Florida-based The Keyes Co. settles the commission lawsuits

By BrokerOwner.net September 3, 2024 Housing News

Florida-based
independent
brokerage

The
Keyes
Co./Illustrated
Properties
has
joined
the growing
list
of
brokerages that
have
settled
the
commission
lawsuits.

The
firm
notified
the
court
of
its
settlement
agreement
on
Tuesday
in
the consolidated Gibson
and
Umpa
suits
suits
via
a
motion
to
stay
the
case.
No
details
of
the
conditions
of
the
settlement
were
immediate
available.

The
Keyes
Co./Illustrated
Properties
was
not
grandfathered
into
the

settlement
reached
by
the

National
Association
of
Realtors
(NAR).
The
company
posted
a
transaction
volume
of
$7.55
billion
in
2022,
according
to

data
from

RealTrends
Verified,
well
above
the
$2
billion
threshold.
The
company
also
did
not
choose
to
opt
in
to
NAR’s
settlement.

Mike
Pappas,
the
CEO
of
The
Keyes
Co./Illustrated
Properties,
wrote
in
an
email
to

HousingWire
that
the
decision
to
settle
was
tied
to
the
company’s
priority
to
support
its
agents
and
deliver
quality
service
to
consumers.

“After
carefully
considering
all
options,
we
believe
that
settling
this
matter
is
the
most
prudent
course
of
action,”
Pappas
wrote.
“This
decision
allows
us
to
move
forward
without
the
distraction
of
ongoing
litigation,
so
we
can
remain
focused
on
what
we
do
best
—
leading
the
market
with
innovation,
a
commitment
to
our
community,
and
providing
exceptional
value
and
support
to
our
real
estate
associates.

“This
pending
settlement
is
a
strategic
choice
to
prioritize
the
interests
of
our
agents,
customers,
and
Family
of
Companies.
As
we
near
our
100th
anniversary,
our
focus
remains
firmly
on
the
future,
continuing
to
build
upon
our
legacy
in
the
Florida
real
estate
market.”