In 1980, after running track on scholarship and double majoring in business and Spanish, Miami native Mike Pappas graduated from Wake Forest University. That same year, he married his high school sweetheart, Kathy, and went to work for his father, Ted Pappas, head of the Keyes Co. real estate brokerage in South Florida.
Even though he was related to the guy in charge, Mike Pappas started out as anybody else would, as a commissioned sales associate. Twelve years later, he and his brother Tim Pappas acquired the company from their father.
They helped grow Miami-based Keyes — rhymes with guys — into a venerable Florida powerhouse through more than 100 acquisitions. One of those was a 2016 deal for Illustrated Properties in Palm Beach County that made the combined firm the largest independently owned brokerage in the Sunshine State.
Keyes is also one of the nation's largest brokerages, ranking No. 26 with $6.8 billion in sales volume last year, according to industry tracker RealTrends. Among independent private brokerages, it ranks ninth. Keyes now has 50 offices and about 3,500 agents in South and southwest Florida.
The firm implemented its succession plan after Ted Pappas' death in 2011, when Mike's daughter, Christina Pappas, joined after a career in hospitality. She represents the agency's fourth generation of leadership and the third within the Pappas family. Tim Pappas left the firm a few years ago.
"I have five kids," said Mike Pappas, 66. "She was the only one that raised her hand. She called me up and said, 'I always wanted to work for my grandfather, but now that he's gone, I don't have that chance. I don't want to miss the chance at working with you."
Firm approaching 100th anniversary
Like her father, Christina Pappas began as a commissioned sales associate. In 2023, she became president of the firm while Mike remains CEO.
Ken Keyes launched the brokerage in February 1926 shortly after moving to South Florida to capitalize on the region's land boom. Seven months later, a major hurricane devastated the Miami area, ending the land rush and serving as a precursor to the Great Depression in 1929.
Keyes survived by branching into property management, Mike Pappas recalled, holding on long enough to benefit from a second boom, following World War II. Ted Pappas joined the brokerage in 1962 and acquired it seven years later.
To commemorate its 100th anniversary in February, Keyes will have a series of in-house and charitable events, culminating with an end-of-year ball and celebration.
Over the next few years, Mike Pappas said, his daughter's role will increase while he steps back and becomes more of an adviser, same as his father did for him and his brother.
"I think South Florida has always been a dreamer's market because of the sun and the sand and the water," Pappas said. "It's one of the most beautiful spots in America. What has happened recently is ... Miami has truly become an international city that's the capital of South and Central America. The economic engine has really matured and come to life in the last decade or so."
This interview with Mike Pappas has been edited and condensed for clarity.
What's your house like?
"We've got a couple homes. A lake house in upstate South Carolina. We've got 10 grandchildren, and two more on the way, and so that's a safe haven that's become the go-to place for our family.
"We also have a home in Pinecrest [a Miami suburb] that our kids grew up in. It's on an acre. Five bedrooms, four bathrooms. A typical Miami pool home. We've done some great remodeling, added the pool. We redid the kitchen. My wife says, 'I've got the home all finished the way I like. Why do I want to go find another one?'"
What are your hobbies?
"Boating and running. I read a lot, some biographies at times. I don't really watch much TV. I heard a great leader say one time, 'You need to take your meds and have meditation, exercise, diet and sleep, and if you get those things right, along with relationships, you're probably having a pretty good life.'"
Who is your mentor?
"My father. I was blessed because he paved the way. From 1980 until 2011, I had him as a mentor and coach. I would say he was tough when I was kid, and he was very disciplined and old school. He was born in 1925 so had a little bit of a Depression-era mentality.
"Those last 20 years, I really have some fond memories because he didn't have the pressure and responsibility of the firm, because we had taken it over, but he could still give us his wisdom."
What's one of the most bizarre things that has happened to you on the job?
"One of the first deals I did was in Fort Lauderdale. I was working with a couple from Michigan, and they ended up buying a house on the New River. He came to closing with five grocery bags of $10 and $20 bills to purchase a $167,000 property. The closing agent counted it five times and couldn't get the number exactly right. The guy, said, 'No it's exactly $167,238,' or whatever it was."