Miami-based Keyes Company closed on the acquisition of two South Florida offices of Greenwood Village, Colorado-based Shorewood Real Estate, the company announced on Wednesday.
Keyes, already among the largest brokerages in South Florida, just added 40 agents in Aventura and Palm Beach. It has 58 offices and more than 3,000 agents in Florida, a spokesperson said.
Shorewood, led by president and CEO Roger Herman, has about 400 real estate agents in Nevada, Colorado and Florida. Herman could not immediately be reached for comment.
Keyes CEO Mike Pappas said Herman was looking to exit the Florida market. Both offices sold about $120 million of real estate last year. Most of Shorewood’s Florida agents will be working out of Keyes’ Aventura office, following the closure of Shorewood’s Aventura and Palm Beach offices, Pappas said.
Illustrated Properties Real Estate merged with Keyes last year, bringing the combined company’s total agent count in Palm Beach County to more than 1,100 agents.
Mergers and acquisitions are common during a downturn. One Sotheby’s International Realty just acquired two brokerages in Aventura: Turnberry International Realty and One Miami Group Brokers. Brown Harris Stevens picked up Avatar Real Estate Services and Zilbert International Realty; and Douglas Elliman acquired Tauriello & Co. Real Estate in November.
Keyes is planning to acquire more companies this year. “Without size and scale, it’s more difficult to run an operation that’s competitive and profitable,” Pappas said, adding that his profit margins continue changing.