At no other time in the history of the Real Estate Industry, has the need for Miami Realtors to have a Team approach been more important.
Is tough for Miami Realtors these days. As an Attorney specializing in Real Estate Law I spend quite a bit of my time working elbow to elbow with Realtors in general.
Some Realtors are really good at what they do, and they do very well. Others are still struggling and trying to figure out how to adjust.
So I asked myself a question:
Why in spite of the same market economy and opportunities to make something happen, some of them do spectacularly well and others do poorly?
Let me offer you some insight on this topic:
As of July 1st 2012, the amount of properties for sale in Coral Gables, FL which is where I live and run my practice from is 342.
If you estimate roughly about 100 strong listing agents that focus in the area (very conservative!) -What’s the avg amount of available property per agent? Do the math!
The average property in Coral Gables has been in the market for 224 days and the median single family home price hovers at the $1.133 MM mark at an average cost of $337 per square foot.
The local economy is not out of intensive care yet, and in addition you not only have a very informed consumer, but also a well educated seller… A good thing!
However, an educated consumer also knows that if they must use a Realtor they are going to shop around for one that has the ability to move product and attract buyers!
That means that today’s agents have to be equipped with a media-like platform housing their content creation and distribution, word of mouth networks and Social Media channels.
Because of a drying out of inventory, many Realtors have been focusing exclusively in the Short Sale Market, because of homes that are being foreclosed.
So if you think about all this in terms of “customer needs and market trends” you soon realize that Miami Realtors have almost no choice but to say to themselves: “I have to grab whatever comes my way, and sell anything that has a folio #”.
So, they want listings, buyers, help out with loan mods and shortsales, offer rental services, and if they have time, sell Life Insurance on the side.
I believe there is a broad definition to what a Real Estate consumer looks like these days. Their needs are versatile and they are educated and well informed!
So in search of an answer to my question I noticed that successful Miami Realtors do things a little different than average ones.
A Miami Realtors mini-guide to Local Success
Surround yourself with a team of trusted advisors:
- Team up with 1-2 bankers and financial institutions.
- Create relationships with hard money guys and angel investors interested in Real Estate.
- If focused on short sales and loan mods, get a good legal team to back you while you continue to focus on what matters most to your Real Estate practice: marketing and prospecting.
- Reach out to Relocation directors and introduce yourself.
- Create alliances with value-based and consumer-centric Realtors. Do this with Listing and Buyer’s agents that you feel you can develop a working relationship with.
Get to know your ideal client better than they know themselves:
- Do you work primarily with sellers or buyers? Each of them have unique content needs and decision making cycles.
- If you focus on investors, foreign buyers… What are they looking for and why?
- Anticipate their needs and provide content that helps their decision making process and ease their resistance points.
- The needs of a retired couple are vastly different than those of a recently married couple, or even those with kids. I know you know this! But take advantage of that information when you create content around their personal needs.
What areas and neighborhoods do you feel you know like the back of your hand?
- This makes a huge difference when you are working with motivated buyers. Buyers don’t just buy real estate, they buy the neighborhood, schools, hospitals, parks and libraries… you get the point!
- Also, sellers want to know if you cultivate buyers streams and if you can sell and position their property in the right light. For them it’s also important that you get the local market they live in.
What type of property do you consider yourself an expert in?
- If condos are your thing, then what kind of person buys a Condo in Brickell/Downtown?
- What are the reasons why someone would but a condo? To live it, for their parents, flip it, rental? What’s going on in their lives?
- Is the Luxury Residential market your thing? If so, you need to start talking to Estate Planning attorneys, sports and celebrity agents, Publicists, CPAs, etc.
- Find the right buying persona for the type of real estate property you’d like to specialize in.
- Position yourself more as an Advisor and less as an Agent.
Build on these points and embed them in your model according to how you run your real estate business. But keep them front and center!
The fabric of the real estate industry is changing quickly, and even though there are those that feel realtors are not necessary, the fact is that “Over 80% of all FSBO’S end up listing with a Real Estate agent”
By the way, hint-hint! Mining FSBOs data may not be such a bad idea since 8 out 10 sellers seek out a Realtor eventually.
Why is this a good thing for Miami Realtors? –Because the FSBO that just spent 3 months attempting to sell their home is an educated consumer, the best kind!
Successful Miami Realtors also understand their local market and work within a team of professionals that are in turn well entrenched in the fabric of the community. These Realtors become an invaluable asset to anyone looking to buy or sell Miami Real Estate.
They also think of themselves more as Advisors and less as Agents. That idealized self image comes right through and it does make a profound impact on their prospects and current clients.
In summary, I think if at the local level Miami Realtors work as a team, with a consumer-centric mindset, not only will we prosper together but we’ll be offering remarkable value to those we aim to help: Our customers and clients!