While Palm Beach’s biggest firms have significantly less agents than those in Miami-Dade and Broward counties, their hooks remain the same: competitive commission splits, technology and in-house tools and training.
The Real Deal ranked real estate firms in Palm Beach County by the number of actively licensed agents and spoke to executives about recruiting strategies, commissions and top sales for the year.
Here are the top five:
#1 Keyes Company | 526 agents
Keyes has 11 offices and four satellites in Palm Beach County, president Mike Pappas said. The family-owned and operated firm targets a mix of newly licensed and experienced agents. Keyes is on track to reach $4.3 billion in sales this year, and hires more than 1,100 agents a year statewide.
While most of its agents are in Miami-Dade and Broward counties, Keyes leads the ranking in Palm Beach. The brokerage also has an in-house corporate relocation program, based in West Palm Beach.
Keyes has recently refinished or relocated up to eight offices in Palm Beach County. “We think facilities still matter,” Pappas said.
Steve Reibel, vice president of recruiting, previously said that commission splits between the agent and company vary from 60 percent to nearly 90 percent, “pending the level of production.”
Pappas has said the firm is “very aggression on splits.”
#2 Coldwell Banker | 466 agents
Coldwell Banker has 10 offices in Palm Beach County, including Boca Raton, Delray Beach, Jupiter Beach, Wellington, Palm Beach Gardens, West Palm Beach and Boynton Beach.
Duff Rubin, regional senior vice president, would not disclose the company’s commission split policy but said, “We as a company try to be more of a value-proposition brokerage,” including Coldwell Banker’s tools, management and support. “Commission splits are typically based on production. You’re only as good as your production,” he said.
The top sale in Palm Beach County was a single-family home at 600 Northeast Fifith Avenue in Boca Raton. Jonathan Postma had the listing for the property, which sold for $8.3 million.
Rich Fleischer, regional vice president of Coldwell Banker east central region of Florida, said sales are split evenly between condos and single-family homes. “We do not focus solely on one type of property or one specific price point. Our overall goal is to ensure that the customer has the best real estate experience possible, regardless of property type,” Fleischer said.
The company hires about 225 agents, a mix of experienced and newly licensed, in the county on an annual basis.
#3 Illustrated Properties | 435 agents
Illustrated Properties has 23 offices in Florida. The firm offers online marketing tools, a lead generation program, training classes and mentoring programs, according to its website.
The company also provides in-house marketing.
Debbie Zuloaga, director of recruiting, could not be reached for comment.
#4 ERA Home Run Real Estate | 373 agents
Home Run Real Estate hires about 50 agents a year, owner Debbie Smith said. The company has three offices in Palm Beach, including Palm Beach Gardens, Royal Palm Beach and Lake Worth.
Smith said she doesn’t pay for recruiting, and that ERA’s technology brings the majority of her agents. Home Run offers services like a seller security program, a Palm Beach County auction department and a Zap platform for its agents. Smith also provides a real estate boot camp, which takes agents from contract to closing.
Home Run, which was founded in 2003 and affiliated with ERA in July, does not charge its agents monthly fees. Smith would not disclose its commission split policy. It’s closed about $200 million in transactions this year, Smith said.
#5 United Realty Group | 356 agents
United Realty Group offers 100 percent commissions with a flat per-transaction fee. The firm has four branches in Palm Beach County, according to Melanie Brownell, director of recruitment. It hires on average 20 agents a month.
The majority of sales in the county come from single-family homes, she said.
United Realty, which is in the tri-county area and Orlando, doesn’t charge its agents desk or franchise fees or provide training. It offers a 100 percent commission with a $299 transaction fee.
Year-to-date, United Realty has $810.3 million in sales. The firm has 13 offices with two additional locations opening early next year. Top sales this year include a commercial sale in West Palm Beach in August for $4.8 million.
AutoNation will acquire 12 stores that represent $800 million in revenue.
The Fort Lauderdale-based automotive retailer (NYSE: AN) announced Wednesday that it would buy Allen Samuels Auto Group, which has locations in the Houston, Dallas-Fort Worth, Corpus Christi,Tyler, Ennis and Waco, Texas markets. Allen Samuels Auto Group has 31 franchises across its stores, including Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter.
Once the acquisition is completed, Texas will represent about 25 percent of total revenue for AutoNation, with 53 stores including 82 franchises and 5,300 employees.
Terms of the deal were not disclosed, but it is expected to close in the first quarter of 2016.
Since the beginning of 2015, AutoNation has announced purchases that represent $1.7 billion in added revenue. Last month, the company closed a deal,announced in September, to buy a Mercedes-Benz store, an Audi store, and a Subaru and Volkswagen store from Valley Motors Auto Group in the Baltimore market. Another acquisition of 13 stores from Carl Gregory Enterprises is expected to close in the fourth quarter.
Once those acquisitions are complete, AutoNation will have a total of 265 stores and 372 franchises.
"We are pleased to have the opportunity to add 12 stores throughout the state of Texas," AutoNation Chairman, President and CEO Mike Jackson said in the announcement. "This acquisition will enhance our brand mix in the state of Texas. We also look forward to welcoming Allen Samuels' customers and 1,000 associates to the AutoNation family."
The company also reported an all-time record for its earnings per share – at $119 million, or $1.05 a share – in the third quarter of 2015, up 17 percent from the same period a year prior. Revenue totaled $5.4 billion, up 9 percent compared to the same quarter last year.
AutoNation hares were up 1.28 percent, or 75 cents, to $61.76 in morning trading. The 52-week high was $67.50 on April 22. The 52-week low was 53.73 on Aug. 24.
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Keyes has 11 offices and four satellites in Palm Beach County, president Mike Pappas said.The family-owned and operated firm targets a mix of newly licensed and experienced agents. Keyes is on track to reach $4.3 billion in sales this year, and hires more than 1,100 agents a year statewide.
Rich Fleischer, regional vice president of Coldwell Banker east central region of Florida, said sales are split evenly between condos and single-family homes. “We do not focus solely on one type of property or one specific price point. Our overall goal is to ensure that the customer has the best real estate experience possible, regardless of property type,”Fleischer said.
Smith said she doesn’t pay for recruiting, and that ERA’s technology brings the majority of her agents. Home Run offers services like a seller security program, a Palm Beach County auction department and a Zap platform for its agents.Smith also provides a real estate boot camp, which takes agents from contract to closing.
The Fort Lauderdale-based automotive retailer (NYSE: AN) announced Wednesday that it would buy Allen Samuels Auto Group, which has locations in the Houston, Dallas-Fort Worth, Corpus Christi,Tyler, Ennis and Waco, Texas markets.Allen Samuels Auto Group has 31 franchises across its stores, including Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter.