BoardroomPR Client Mike Pappas of The Keyes Company Speaks at Annual “Rock the Market” Real Estate Event
Industry leaders discuss challenges facing brokers, including consolidation and new technology
Mike Pappas, President and CEO of BoardroomPR residential real estate client The Keyes Company, joined fellow real estate leaders in discussing how traditional brokers are being challenged in an era of consolidation and evolving technology and gave their takes on the state of the industry and economy during the annual “Rock the Market” event on Sept. 5. The widely attended event was hosted by industry associations Miami Realtors, Broward Council, Miami Commercial and JTHS-Miami Realtors.
Pappas and his fellow panelists noted how larger independent and national brokerages are steadily acquiring boutique firms and that culture is the most important driver of a successful union of companies. Keyes – Florida’s largest independent brokerage – and its Family of Companies have acquired and integrated nine brokerages since the 2016 acquisition of premier Palm Beach County luxury brokerage Illustrated Properties.
South Florida’s long-term real estate and economic forecasts are strong, according to Pappas. In the short-term, the real estate market is facing obstacles presented by a lack of inventory to accommodate demand, “price fatigue” from years of steady price increases and rising interest rates. On the positive side, the tax reform legislation presents a major opportunity for brokers to capitalize on the desire of Northeasterners at various income levels to relocate to the tri-county area.
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