Vitals: Keller Williams Capital Properties
Years in business: 14
Size: 8 offices, 1,000-plus agents
Regions served: All of Washington, D.C., Southern Maryland and Northern Virginia
2019 sales volume: $2.3 billion
2019 transactions: 4,757
As Founder and CEO of The Menkiti Group and Keller Williams Capital Properties, Bo Menkiti has been responsible for a portfolio of projects that consists of more than 1.5 million square feet of space delivered.
Over 16 years, Menkiti has also invested more than $200 million into low- to moderate-income neighborhoods. Under his leadership, Keller Williams Capital Properties has grown to 1,000 associates across eight offices in Washington, D.C., Maryland and Virginia, and closed $2.29 billion in transactions last year.
A graduate of Harvard University, Menkiti has served on numerous civic and public service organizations, including the District of Columbia Association of REALTORS®.
How has the D.C. market fared so far in 2020?
Bo Menkiti: This is a year of uncertainty. Early on, there was a sense that the market was ripe for some correction. I think all the coronavirus and election talk has brought a lot of change in the air. There’s also the industry itself, which is rapidly evolving. I think our market remains strong in the Washington, D.C., Metro area, and the key for us is to help our associates navigate and thrive in this changing environment.
What are some of your most successful recruiting strategies?
BM: We say that we are fundamentally focused on empowering agent entrepreneurs. We look at them as small business owners, and we are focused on helping them drive their business forward and achieve their goals with the community and clients they touch. For us, that means helping folks enhance their business understanding—whether it’s the financial side, the people side or the technology side.
Speaking of technology, what has the company done to ensure that you’re offering your agents the latest and greatest to stay ahead?
BM: Keller Williams has just delivered the first end-to-end platform, all the way from a consumer app to a CRM system, so our agents are able to engage technology across their business. What we find out in the marketplace is that a number of agents sort of patchwork together different tech solutions, but we can offer this all-in-one solution so they can be more efficient and more effective.
What makes your firm unique?
BM: It’s really about the way we look at real estate agents. I think there are two competing ideas out there. One is all about saying to the agent, “We’ll make life a whole lot easier for you,” and the other is about going straight to the consumer. Where we are different is that we are going to try to bring that technology and support of the transaction to the consumer to provide them with the end-to-end platform, but we’re going to do it with the agent at the center of it. That requires us to have a business-minded agent who can operate the system.
How are you preparing agents for the millennial buyer?
BM: There’s a shifting dynamic in the real estate industry. If you go back 30 years, the real estate broker was in control of everything and the agent was dependent on the broker. Our agents are currently living in a world that is all about them. We have to take that underlying focus and concern for our associates, which is core to our company, and help them shift, because this new buying generation is all about themselves. They are about the consumer experience. A lot of our millennials are asking fundamental questions about how they will be serviced as consumers. There’s a real need for financial education as well, which puts this whole new generation on a path of financial independence, so it is key for our agents to be able to interact on that level.
Keith Loria is a contributing editor to RISMedia.