Keyes and Illustrated Properties merge, now largest independent firm in Florida

Keyes CEO Mike Pappas and Illustrated Chairman Francis Fiske “Bud” Adams Jr.
Keyes CEO Mike Pappas and Illustrated Chairman Francis Fiske “Bud” Adams Jr.

Two of South Florida’s largest residential brokerages have merged, creating the largest independently owned firm in Florida.

The Keyes Company and Illustrated Properties announced the merger on Wednesday. They will continue to operate under their respective brands and management teams, according to a press release.

Together, the firms generate more than $6 billion in annual revenue and will likely dominate the residential market in South Florida based on sales volume alone.

In a ranking of brokerages at the end of last year, Keyes was among the top five in terms of active agents, and Illustrated No. 3 in Palm Beach County. With the merger, the firms have more than 1,100 agents in Palm Beach County, more than double their competitors.

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F.F. “Bud” Adams co-founded Illustrated Properties with Rodney Dillard in the 1930s. Now, the Palm Beach Gardens-based brokerage has 21 offices with more than 500 agents in Palm Beach, Martin, St. Lucie, Volusia and Collier counties.

Keyes, based in Miami, was founded in 1926 and has been independently owned and operated since then. The company recently rebranded, including its logo and marketing materials.

“We are thrilled to align ourselves with another strong, family-owned company that also emphasizes a structure of trust and integrity with its Associates,” Keyes CEO Mike Pappas said in a statement. “With the radical changes in technology driving this business, this is a tremendous opportunity to leverage those shared resources. This allows us to provide even more services, support and benefits to our companies and clients.” – Katherine Kallergis