | 8 | 4 | 8 |
| Non-renewals | 4 | 5 | 5 |
| Reacquired by franchisor | 18 | 5 | 5 |
| Ceased — other reasons | 10 | 9 | 20 |
| Outlets at end | 810 | 773 | 751 |
| Net change | -16 | -37 | -22 |
8 terminations + 5 non-renewals + 20 ceased (other) = 33 exits ÷ 762 at start = 4.3%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (11) are resales, not exits; reacquisitions by the franchisor (5) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| CA | 82 | 2 |
| FL | 78 | 0 |
| TX | 50 | 6 |
| GA | 37 | 0 |
| NJ | 32 | 3 |
| Canada | 30 | 0 |
| NY | 27 | 0 |
| PA | 26 | 1 |
| NC | 25 | 0 |
| VA | 22 | 0 |
| CO | 20 | 0 |
| MI | 20 | 0 |
| WA | 20 | 0 |
| MA | 18 | 0 |
| OH | 18 | 0 |
| IL | 17 | 0 |
| AL | 16 | 0 |
| TN | 15 | 0 |
| MD | 13 | 0 |
| SC | 13 | 0 |
| AZ | 12 | 0 |
| LA | 12 | 0 |
| MN | 12 | 0 |
| MO | 10 | 0 |
| OR | 10 | 0 |
| KY | 9 | 0 |
| KS | 8 | 0 |
| OK | 8 | 0 |
| IN | 7 | 0 |
| NV | 7 | 0 |
| UT | 7 | 0 |
| WI | 7 | 0 |
| CT | 5 | 0 |
| MT | 5 | 0 |
| IA | 4 | 0 |
| ID | 4 | 0 |
| AR | 3 | 0 |
| HI | 3 | 3 |
| NH | 3 | 0 |
| NM | 3 | 0 |
| MS | 2 | 0 |
| RI | 2 | 0 |
| SD | 2 | 0 |
| AK | 1 | 0 |
| DC | 1 | 0 |
| DE | 1 | 1 |
| ME | 1 | 0 |
| ND | 1 | 0 |
| NE | 1 | 0 |
| VT | 1 | 0 |
| WV | 1 | 0 |
| WY | 1 | 0 |
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