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.”
The Florida-based independent brokerage joined HomeSmart, Redfin, United Real Estate, Douglas Elliman, Realty One Group, At World Properties, Anywhere, RE/MAX, Keller Williams, Compass, HomeServices of America and The Real Brokerage in settling the commission lawsuits.
NAR’s settlement agreement was granted preliminary approval by a court in late April and is slated for a final approval hearing in late November.
