Hi Everyone!
If you have been reading what I've been writing lately you have noticed that I am in the middle of making a bunch of changes to our company. For that reason I am looking for help from you, our customer.
1. We are getting ready to launch a new site - http://www.melbournehomesearch.com/ - Please check it out when you get a chance and send me your feedback. The MLS search function is working but we are still working on the saved listings portion to allow you to continue to save homes into your personal folder. Please email feedback at mitch@mitchrealty.com whether it be good, bad or indifferent. My goal is to create a site that is easy to use and has all the information you need. With your help, I can accomplish this goal!
2. Consumer Forum - I would like to get two different groups of customer together. The first group would be our customers who have already bought homes through Tropical Realty. The second group would be from customers who have not bought anything yet.
The purpose of these to forum's is to learn from you what we need to do to be a better company. I work very hard, as do all my Agents, to insure that our customers are getting the service that they desire. I will be taking you to dinner and discussing what we need to do on our end to make everything the best experience for you.
This past year has been a great year for us here at Tropical Realty. While most companies are struggling, we have been hitting our goals almost every month. Of course I only have you to thank for that. I appreciate your busines and your trust that you have in our company. I think I have the best Agents in the county ( I may be a little bias) if not the state. Every person on my staff from the admin (Pat and Krystal) to my Agents, to the Mortgage Dept of Pedro (my partner), Carolyn, Jeff and Greta cares about our customers as much as I do. I have always instilled in my staff that if you work hard and create the best customer service experience for your customer, you will always succeed. I can honestly say I know that they value our customer more than the buck! We all go out of our way to be the best we can be for you.
With that said, I know we have to improve in certain areas and I would like help finding out exactly what we need to improve. Please take a few minutes and write me a review of our new website at http://www.melbournehomesearch.com/ and let me know your thoughts. They do matter. Also, if you would like to be involved in my customer forum, please email me at mitch@mitchrealty.com and let me know. I will be taking everyone out to dinner to discuss how I can make Tropical Realty a better company and a great experience for our customers.
I look forward to hearing from you. Have a great night!
Mitch
Showing posts with label mortgages. Show all posts
Showing posts with label mortgages. Show all posts
Sunday, November 11, 2007
Wednesday, October 3, 2007
The never ending quest to become the best Real Estate company in the World!
Hi Everyone!
I'll be writing another blog shortly with all the stats from the third quarter. In the meantime, as I sit here in my house with my favorite cat laying next to me (don't tell my other two cats or the dog as they all think they are my favorite) I am thinking of the shape and destiny my company is headed. In two and a half years we have built a wonderful company with a great staff and great customers. I am truly blessed to be around so many awesome people every day! Part of the reason of this blog is to share what goes on in building a company and what goes on in my mind while in the process of building the compay. Hence the name, The Day in The Life of a Real Estate Broker.
I just finished reading the book Good to Great for the third time in the past month. Along with eMyth, it is one of the best business books out there. Many of the things I read in eMyth which I have implemented have been a huge success for me. If you own a business or are planning on starting a business, you need to read these two books now.
With my new found knowledge I went on to analyze my company...the good, the bad and the ugly. I will be the first to admit that no matter how much I have tried to be the best, we haven't been. We have been very good, but there is still room for improvement. So the question that I have to figure out is what can we be the best in the world at as a company. Interesting stuff. Have you ever thought what you could be the best in the world at? It's a very difficult question if you can face the brutal facts about your company. I spent several days pondering this question and trying to figure out the answer. Then while driving to work one day it occured to me that we can be the best in the world at two things.
1. Buyers Agents - Currently most of our business comes from buyers. We do listings of course like all Real Estate companies, but when it comes down to it, we are really a Buyers Agency. I realized we could be the best Buyers Agency in the world. Big statement, but I have big beliefs and work ethic to make this happen. Now that I understand that we can be the best Buyers Agency in the world, it changed the way I do several areas of my business. Most importantly it affected how I look at listing houses. By being the best Buyers Agency in the world, it actually works toward being a great Listing Agency too without having to focus my business in that arena.
2. Customer Service - In my opinion most Real Estate companies have a very limited, if any, customer service programs. The second thing I realized was that I can create the best Real Estate customer service in the world. Again another big statement and again I believe that I have the staff and the company which can do just that! Once I realized this, I went to work developing our Over the Top Customer Service Program. This program is under development and is shaping up nicely. Once developed, it will fit into my core business of working with buyers. Currently we have finished our Tropical Realty Tid Bits booklet which can be found on our site at: http://www.mitchrealty.com/bin/web/real_estate/AR79959/ACTIVATE_FRAMES/RELOCATION/Melbourne/1190730422.html
If you haven't read this yet and you are planning on moving to Brevard County, then take a few moments and go through it. We will be expanding it as time moves on but currently there are several pages of great info for your move. This took several months to put together and Kelly, our office manager did the bulk of the work. Thanks Kelly!
That is the start to our customer service. Some of the things we are implenting as part of our new customer service program are simple things like having cold bottles of water in a cooler whenever you take someone out to see homes. It's amazing how great a cold bottle of water feels after you have looked at 5 houses in the first couple of hours.
As with everything in our company, we will create our Over the Top Customer Service program into a system which will be easy for all of our staff to implement. Everyone at the company is very excited about this program. We all want to be the best at what we do, but sometimes it takes a bunch of people getting together and brainstorming to come up with just how to accomplish these goals. By November 1, 2007 we will be rolling out the program. I have a very busy October planned.
As you can see my fun never stops. I really feel that by my Agents and myself helping as many people as possible we save them the chances of not getting quality advice and help in buying their new home. Unfortunately, as with most industries, we have our share of evil. Just because an Agent or Agency does huge numbers doesn't mean they are an ethical and honest company. I prefer to only hire the best people. I always believe that if you are a good human being you will always do well. So far this has proved true to myself, my company and my Agents. In the reality, it's not hard to be honest and ethical. Personally I find it very easy!
That's it for now. If you have any questions or need any help don't hesitate to call or email me at mitch@mitchrealty.com. Also, if you are in business or are starting a business don't hesitate to call or email for advice. I am always willing to help people in Marketing and other aspects of business.
Have a fun night!
Mitch
I'll be writing another blog shortly with all the stats from the third quarter. In the meantime, as I sit here in my house with my favorite cat laying next to me (don't tell my other two cats or the dog as they all think they are my favorite) I am thinking of the shape and destiny my company is headed. In two and a half years we have built a wonderful company with a great staff and great customers. I am truly blessed to be around so many awesome people every day! Part of the reason of this blog is to share what goes on in building a company and what goes on in my mind while in the process of building the compay. Hence the name, The Day in The Life of a Real Estate Broker.
I just finished reading the book Good to Great for the third time in the past month. Along with eMyth, it is one of the best business books out there. Many of the things I read in eMyth which I have implemented have been a huge success for me. If you own a business or are planning on starting a business, you need to read these two books now.
With my new found knowledge I went on to analyze my company...the good, the bad and the ugly. I will be the first to admit that no matter how much I have tried to be the best, we haven't been. We have been very good, but there is still room for improvement. So the question that I have to figure out is what can we be the best in the world at as a company. Interesting stuff. Have you ever thought what you could be the best in the world at? It's a very difficult question if you can face the brutal facts about your company. I spent several days pondering this question and trying to figure out the answer. Then while driving to work one day it occured to me that we can be the best in the world at two things.
1. Buyers Agents - Currently most of our business comes from buyers. We do listings of course like all Real Estate companies, but when it comes down to it, we are really a Buyers Agency. I realized we could be the best Buyers Agency in the world. Big statement, but I have big beliefs and work ethic to make this happen. Now that I understand that we can be the best Buyers Agency in the world, it changed the way I do several areas of my business. Most importantly it affected how I look at listing houses. By being the best Buyers Agency in the world, it actually works toward being a great Listing Agency too without having to focus my business in that arena.
2. Customer Service - In my opinion most Real Estate companies have a very limited, if any, customer service programs. The second thing I realized was that I can create the best Real Estate customer service in the world. Again another big statement and again I believe that I have the staff and the company which can do just that! Once I realized this, I went to work developing our Over the Top Customer Service Program. This program is under development and is shaping up nicely. Once developed, it will fit into my core business of working with buyers. Currently we have finished our Tropical Realty Tid Bits booklet which can be found on our site at: http://www.mitchrealty.com/bin/web/real_estate/AR79959/ACTIVATE_FRAMES/RELOCATION/Melbourne/1190730422.html
If you haven't read this yet and you are planning on moving to Brevard County, then take a few moments and go through it. We will be expanding it as time moves on but currently there are several pages of great info for your move. This took several months to put together and Kelly, our office manager did the bulk of the work. Thanks Kelly!
That is the start to our customer service. Some of the things we are implenting as part of our new customer service program are simple things like having cold bottles of water in a cooler whenever you take someone out to see homes. It's amazing how great a cold bottle of water feels after you have looked at 5 houses in the first couple of hours.
As with everything in our company, we will create our Over the Top Customer Service program into a system which will be easy for all of our staff to implement. Everyone at the company is very excited about this program. We all want to be the best at what we do, but sometimes it takes a bunch of people getting together and brainstorming to come up with just how to accomplish these goals. By November 1, 2007 we will be rolling out the program. I have a very busy October planned.
As you can see my fun never stops. I really feel that by my Agents and myself helping as many people as possible we save them the chances of not getting quality advice and help in buying their new home. Unfortunately, as with most industries, we have our share of evil. Just because an Agent or Agency does huge numbers doesn't mean they are an ethical and honest company. I prefer to only hire the best people. I always believe that if you are a good human being you will always do well. So far this has proved true to myself, my company and my Agents. In the reality, it's not hard to be honest and ethical. Personally I find it very easy!
That's it for now. If you have any questions or need any help don't hesitate to call or email me at mitch@mitchrealty.com. Also, if you are in business or are starting a business don't hesitate to call or email for advice. I am always willing to help people in Marketing and other aspects of business.
Have a fun night!
Mitch
Friday, September 21, 2007
The Bottom is here!
Hi Everyone!
After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm
We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.
One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.
If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com
Have a great weekend!
Mitch
After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm
We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.
One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.
If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com
Have a great weekend!
Mitch
Tuesday, September 18, 2007
A note to buyers - Single Agency vs. Transaction Brokers
Hi Everyone!
I know that everyone wants to get the best deal possible for their homes. Keep in mimd that if you have a lot of homes on the market, such as today, you may have a great opportunity for success in finding a home you love and at a price you can afford.
By using one of our Tropical Realty Realtors, you can have the security that every one us is going to put our best foot forward and devote 150% and More. Whatever it takes to get the job done!
In a recent move, we have switched our company from Transacdtion Brokers to Single Agency. Why the change when in fact almost all the companie are automatically considered to be Transacdtion Brokers?
First you have to understand the main difference between the two agencies. Both are similar with one major exception. Transaction Brokers represent the transaction. They don't represent the buyer or the seller. As Single Agents, we work for you. We have a legal responsibiity to look out for your best interests. With that said, there are certain instances inwhich we must transition to a Transaction Broker.
This is a major switch towards our new culture of over the top customer service. We hope that all our customr have started to notice the switch. There is much more to come! If you have any questions on Agency and how it works in Florida, its time to pick up the phone and call our office or email me at Mitch@MitchRealty.com or 321-259-9115.
Have a great night!
Mitch
I know that everyone wants to get the best deal possible for their homes. Keep in mimd that if you have a lot of homes on the market, such as today, you may have a great opportunity for success in finding a home you love and at a price you can afford.
By using one of our Tropical Realty Realtors, you can have the security that every one us is going to put our best foot forward and devote 150% and More. Whatever it takes to get the job done!
In a recent move, we have switched our company from Transacdtion Brokers to Single Agency. Why the change when in fact almost all the companie are automatically considered to be Transacdtion Brokers?
First you have to understand the main difference between the two agencies. Both are similar with one major exception. Transaction Brokers represent the transaction. They don't represent the buyer or the seller. As Single Agents, we work for you. We have a legal responsibiity to look out for your best interests. With that said, there are certain instances inwhich we must transition to a Transaction Broker.
This is a major switch towards our new culture of over the top customer service. We hope that all our customr have started to notice the switch. There is much more to come! If you have any questions on Agency and how it works in Florida, its time to pick up the phone and call our office or email me at Mitch@MitchRealty.com or 321-259-9115.
Have a great night!
Mitch
Sunday, August 26, 2007
Our Customer Service Culture
Have you ever wondered what makes a company great? This is something that I have thought about for a long time. In the end, it still comes down to the old age issue of customer service. The reality is that most of us feel that customer service seems to be a thing of the past. I know that is something I have thought and seen for so long. It's not the norm to get great service. How many times have you gone to a great establishment with great customer service? You can probably count them on one hand.
With that said, I have made the decision to become the best customer service focused Real Estate company in the country. Ok, I know that is a big claim, but I am certain that it will take our already superb service and make it even better. So how do we do that? We currently work extremely hard for our customers and are available at all times to help them in any way possible. All of our Agents at Tropical Realty work hard. If you have worked with us already, you know that. If you haven't and are planning to come to the area soon, you will see what I mean. I am truly blessed to have some of the best people working for me. However, because we are so busy helping our customers, sometimes the little things get left behind. My goal over the next few months is to figure out what you would like, as the customer, for us to do when we meet you, when we write a contract for you, and what we can do after the sale for you.
For as good a job as we currently do, I want to make you walk away from your transaction with the same feeling you get when walking away from a great restaurant. It is my belief that if you walk away with that feeling, you will have received the best service humanly possible. That is my goal and that is what we are going to accomplish.
In the very near future I will be posting some of the changes we are going to implement to insure you have the best real estate experience you have ever received. When you sit in your new home you are going to feel that joy that comes with a great transaction. You will feel complete! Ok, I stole that from Jerry Mcquire!
I'm also open to suggestions from you. If there is anything that you feel a Real Estate Company should do for you that we are not currently doing, please email me at mitch@mitchrealty.com. I am here to listen. I am here to give you the best there is in the country.
As always we are all here to help. If there is anything you need at all, don't hesitate to call or email us. We respond to everyone as quickly as possible.
Have a great night!
Mitch
With that said, I have made the decision to become the best customer service focused Real Estate company in the country. Ok, I know that is a big claim, but I am certain that it will take our already superb service and make it even better. So how do we do that? We currently work extremely hard for our customers and are available at all times to help them in any way possible. All of our Agents at Tropical Realty work hard. If you have worked with us already, you know that. If you haven't and are planning to come to the area soon, you will see what I mean. I am truly blessed to have some of the best people working for me. However, because we are so busy helping our customers, sometimes the little things get left behind. My goal over the next few months is to figure out what you would like, as the customer, for us to do when we meet you, when we write a contract for you, and what we can do after the sale for you.
For as good a job as we currently do, I want to make you walk away from your transaction with the same feeling you get when walking away from a great restaurant. It is my belief that if you walk away with that feeling, you will have received the best service humanly possible. That is my goal and that is what we are going to accomplish.
In the very near future I will be posting some of the changes we are going to implement to insure you have the best real estate experience you have ever received. When you sit in your new home you are going to feel that joy that comes with a great transaction. You will feel complete! Ok, I stole that from Jerry Mcquire!
I'm also open to suggestions from you. If there is anything that you feel a Real Estate Company should do for you that we are not currently doing, please email me at mitch@mitchrealty.com. I am here to listen. I am here to give you the best there is in the country.
As always we are all here to help. If there is anything you need at all, don't hesitate to call or email us. We respond to everyone as quickly as possible.
Have a great night!
Mitch
Monday, June 18, 2007
Summer Time is Almost Here! Is this a good time to buy?
Well here we are getting ready to take the turn into The Summer of 2007. This will be an interesting summer to say the least. We keep hearing of all this doom and gloom, but we really aren't seeing it that way. Yes, foreclosures are up and will continue to rise. This is very unfortunate as many of these people were sold a bill of goods from mortgage companies by doing the easy to qualify for adjustable rate mortgages...with 100% financing. Those 4% intro rates are now coming in at 7%, 8%, and 9% or more. The problem of course is that the home values have dropped 20% or more and therefore we can't refinance these homes and the owners are stuck. Many of the homes going into foreclosure were from investors who came in and took advantage of some of the financing options. Those homes remain vacant and the owners are having trouble carrying several mortgages.
So what is the good news? The good news is that it is now very affordable to buy a home in Brevard County. With prices at a 3 year low, you can now find many homes in the $150k or less price range. Our average sale has dropped from $250k to $200k. That is quite a drop. People who couldn't afford to buy a home in 2003-2005 can now afford their new home. In fact, there are many homes that are brand new, vacant and listed for less than $200k. These same homes were selling for $275k back in 2004.
With that said, interest rates have started to creep up with most rates right around 6.75% - 7.5%. I believe that they will continue to go up and down as they have the past few years. Last month the rates were as low as 6%. Of course your credit score and the amount you borrow will make the difference on your interest rate.
One last thing. The condo market. Yes, this is by far the best time we have had in almost 4 years to buy a condo. There are currently approximately 3200 condos and townhomes on the market with less than 118 selling the past 30 days. If you have ever wanted to buy an oceanfront condo, this is the time! For instance, we have a 2 bedroom 2 bath Direct Oceanfront condo in Melbourne Beach listed at $319,900. You couldn't have touched this for under $475k two years ago. There are 120 Oceanfront units for under $275k. Unbelievable!!!!
It's time to get to work and help everyone with all their stuff! Don't forget that we are always here to help you accomplish your Real Estate goals. Whether you are an investor, first time home buyer, looking for your 2nd home or relocating here from there, we have plenty of homes for you to see.
Don't hesitate to call or email us anytime.
Have a fun day!
Mitch
So what is the good news? The good news is that it is now very affordable to buy a home in Brevard County. With prices at a 3 year low, you can now find many homes in the $150k or less price range. Our average sale has dropped from $250k to $200k. That is quite a drop. People who couldn't afford to buy a home in 2003-2005 can now afford their new home. In fact, there are many homes that are brand new, vacant and listed for less than $200k. These same homes were selling for $275k back in 2004.
With that said, interest rates have started to creep up with most rates right around 6.75% - 7.5%. I believe that they will continue to go up and down as they have the past few years. Last month the rates were as low as 6%. Of course your credit score and the amount you borrow will make the difference on your interest rate.
One last thing. The condo market. Yes, this is by far the best time we have had in almost 4 years to buy a condo. There are currently approximately 3200 condos and townhomes on the market with less than 118 selling the past 30 days. If you have ever wanted to buy an oceanfront condo, this is the time! For instance, we have a 2 bedroom 2 bath Direct Oceanfront condo in Melbourne Beach listed at $319,900. You couldn't have touched this for under $475k two years ago. There are 120 Oceanfront units for under $275k. Unbelievable!!!!
It's time to get to work and help everyone with all their stuff! Don't forget that we are always here to help you accomplish your Real Estate goals. Whether you are an investor, first time home buyer, looking for your 2nd home or relocating here from there, we have plenty of homes for you to see.
Don't hesitate to call or email us anytime.
Have a fun day!
Mitch
Wednesday, May 30, 2007
Holding Steady and How to Really Sell Your Home!
Hi Everyone!
Well here we are at the end of another month in this fun year of 2007! The market is holding steady as prices have stabalized and sales are consistent. Finally sellers are realizing that if they want to sell their homes, they will need to lower their prices. We have spent most of the past year and a half turning down listings. Certain death of an Agent is taking on listings that will not sell because they are over priced. One reason they are so over priced is the competitive market amongst Realtors. Most sellers will have 2 or 3 Agents come to their home to tell them their thoughts. Of course Realtors know that if they tell the homeowner the homes is worth more than it is, they will most likely get the listing. At that point, a month into the listing, they are telling the seller that their price is to high and they need to come down. It sounds to me like a bait and switch tactic which I don't approve of and will not allow my Agents to do in this office. Honesty will always prevail! Hopefully!
So let's talk about listings for a few minutes. I was on the plane this week after going to South Carlolina for a meeting. What a beautiful area of the country that I have only driven through in the past. The hardest part was understanding their language! Anyway, I was on the plane and met a woman from Virginia who is trying to sell her condo. That area, as with most of the country, has been hit hard with the slow down in the market. The first thing she wanted to do was to tell how her Agent just wasn't doing a good job. The property was shown the first few days and hasn't been shown since...I think it's been three months since it was shown last. After explaining to her that the condo not selling most likely has less to do with her Agent and more to do with the Condo market, she started to listen to what I was saying. (FYI - The condo market in Florida is down 32%) So let's touch on what I believe will help sell your listings:
1. Price is still and will always be a motivating factor. If you are priced higher than other similar properties, there is a good chance your home will be on the market for a very long time. With the amount of inventory out there, you are now competing with your neighbor who is trying to sell their home. Whatever homes sold for in the past is not relevent anymore. Price your home lower than everyone elses and you will get more showings and most likely the home will sell quicker.
2. Offer more to the Buyers Agent. I have never quite understood why Listing Agents get paid the same as the Agent who has brought the buyer to the seller. In every other business I have been involved with, the person who brought the buyer got paid. I can see a lot of Realtors not wanting me to say this, but I'm going to. If you have a 6% listing, tell your listing Agent to take 2.5% and have your Agent payout the Buyers Agent 3.5%. Keep in mind that all Agents are commission only. Put yourself in their shoes, especially in this market. If they are not selling many homes and they are working with a buyer. They are more apt to show homes that pay more commission. It's just human nature. A Realtors job is to narrow the search for the customer. If there are 20 homes that are similar and you are offering 3.5% or more to the Buyers Agent, which home do you think will be shown more. The second portion of this is to offer a bonus to the Buyers Agent. Instead of lowering your price $5k, offer the Buyers Agent $5k bonus with an acceptable offer. If you are lowering the price more than $5k then offer the $5k while lowering the price the difference. Remember, reward the Buyers Agent and you are more likely to get showings! I'm probably not making to many Realtor friends at this point!
3. Expectations - One thing for sure is to keep your expectations realistic. Most homes are sitting on the market for several months right now. Don't be in such a rush to shoot your Realtor. Also, don't ignore their advice only to wait until the listing expires, then with a new Agent do exactly what your original Agent was suggesting. That is very frustrating from an Agent's perspective. When talking with your Agent, ask them when they "Really" believe this is going to sell and how long you can expect the home to be on the market. If they tell you it's going to sell real quickly, tell them to get lost!
4. Condition of the Home - Your home must show like a model. Your home must be kept in excellent shape and have great curb appeal. It's worth spending a few bucks to spruce up the house. While I am on that subject, put yourself in the buyers seat. When you are looking at houses what turns you off the most. Usually the home that is not well kept or when you drive up the homes looks like a mess. If your home looks like that home, the buyers will be thinking the same thing!
5. Marketing Your Home - Again, I'm not going to make to many Agents happy right now but the truth is the truth. Most Agents will take your listing and put it in the MLS. They will then tell you that they will also put it in Realtor.com, Yahoo, Google, and possibly a few other Real Estate sites. The reality is that once a Realtor puts the listing in the MLS it automatically goes into all those Real Estate sites. Those sites have feeds sent to them on a regular basis of all the new listings. Internet Marketing has changed the way to market homes. The most important feature is to be in the MLS. You then have, as in our case, thousands of Realtors wanting to sell your home. Again, once it is in the MLS, it will be on the other sites. At Tropical Realty and MitchRealty.com, we have chosen not to do any print advertising. We have chosen to do only online marketing since 80% of the people looking for a home start on the Internet. Currently we are receiving 55,000 visits per month from potential buyers. Our average listing gets seen 250-300 times per month. This much more than your listing will be seen in the Real Estate Magazines. Ask your Realtor how much money they spend on Internet Marketing and how many people a month come to their site. If they are not generating thousands of people, then you are not getting great marketing. The magazines are becoming antiquated! Don't be fooled by any of those buy back schemes or some fancy marketing they are saying they are doing. Basically you want to know how many people a month will look at your home. It's that simple.
Well that's it for now. If you have any questions or need any advice, don't hesitate to call or email me. We are always here to help!
Have a fun day!
Mitch
Well here we are at the end of another month in this fun year of 2007! The market is holding steady as prices have stabalized and sales are consistent. Finally sellers are realizing that if they want to sell their homes, they will need to lower their prices. We have spent most of the past year and a half turning down listings. Certain death of an Agent is taking on listings that will not sell because they are over priced. One reason they are so over priced is the competitive market amongst Realtors. Most sellers will have 2 or 3 Agents come to their home to tell them their thoughts. Of course Realtors know that if they tell the homeowner the homes is worth more than it is, they will most likely get the listing. At that point, a month into the listing, they are telling the seller that their price is to high and they need to come down. It sounds to me like a bait and switch tactic which I don't approve of and will not allow my Agents to do in this office. Honesty will always prevail! Hopefully!
So let's talk about listings for a few minutes. I was on the plane this week after going to South Carlolina for a meeting. What a beautiful area of the country that I have only driven through in the past. The hardest part was understanding their language! Anyway, I was on the plane and met a woman from Virginia who is trying to sell her condo. That area, as with most of the country, has been hit hard with the slow down in the market. The first thing she wanted to do was to tell how her Agent just wasn't doing a good job. The property was shown the first few days and hasn't been shown since...I think it's been three months since it was shown last. After explaining to her that the condo not selling most likely has less to do with her Agent and more to do with the Condo market, she started to listen to what I was saying. (FYI - The condo market in Florida is down 32%) So let's touch on what I believe will help sell your listings:
1. Price is still and will always be a motivating factor. If you are priced higher than other similar properties, there is a good chance your home will be on the market for a very long time. With the amount of inventory out there, you are now competing with your neighbor who is trying to sell their home. Whatever homes sold for in the past is not relevent anymore. Price your home lower than everyone elses and you will get more showings and most likely the home will sell quicker.
2. Offer more to the Buyers Agent. I have never quite understood why Listing Agents get paid the same as the Agent who has brought the buyer to the seller. In every other business I have been involved with, the person who brought the buyer got paid. I can see a lot of Realtors not wanting me to say this, but I'm going to. If you have a 6% listing, tell your listing Agent to take 2.5% and have your Agent payout the Buyers Agent 3.5%. Keep in mind that all Agents are commission only. Put yourself in their shoes, especially in this market. If they are not selling many homes and they are working with a buyer. They are more apt to show homes that pay more commission. It's just human nature. A Realtors job is to narrow the search for the customer. If there are 20 homes that are similar and you are offering 3.5% or more to the Buyers Agent, which home do you think will be shown more. The second portion of this is to offer a bonus to the Buyers Agent. Instead of lowering your price $5k, offer the Buyers Agent $5k bonus with an acceptable offer. If you are lowering the price more than $5k then offer the $5k while lowering the price the difference. Remember, reward the Buyers Agent and you are more likely to get showings! I'm probably not making to many Realtor friends at this point!
3. Expectations - One thing for sure is to keep your expectations realistic. Most homes are sitting on the market for several months right now. Don't be in such a rush to shoot your Realtor. Also, don't ignore their advice only to wait until the listing expires, then with a new Agent do exactly what your original Agent was suggesting. That is very frustrating from an Agent's perspective. When talking with your Agent, ask them when they "Really" believe this is going to sell and how long you can expect the home to be on the market. If they tell you it's going to sell real quickly, tell them to get lost!
4. Condition of the Home - Your home must show like a model. Your home must be kept in excellent shape and have great curb appeal. It's worth spending a few bucks to spruce up the house. While I am on that subject, put yourself in the buyers seat. When you are looking at houses what turns you off the most. Usually the home that is not well kept or when you drive up the homes looks like a mess. If your home looks like that home, the buyers will be thinking the same thing!
5. Marketing Your Home - Again, I'm not going to make to many Agents happy right now but the truth is the truth. Most Agents will take your listing and put it in the MLS. They will then tell you that they will also put it in Realtor.com, Yahoo, Google, and possibly a few other Real Estate sites. The reality is that once a Realtor puts the listing in the MLS it automatically goes into all those Real Estate sites. Those sites have feeds sent to them on a regular basis of all the new listings. Internet Marketing has changed the way to market homes. The most important feature is to be in the MLS. You then have, as in our case, thousands of Realtors wanting to sell your home. Again, once it is in the MLS, it will be on the other sites. At Tropical Realty and MitchRealty.com, we have chosen not to do any print advertising. We have chosen to do only online marketing since 80% of the people looking for a home start on the Internet. Currently we are receiving 55,000 visits per month from potential buyers. Our average listing gets seen 250-300 times per month. This much more than your listing will be seen in the Real Estate Magazines. Ask your Realtor how much money they spend on Internet Marketing and how many people a month come to their site. If they are not generating thousands of people, then you are not getting great marketing. The magazines are becoming antiquated! Don't be fooled by any of those buy back schemes or some fancy marketing they are saying they are doing. Basically you want to know how many people a month will look at your home. It's that simple.
Well that's it for now. If you have any questions or need any advice, don't hesitate to call or email me. We are always here to help!
Have a fun day!
Mitch
Wednesday, May 2, 2007
First Quarter of Brevard County Real Estate
Sunday April 15, 2007
First Quarter in Brevard County
Hi Everyone! So the first quarter has past for Brevard County Real Estate. Some people are saying the market is starting to pick up, others say it's still at a stand still. I'm a believer in letting the numbers do the talking so let's look at them!
As of today, April 15th:
Single Family Homes on the Market: 7471
Condos and Townhomes on the Market: 3435
Land on the Market: 4398
Sold Numbers are from Jan. 1, 2007 - April 15, 2007
Single Family: 1414
Condos and Townhomes: 374
Land Sales: 168
I think you might be getting the picture right now. Compared to 2004 when prices were 20%-30% higher we had around 1200 single family listings including condos and they all sold within 30 days. We also only had 1,000 land listings and they all sold within 30 days. It was a great time if you were selling your property but a terrible time if you were trying to buy. We had priced first time homebuyers out of the market and many of our buyers that would have liked to move up couldn't because they couldn't afford the next house. Crazy Times!
So here we are now on April 15th, 2007 and things have certainly changed. Sellers are starting to realize they need to lower their prices dramtically if they want to sell and even then they should plan on 3-6 months listing times. In 2004 you would have been blessed to find a home under $200k. Today you can buy a brand new home for under $200k. So we have completely changed from a sellers market to a buyers market. This is cetainly the time to buy a home. With interest rates staying around 6.5% or less, and home prices 20%+ lower than two years ago, this may be the best time to buy a home!
Of course one piece of great news for us, Tropical Realty and MitchRealty.com is that our sales have been excellent. We are currently ranked number 2 in the county out of 392 Real Estate companies in working with buyers. Keep in mind we are ahead of companies that have hundreds of Agents where between our two offices we have a total of 30. Obviously we are exceptional at helping our customers which is why our business is extremely strong right now. I definately want to thank all of our buyers who have chosen us to help them purchase their homes. Honestly and Integrity surely pays off!
Well that's about it for now. As always, if there is anything we can do to help don't hesitate to email or call us. We will do anything in our power to make sure you make the right decisions on your next purchase!!
Have a fun Sunday and take care!
Mitch
First Quarter in Brevard County
Hi Everyone! So the first quarter has past for Brevard County Real Estate. Some people are saying the market is starting to pick up, others say it's still at a stand still. I'm a believer in letting the numbers do the talking so let's look at them!
As of today, April 15th:
Single Family Homes on the Market: 7471
Condos and Townhomes on the Market: 3435
Land on the Market: 4398
Sold Numbers are from Jan. 1, 2007 - April 15, 2007
Single Family: 1414
Condos and Townhomes: 374
Land Sales: 168
I think you might be getting the picture right now. Compared to 2004 when prices were 20%-30% higher we had around 1200 single family listings including condos and they all sold within 30 days. We also only had 1,000 land listings and they all sold within 30 days. It was a great time if you were selling your property but a terrible time if you were trying to buy. We had priced first time homebuyers out of the market and many of our buyers that would have liked to move up couldn't because they couldn't afford the next house. Crazy Times!
So here we are now on April 15th, 2007 and things have certainly changed. Sellers are starting to realize they need to lower their prices dramtically if they want to sell and even then they should plan on 3-6 months listing times. In 2004 you would have been blessed to find a home under $200k. Today you can buy a brand new home for under $200k. So we have completely changed from a sellers market to a buyers market. This is cetainly the time to buy a home. With interest rates staying around 6.5% or less, and home prices 20%+ lower than two years ago, this may be the best time to buy a home!
Of course one piece of great news for us, Tropical Realty and MitchRealty.com is that our sales have been excellent. We are currently ranked number 2 in the county out of 392 Real Estate companies in working with buyers. Keep in mind we are ahead of companies that have hundreds of Agents where between our two offices we have a total of 30. Obviously we are exceptional at helping our customers which is why our business is extremely strong right now. I definately want to thank all of our buyers who have chosen us to help them purchase their homes. Honestly and Integrity surely pays off!
Well that's about it for now. As always, if there is anything we can do to help don't hesitate to email or call us. We will do anything in our power to make sure you make the right decisions on your next purchase!!
Have a fun Sunday and take care!
Mitch
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