Vitals: Keller Williams Capital Properties
Years in Business: 13
Size: 7 Mid-Atlantic regional offices, plus a business center in the heart of Washington, D.C., 996 agents
Regions Served: District of Columbia, Maryland and Virginia
2018 Sales Volume: $2,275,503,252
2018 Transactions: 4,756
Bo Menkiti, CEO and founding partner of Keller Williams Capital Properties in Washington, D.C., entered the real estate business 15 years ago and remains deeply invested in the industry, thanks to the power of real estate to transform the lives of the people it touches. Prior to forming the firm, Menkiti served as chief operating officer of College Summit, a national non-profit organization dedicated to increasing the college enrollment rate of low-income students.
Please describe the current market conditions in your area.
Bo Menkiti: The Washington, D.C., metropolitan market is notoriously strong, with a consistent and high demand for housing, so our market and our business reflect that. Generally, the factors that we’re seeing directly affecting the market are the arrival of Amazon’s HQ2, which has already led to housing prices in the immediate area near the campus to jump as much as 20 percent.
What are the projections for the market ahead?
BM: In the next 20 years, our region is anticipated to add upwards of 600,000 new jobs, while only adding 200,000 new housing units, further exacerbating the housing shortage and affordability crisis that we’re facing. While the economic outlook for our region is strong, several concerning factors emerge. First, the delta of new jobs/residents and available housing units, and second, the pay scale for those new jobs is most likely not going to be at the income levels required to purchase the average-priced home in our region. This means those of us in the real estate industry have a real need to help increase both housing supply and housing affordability in our market.
So how does that factor into growth plans for your firm?
BM: We’re seeking to expand our brokerage in three ways, the first of which entails supporting our agents in growing their businesses. We’ll also be actively recruiting business-minded agents to join our company while seeking merger and acquisition opportunities with independent brokerages and other Keller Williams franchisees.
What are the biggest opportunities for increasing business in 2019?
BM: The first opportunity to increase business right now is to attract agents who want more for themselves and who want to own and grow businesses of their own. These agents are not only experienced and smart, but also, they’re seeking to leverage a proven system, models of success, tools (including technology) and a global network that helps to move properties more quickly for clients. Secondly, we can increase business by acquiring smaller brokerages that won’t survive a shift on their own, which helps us take more territory.
What differentiates you from the competition?
BM: The access our agents have to a broad and large regional platform that allows them to better harness the innovations and technology coming from Keller Williams. This platform includes a multi-disciplinary environment, with a development company that includes commercial and home-building sectors through which our agents can enhance and enrich their own businesses. Our agents and leadership are strongly encouraged to learn and collaborate within and beyond our brokerage, and they have access to the best systems, models, technology and tools in the industry.
Keith Loria is a contributing editor to RISMedia.