Mergers & Acquisitions


Imagine the ability to continue the core of your business without the financial worry, and time spent managing your Associates and juggling overhead. Many of the Broker Owners that we speak with everyday have come to the conclusion that there is a better way. A way to continue within the same market, thrive, make more money, as well as have a balanced and more prosperous lifestyle in every aspect.

In recent years, Keyes has partnered with dozens of South Florida Companies. Much like you these Broker Owners spent many years building their Companies and developing the successful careers of hundreds of people. The Keyes Company understands the challenges of operating and selling real estate, and has created a unique program called "working partners" which blends the benefits of operating your own business with the support and resources of Keyes.

At Keyes, you and your Associates can enjoy the many benefits of Florida's largest independent, family owned real estate company. Our technology platform of Associate productivity tools stands at the forefront of the industry. Additionally, we are a founding member and shareholder of Leading Real Estate Companies of The World, the invitation-only network that includes six of the top 10 brokerages in the United States, and more sales among the top 500 companies than any other network.

Whether your company has 5 or 500 Associates, MAKE TODAY COUNT! Let's open the door to discuss the benefits of a strategic alliance with The Keyes Company. With 50+ offices, more that 3,000+ Associates, and 90+ years in South Florida we know we can offer you just the right package to bring positive change to you, your family, and your Associates.

We have the experience, the heart, and the resources, to invest in your future!

Click here to schedule a CONFIDENTIAL discussion to explore merger opportunities »

Broker Testimonials

Dear Steven,

I am proud to be a part of the Keyes Company family. Everything you promised from day one back at the end of October until we completed the merger you delivered over and beyond.

After meeting with many, many firms over the last few years and peeling back the onion on every firm I unconditionally concluded that the Keyes Company, their culture, their family atmosphere, their cutting-edge technology, their support, their resources were way above all the other firms that I met with. Your sincerity was definitely an inspiration for me and my family as we were looking for a long-term partnership.

My 60+ agents who produced over $150 million last year are super excited about all the above great things the Keyes Company has to offer.

My experience dealing with you, the Pappas family, Joanie, and all other Keyes associates and employees have been great. I feel that other Brokers in my situation would greatly benefit from joining the Keyes Company in this changing Real Estate market.

I would talk with anyone regarding my experience with everyone at the Keyes Company at any time.


I started a discussion with Steve Reibel about the possibility of my company, Novus Realty, joining forces with Keyes about ten years ago. At that time, I was not ready as my company was growing, and I was enthusiastically enjoying the challenges of managing my own brokerage. I remember at that time Steve told me: “you never know what the future has in store, let’s keep in touch”. And we have been in touch since then.

I’ve received offers from other firms, including big national brands. But I wanted to keep the personal relationship I have with my agents, the essence of a solid team. Once I met Mike Pappas and his daughter Christina, I immediately made a connection. It is like I’ve known them forever.

It has taken me time, but I finally decided to join Keyes because it is an independent and family-oriented company. I thought it was going to be more difficult, but with more than 100 mergers and acquisitions under his belt, Steven has guided me through the whole process in a smooth and efficient way.

When we had our first sales meeting after the merger, I was very happy as I looked at the faces of my 25 agents and saw how they were enjoying all the new tools and services. I am more convinced now that Keyes was the right decision.

During the presentation to the agents, I mentioned one African proverb that has always resonated with me: if you want to be fast, go alone. But if you want to go far, go together.

I know that together with Keyes, my agents and myself, we will go far. We will reach the next level in our professional career in this amazing industry called Real Estate.


About two years ago, Steve Reibel was out viewing a Zeuner Realty listing and casually mentioned that he was the vice-president of mergers and acquisitions with The Keyes Company. At that time, we had no thoughts of merging or selling Zeuner Realty, but nevertheless, the seed was planted. During the following week, we discussed the idea and thought "why not" and placed a call to him. Within a few weeks of discussions, Keyes made us an offer.

As part of our due diligence, we contacted three other large brokerage firms in town; however, none portrayed the honesty and caring attitude that Steve did. Remember, we wanted to protect all of our agents as part of the merger. In keeping with our business philosophy, we wanted to join a company that treats agents like family. Based on all of our conversations, we knew that the Keyes organization would provide us with the substantial support we desired. Keyes seemed to treat their agents like we did and were eager to contribute to their success.

We quickly learned of the wealth of knowledge that Keyes offered to their agents and knew that if we were going to proceed with a merger that they were the ones for us. Ultimately, we decided not to merge at that time and continued to operate as Zeuner Realty.

A little more than a year later, we started considering the ongoing changes to the real estate industry. Our concerns included how technology and the access to modern technology on a large scale was going to influence the future of sales and listing processes and the many unknowns during the early stages of the COVID pandemic was going to affect how business is going to be done As a result, we re-considered if it was time to merge and knew the only person to call was Steve Reibel at Keyes.

After a few months of virtual negotiations, we came to an agreement and on June 1, 2020, opened our doors as Keyes Realty. Joan Richardson (Sales Manager) enabled the transition to go very smoothly and hassle-free. Keyes only wanted our realtors to be happy. The training and orientation to Keyes’ extensive resources and technology was a benefit to all of agents and has proven to be very successful. There is an attitude of caring and professionalism at every level of management and throughout Keyes' Affiliated Services.

Bottom line is that The Keyes Company lived up to everything they promised to do and then some . We have no regrets of our decision to be part of this company.

Thank you Steve and Joanie!!


It is with great pleasure and excitement that Kathy Stein, Gwen Deisler and Tony Stein on behalf of HR PROPERTIES announce our merger with The Keyes Company.

The Keyes Company was started in Miami in 1926. It is one of the largest independently owned real estate firms in Florida and the nation. It has 58 offices in Florida and 3,500 agents worldwide. Keyes is ranked as Florida’s #1 real estate firm and the 25th largest nationally. It has many divisions including a title company, mortgage company, insurance company, and a legal division among others.

We are very pleased and proud that The Keyes Company has solicited us and requested that we merge with them. They will greatly compliment HR PROPERTIES local, national and international advertising for Harbour Ridge.

This merger is almost too good to be true. As a small boutique real estate firm, we are honored to be chosen by The Keyes Company. It shows that hard work, diligence, perseverance, integrity, and honesty pay off.


We want to personally thank you for assisting us with the merger of our company to Illustrated Properties.

After speaking with many different Real Estate Companies, your experience and professionalism was very comforting with one of the biggest decisions in our lives. We felt like you were honest, sincere and we had known you for many years!

Also, after meeting Mike Pappas he was captivating and had true vision and focus! We compared the benefits and culture of other Real Estate Companies to your company and found it was an easy decision to join the Keyes Illustrated Team. The abundance of marketing tools, office locations, history of the company and the largest company in Florida would benefit the agents and ourselves.

The merger process was organized, simple and easy. The Keyes Illustrated family has been so welcoming to our team from the beginning of the process to the end. Starting from the top Executives, the Administrators and the Real Estate Agents in the office who couldn’t have been more helpful and supportive.

Lastly, we are thrilled to be with the #1 independent brokerage firm in Florida and ecstatic that we are with a company that treats their agents like people and not like a number! Thank you again for all your kindness and support!


In 2002, I founded The Real Estate Company, Inc. I worked long hours and my firm grew rapidly. Soon I had a high profile office location and 25 agents. I am so proud of that accomplishment!

About 2 years ago, I began to think that it was time to consider either selling or merging my company. The reasons for this were that I found myself constantly dealing with management issues, monthly financial obligations, and trying to keep up with all of the changing technology.

Although I have been approached by almost every major brokerage firm in Southeast Florida, I knew that I needed to choose a firm that would not only give my agents the opportunity to be more successful, but also be a fit with regards to the management style and atmosphere that my long time agents were accustomed to. We were not just a firm, but a family.

After meeting with various brokerages, I realized that The Keyes Company would be the best choice. They have been family owned for 90 years and are the #1 independent real estate brokerage network in Florida, with 50-plus offices, and over 3,500 Realtors.

Best of all, they offer the latest in technology and marketing. After an initial training class, one of my agents told me that “I feel like I just traded my 2009 Ford Fusion for a brand new Corvette”. If you are considering merging your Brokerage firm, I strongly suggest that you consider The Keyes Company.

In 2007, after 22 years of running a successful real estate company, I found myself considering selling my company. This was primarily due to the slowdown in the real estate market and my lease, which was not renewable, coming to an end.

After interviewing several major companies, I decided that The Keyes Company was the best match for me and my associates. Being a family run business, and where my associates, approximately 100, were part of my family I was looking for a company with the same philosophy and one that could advance our market reach.

However, after much deliberation, I decided that it was not yet time to sell, so we moved the company and continued as Rickenback Realty, Inc. until Late 2017, at which time, and now after 32 years in business I felt it was time.

Over the years, I had developed a friendship with Steven Reibel and every so often he would call me and ask “is it time yet” to which I finally responded with “it’s Time”. What I wasn’t aware of was how much Keyes had grown, and the technology and market reach it was now offering, all which made the move more exciting, and yet, they were the same hands on, family run business I had come to know in the past.

The transition couldn’t have been smoother. Steven and Tim Pappas greeted my associates with a wonderful luncheon presentation, and by the end of the meal many of us couldn’t wait to get started.

At a time when many think of retirement, I am looking forward to the second half of my real estate career, happily with The Keyes Company.

After 18 years of building my Real Estate Company, The Realty Pros in Boynton Beach, it was apparent to me that the small independent offices were a thing of the past. They were no longer able to provide the support and tools that agents need to compete in the ever evolving Real Estate world.

The Real Estate business is changing at warp speed and it takes a very large brokerage to keep up with the times. I was approached by many companies to purchase my office. There were several important factors that influenced my decision of which offer to choose. I wanted to make sure the transition would be smooth for my agents and I wanted to make sure it was a company that we would all be proud to work with.

The Keyes company is everything I could have hoped for. From beginning to end, they bent over backwards to accommodate my agents. They moved swiftly and earnestly while living up to every promise.

Steve Reibel was an absolute dream to work with and Mike Pappas personally made me feel confident that I made the right decision. I look forward to a wonderful and prosperous future with The Keyes Company.

Steve, Let me say that I had met with other firms to discuss acquisition, mergers and or the sale of my company, Realty Elite. After our first meeting, I felt that you had the most integrity, honesty and transparency of any Business Development and or executive in the real estate business that I have met in years.

What I appreciate the most in this transaction was that from the date we signed our confidentiality agreement and you provided me with a letter of intent, we were able to close within 30 days. I also appreciate how smooth the closing took place. You kept all your promises.

With regards to why I decided to go with The Keyes Company that’s easy, you had the best reputation, over 90 years in business, professional upscale offices, friendly and attentive management staff that is committed to serve the agents and an overall great culture and environment.

My Agents are enjoying their experience at Keyes and are very happy with your training and marketing material and the plethora of technology and agent productivity tools.

Finally, I would like to close this letter by saying that any other brokerage firm that’s considering selling and or merging must meet with Keyes, because once they meet with Keyes there will be no other reason to meet with any other real estate firm. Steven both you and The Keyes Company are the best.

Along with my son Chappy, we built Illustrated Properties into one of the largest privately owned real estate firms in the country. After his passing it took many years for me to determine the best fit for the continued future of our company.

I was approached by many firms and interviewed and met with over 30 reputable companies from across the US & Canada before I made my decision to join forces with Keyes.

As a family company I knew finding a partner with a similar culture and philosophy would be critically important to our agents and staff. The merger of Illustrated Properties with Keyes was complicated given the number of offices we have and our more than 500 associates. It did not happen overnight. It took months and months of planning under the leadership of Mike Pappas, CEO of The Keyes Company. Steven Reibel, SVP of Keyes was instrumental in the day to day execution of the many details. As Steven once said to me… “The agreement is the easy part; it’s what happens after the closing that makes or breaks the deal…it’s all about retention”.

As many months have now gone by since the merger I can unequivocally say that Keyes kept their promises and surpassed all my expectations. Our associates are thriving and benefiting from new technologies and productivity tools. My goal of this merger was to make sure our associates would be supported at the highest levels. And they have been.

Hats off to the entire Keyes executive team including Joy Linet, Paula Renaldo, Wendi Iglesias, Barb Koslow and Orlando Morales.

Having been licensed since 1982 and a Broker since 1989, I have seen the real estate industry go thru many changes. Some have been good and some have been disappointing. One good thing thing that remains constant is honesty.

When Keyes partnered with Platinum Properties, fear of the unknown struck many of the agents. However, all fears were calmed after the first meeting with the Keyes management team. A more dedicated, trustworthy group of people would be hard to find. I reccomend looking into all of the opportunities they offer to help your career reach its potential.

When my company combined with Keyes, I was very hesitant and not sure if it was a good thing or if I would be leaving. Happily, I not only stayed, but I feel totally at home in the company. I know that the corporate office continuously strive to make our jobs easier and to help us make as much money as possible.

Mike Pappas and Tim Pappas are not only interested in what we bring to them in sales, but in our financial and personal health. The tools that we are given will make any Realtor who adopts them a multi-million dollar producer. I say many times, my success in real estate is my efforts and the Keyes company working as partners.

My business partner, Bob Houston and myself, recently were involved in a real estate sales agency merger transaction between our Company, Towne and Country Real Estate Services, Inc., which historically has operated as a Century 21 franchise in South Miami-Dade County, Florida and with The Keyes Company. Our respective companies have serviced the real estate sales needs of the South Dade marketplace for many years.

After the decision was made to merge the assets of our company into Keyes, I was pleasantly impressed that the transaction was relatively seamless. The Keyes Company and their representatives rose to meet their reputation as a professional and well-run organization. In the transition of our sales agents to Keyes, there was great focus upon training and upon their introduction into Keyes' established corporate culture. There was a great emphasis placed upon making our agents comfortable with the transition.

I was particularly impressed by my transactional involvement with Keyes representatives, Senior Vice President Steven Reibel and District Sales Manager Tony Garcia. Mr. Reibel proved himself to be the consummate and competent professional in forwarding the interests of his Company. Mr. Garcia was exceptional in his personal oversight and concern with the successful assimilation of our agents into the Keyes Organization.

The outstanding corporate culture of the Keyes Company is evidenced all of the way to the top. Company President, Michael Pappas, directed the joinder of the two companies and was extremely calming and reassuring during the transition...particularly when the announcement was made to our people.

There is an old saying, "The only person who likes a change is a newborn baby". As to this change, I believe that it was well received and accepted by all involved. As of the writing of this letter, it has been several months since the closing and I continue to become aware of positive feedback arising from this "change".

I wanted to personally thank you for your hard work in making our merger with Keyes a huge success. When we first met two year ago I thought we never would do a deal with anyone. Our company was growing at a record pace so why would we. As we continued to grow our systems and infrastructure became taxed. Our management team realized we need to do something so we began to weigh our options.

We decided to meet with you and your team again and several other large companies such as Reology, Lang Realty, Berkshire Hathaway and a few others. We also looked at investing more into the company to create tools and systems we needed. After just a few meetings with you we realized that Keyes was our best option.

It was an easy decision to partner with Keyes. You had all the systems, tools and training we needed to continue to grow our brokerage. We did not need to invest and reinvent the wheel it was already in place. Most importantly for us is Keyes had a similar culture and the entire Management Team had the same beliefs and values as ours. It was all about helping the agents do their business and providing them the tools and training to do just that.

It was a long road to come to this decision. Two years from our first meeting but most of that time was us just needing to realize we needed help to continue to grow our business. Once we did it was just a couple of months to determine you were the best fit for us.

Your entire management team has made the process as seamless as possible. It has also been very impressive that Mike Pappas is so hands on and really listens to suggestions from the various managers. I look forward to much success with our new partnership.

About six months prior to the formal joining of our forces, I realized the need to align my real estate brokerage business with a larger, more sophisticated firm with a proven track record. As a boutique luxury broker, I understand the difficulties associated with marketing signature listings across the country and around the world without access to the powerful tools of a large corporate machine with substantial "back room" support.

Within five minutes of meeting with you and Mike Pappas, I knew that joining the Keyes family was the right fit for me. Your support for our team in just the first few months of our alliance would have taken years to create on my own, and been cost prohibitive.

I now go on listing appointments armed with unparalleled tools that provide a palpable confidence that offers the consumer validation that our team is the right choice for them to sell their property for the highest price in the most efficient time frame.

Most importantly, you and your associates truly listen to what mattered to us, and from the early stages of our talks until the present, you have always gone the extra mile to satisfy our wants and needs. It's nice to know that you and the other company leaders are working behind the scenes on a daily basis to assure our success.

The Keyes Company is a family business. They treat both their employees and customers like family. Loyalty and respect for the client is paramount, and that's the way I want to run my business too.

I am proud and honored to be part of the Keyes organization, and I am always available to speak directly with any fortunate individuals who are offered a similar chance to take their business to new levels of success with Keyes.

I am very glad to have the opportunity to express myself in this important issue ! I have several reasons why I chose KEYES.

First reason, Steven Reibel, around twelve years ago set an appointment with me, at that time I was Broker Owner of My Home Realty Inc. and I was not decided to sell, but Mr. Reibel impressed me very positively about Keyes Co., and all these years. I was receiving his correspondence remembering me all the achievements KEYES was obtaining. I was in the Real Estate Business since 1979, I knew about Keyes Co. but he kept the spark alive.

The Second reason is that I personally met Mike Pappas at Realtor Association of Miami, and I liked his outgoing personality, and I realize that among several large companies, Keyes has a warm sense of family that now I am proud to belong to.

The Third reason when I had an interview with Victor Ulloa, the Kendall Office Manager, I knew that I can work with him in a very pleasant way because of his knowledge, understanding and cooperative attitude, and that moved me to my final decision. Actually I am making my efforts to attract other associates to our family...

I want to express my sincere pleasure since our joint venture on May 22, 2008. Both my sales associates and I have felt welcome and are settling in comfortably in our new environment now that the transition is complete.

My staff is thriving under the extensive training and administrative support that they have received since coming on board.

Your District Manager, Nita Summer has been instrumental throughout our move. Her guidance and management efforts are unparallel. The promotions and advertising that the Samina Group received since joining The Keyes Company was delivered, as promised, to the point of exceeding my expectations.

The Keyes Company is a solid organization and I know I can always count on your continued support and management efforts. I am delighted in joining the Keyes family and look forward to prospering together.

Thank you again for the generous welcome.

I just wanted to thank you for all your support in making the transition after I merged my brokerage HomeTeam Realty into The Keyes Company.

I keep in touch with my agents that associated with the different branch offices that are closest to their residences & they have the most wonderful comments about how the Keyes managers treat them & help them with their business. One of my top agents never used to attend my sales meetings (even though they were superb) but hasn’t missed one since the merger. As you know, one of my main objectives was to make sure that my agents that I had such a close relationship with for so many years found a new home that had a corporate & office culture simillar to mine. The Keyes Family is not just a phrase used often but the spirit actually exists. From the President Michael Pappas to the tech support people to Phil Clodgo in the training department... everyone at Keyes is helpful & responsive.

I want to add what I feel are a few of the best services that we have here at Keyes that help the agents make more money.

  1. The Keyes Hotline System which is so simple to use & helps the buyers get the info on the property without having to speak to agent yet gets contact to the Keyes agent within seconds.
  2. A CMA program that links to a full color Listing Presentation that can be printed on our color laser printers or emailed directly to a seller.
  3. The Enhanced Listings program on that my agents were paying between $400 & $1000 per year & are included here at Keyes at no additional charge.
  4. Keyes affiliation with the company Leading Real Estate Companies of the World with over 120,000 top agents which send us quality referrals.

As you know I have been with Coldwell Banker, ERA & GMAC Real Estate for many years & we all know that the full service one stop shopping model is truly the what consumer wants ( & needs) but I have never seen mortgage & title services work as good as it does here at Keyes. They deliver on the promise of superb service & help to get every deal closed & isn’t that what it’s all about.

Again... thanks! I am enjoying my twilight years & making money too.

As you already know I came to The Keyes Company with almost 20 years experience in the real estate industry. Most of my career was spent with major franchises in our market area as an agent, manager and the former owner of Don Willis GMAC Real Estate. The list of the firms includes companies like ERA, Coldwell Banker, Century 21 and Re/Max.

Every time I was ready to make a move I would always overlooked The Keyes Company. What a huge mistake that was. This company is by far the best run real estate firm I have ever been associated with and the the programs that Keyes offers both for management and the associates can not be surpassed by any other firm out there today. I wished that I had discovered this company years ago!

The merger with my office went so smoothly that my associates hardly missed a beat in maintaining their ongoing business and they were and are very pleased that I made the merger with the Keyes Company.

This letter is in response to letting you know how satisfied I am that our office joined forces with the Keyes Co this past Summer. As you know, these are challenging times in our business & having smooth transition for our agents was a high priority.

The planning & support from you & your team was exemplary as many of my agents have personally thanked me for making the decision to be part of Keyes.

From the time of our announcement at the Signature Grand luncheon to the "Open house" at your Broward & Nob Hill office, having my agents speak at the luncheon was an added bonus my agents really appreciated.

The critical weeks after the closing were also a bonus with round the clock training & support that really made a difference in making them feel at home as well as getting them up & running.

In closing, please feel free to have any of your prospective Brokers give me a call on my cell 954-296-3525 & I’ll be happy to answer any of their questions. All the best to you & your staff & keep up the good work!

I want to personally thank you for a very successful merger. This was a very big decision I made and I am extremely happy I joined The Keyes Co. with all 38 of my agents. You made this merger so easy on myself and my agents.

I started Leadership Realty, Inc. in 1996, we became one of the largest most productive and successful companies in Hollywood. In 2008, I realized the market was changing so much, and that it was difficult to compete with other companies, unless you have all the essential tools to compete. The Keyes Co. has showed us they have all the tools and training to compete with anyone.

You have been calling me and sending me letters for years, I am happy that you never gave up on me.

You have personally taken care of every detail of my merger, and I want to thank you for your professionalism and your passion for The Keyes Co. I am a true believer in The Keyes Co.

Often our thoughts will go unsaid; so while I’m reflecting on how Keyes has simplified my life and allowed me the freedom to enjoy the fruits of my work, I am writing this letter so you are fully aware of my gratitude.

In 1995, I set out to build a Real Estate Company that would be top notch in its image and level of professionalism while providing incentive and comfortable work surroundings to agents that would value my dream. I lived hectic life and committed 100% of my time, energy and finances to my goal and it paid off as I grew an organization 165 agents strong.

We all worked hard, had pride in our growth and success as well as enjoying the monetary rewards for a good number of years. Nearing the end of the real estate boom we became painfully aware that things were changing but held hope that we would survive the down times and perhaps even grow while absorbing other offices that were also facing difficult financial times. Unfortunately, agents began to leave the industry to seek jobs that might pay a small but regular salary while others mistakenly went to the so called 100 percent offices in hopes of making more money should a sale be made. As a Broker, runnning a business I still had the overhead and it soon became painfully clear that a better plan was becoming necessary and QUICKLY.

Over the years Keyes was also in a growth mode and you would call periodically to see if we were interested in some sort of arrangement where we would be absorbed into the Keyes operation. Our conversations were always brief but friendly as we both realized that acquisition of successful offices was the best way to grow a business. As our industry struggled we saw our building tenants vacate, break leases and further increase our out of pocket costs. We reflected on the operation that Keyes was running and of course we knew you and Michael Pappas. We knew that you were one competitor that not only valued honesty, decency and professional treatment of their agents but also had the unbelievable technology, support, image and marketing in place to complete necessary profile for success.

After our conversations it was very much apparent that Keyes was going to weather this real estate down turn and grow their business even more. Your organization has been a part of South Florida’s landscape since 1928 which speaks volumes as to your strength and management, exactly the weapons necessary to be the successful survivor. We looked to move our agents in mass to the various Keyes locations in order for them to continue without missing a beat in their business. Steve, I know that we brought you top notch agents; your Company has handled them effortlessly and they are thriving! You, Michael Pappas and all of your District Managers were just terrific with our Associates and for this, I thank you!

The transition to Keyes has allowed all of my work over the last 15 years to continue. It is such a pleasure to go to the offices and see happy and productive Classic agents continuing to thrive as Keyes agents. What a top notch organization! It is also a great pleasure for me to walk into any Keyes office and be so warmly welcomed by all of the staff. I too can continue to be licensed and practice real estate out of enjoyment and not stress to meet financial obligations. Keyes has allowed me to have my life back and I’m sending this note to thank you and let you know how much I appreciate all that has been accomplished for Classic Realty Group and Keyes.

If you wish, when offering the Keyes opportunity, feel free to show my letter to another Broker in order to convey that there is a wonderful life waiting after their proverbial business death along with a great degree of dignity should they chose Keyes.

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