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
Wednesday, October 3, 2007
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
Tuesday, September 4, 2007
August 2007 Stats and a personal note
Hi Everyone!
I hope your Labor Day Weekend was fun. We just hung around the pool and went to the movies. It was a very quiet and peaceful weekend....very much needed!
Last week was a very difficult week for myself as well as many of my close friends. One of our close friends exwife was murdered and two of his three daughters were shot at close range and are still in critical condition. I flew up to MA right away upon hearing of this tragedy. We all read about things like this in the paper but when it happens to you or somebody you love, it changes everything. I have vowed to spend more time with my wife, call my kids a little more, and tell the people I love, that I love them. Sometimes we spend all our time chasing our dreams without realizing some of our best dreams are right in front of our noses. If you have a moment, please say a prayer for Brittany (12) and Danielle Cann (15). They could surely use them right now!
The Brevard County Real Estate Market seems to be holding steady. Below are the stats stating the amount of homes on the market as well as the amount of homes that sold in August. The numbers have held steady now for a few months. My belief we are pretty close, if not, at the bottom of the reduction in prices. As I have mentioned over the past few months, this is a great time to buy.
New Single Family Listings - 1,495
New Condo/TownHomes Listings - 429
Active Single Family Listings - 7648
Active Condo/TownHome Listings - 3122
Active Lot and Land Listings - 4184
Active Rental Listings - 2320
August Sold Single Family Homes - 388 (5.1% of listed single family homes )
August Sold Condo/TownHomes - 102 (3.3% of listed condos/townhomes)
August Sold Lots and Land - 51 (1.2% of listed lots and land)
August Rentals Leased - 579 (25% of listed rentals)
Average Days on the Market for all residential properties - 118 Days (Condos and TownHomes are averaging 168 Days on the Market.
This is your update on the current market conditions in Brevard County. At the end of September I will do my quarterly stats for you all to see. With interest rates threatening to increase and tax reform (hopefully) right around the corner. The time to buy is now before prices start to edge upward and interest rates rising. As always we are here to help you succeed in the purchase of your new home. If there is anything we can do for you, don't hesitate to call or email us.
Have a great day!
Mitch
I hope your Labor Day Weekend was fun. We just hung around the pool and went to the movies. It was a very quiet and peaceful weekend....very much needed!
Last week was a very difficult week for myself as well as many of my close friends. One of our close friends exwife was murdered and two of his three daughters were shot at close range and are still in critical condition. I flew up to MA right away upon hearing of this tragedy. We all read about things like this in the paper but when it happens to you or somebody you love, it changes everything. I have vowed to spend more time with my wife, call my kids a little more, and tell the people I love, that I love them. Sometimes we spend all our time chasing our dreams without realizing some of our best dreams are right in front of our noses. If you have a moment, please say a prayer for Brittany (12) and Danielle Cann (15). They could surely use them right now!
The Brevard County Real Estate Market seems to be holding steady. Below are the stats stating the amount of homes on the market as well as the amount of homes that sold in August. The numbers have held steady now for a few months. My belief we are pretty close, if not, at the bottom of the reduction in prices. As I have mentioned over the past few months, this is a great time to buy.
New Single Family Listings - 1,495
New Condo/TownHomes Listings - 429
Active Single Family Listings - 7648
Active Condo/TownHome Listings - 3122
Active Lot and Land Listings - 4184
Active Rental Listings - 2320
August Sold Single Family Homes - 388 (5.1% of listed single family homes )
August Sold Condo/TownHomes - 102 (3.3% of listed condos/townhomes)
August Sold Lots and Land - 51 (1.2% of listed lots and land)
August Rentals Leased - 579 (25% of listed rentals)
Average Days on the Market for all residential properties - 118 Days (Condos and TownHomes are averaging 168 Days on the Market.
This is your update on the current market conditions in Brevard County. At the end of September I will do my quarterly stats for you all to see. With interest rates threatening to increase and tax reform (hopefully) right around the corner. The time to buy is now before prices start to edge upward and interest rates rising. As always we are here to help you succeed in the purchase of your new home. If there is anything we can do for you, don't hesitate to call or email us.
Have a great day!
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, August 13, 2007
What's the story with Foreclosures
Happy Monday Everyone!
Well as you all have heard the news...the banks are hurting and foreclosures are on the rise. We get tons of emails and phone calls from so many people wanting us to find them foreclosures. I figured it's a good time to set the record straight for those of you who don't understand how these homes are priced.
Flashback 5 or 6 years ago and foreclosures were a great deal. I sold many of them back then that were 50 cents or less on the dollar. Unfortunately this isn't the case anymore. Foreclosures are no longer the bargain they used to be.
For instance, if a home goes into foreclosure, the bank will hire a Realtor to evaluate the property. Our job as Realtors is to let them know the retail value of the property and the appoximate cost of repairs. At that point the lender sets the price. These days, unlike the past, the banks are taking the retail value and subtracting the approximate repair costs and that is the price. Keep in mind that most foreclosures have a loan amount higher than the value of the home and they were usually bought with zero money down. There just isn't any room for the banks to play.
So what does this all mean to you, the consumer looking to get a good deal on a foreclosure, there aren't many good foreclosures out there. Most companies that do this as a business have pulled back. They understand the current market. However, most average consumers or beginning investors don't.
Your best bet is to talk to your Realtor, hopefully here at Tropical Realty, and search for homes that have been on the market longer than 6 months. Then your Realtor can research what they paid for the home and if they have refinanced the home. I believe that is where you can get your best deal. If someone owes $100k on the home and it's listed at $200k and they need to sell, you have a lot more room to work than if someone owes $180k on the house.
I hope that helps a few of you understand the current foreclosure market. I know all those TV shows selling you kits are telling you that foreclosures are the way to go. However, keep in mind that this is one of the best buying opportunities we have seen in several years. If you are thinking about buying, this is the time!
As always if you have any questions or need any help with anything, don't hesitate to call or email me at mitch@mitchrealty.com.
Have a great day!
Well as you all have heard the news...the banks are hurting and foreclosures are on the rise. We get tons of emails and phone calls from so many people wanting us to find them foreclosures. I figured it's a good time to set the record straight for those of you who don't understand how these homes are priced.
Flashback 5 or 6 years ago and foreclosures were a great deal. I sold many of them back then that were 50 cents or less on the dollar. Unfortunately this isn't the case anymore. Foreclosures are no longer the bargain they used to be.
For instance, if a home goes into foreclosure, the bank will hire a Realtor to evaluate the property. Our job as Realtors is to let them know the retail value of the property and the appoximate cost of repairs. At that point the lender sets the price. These days, unlike the past, the banks are taking the retail value and subtracting the approximate repair costs and that is the price. Keep in mind that most foreclosures have a loan amount higher than the value of the home and they were usually bought with zero money down. There just isn't any room for the banks to play.
So what does this all mean to you, the consumer looking to get a good deal on a foreclosure, there aren't many good foreclosures out there. Most companies that do this as a business have pulled back. They understand the current market. However, most average consumers or beginning investors don't.
Your best bet is to talk to your Realtor, hopefully here at Tropical Realty, and search for homes that have been on the market longer than 6 months. Then your Realtor can research what they paid for the home and if they have refinanced the home. I believe that is where you can get your best deal. If someone owes $100k on the home and it's listed at $200k and they need to sell, you have a lot more room to work than if someone owes $180k on the house.
I hope that helps a few of you understand the current foreclosure market. I know all those TV shows selling you kits are telling you that foreclosures are the way to go. However, keep in mind that this is one of the best buying opportunities we have seen in several years. If you are thinking about buying, this is the time!
As always if you have any questions or need any help with anything, don't hesitate to call or email me at mitch@mitchrealty.com.
Have a great day!
Monday, August 6, 2007
Back from Vacation and Ready to Roll!
Hi Everyone!
I'm sorry I haven't been writing much lately. I have been extremely busy growing the company as well as finding a little time to take a vacation. I had the pleasure of playing golf at Pebble Beach and a few of the other great courses in the area. The golf was incredible and you are a golfer I highly recommend spoiling yourself at least once in your life. I don't know that I would drop that much money again, but it was dream golf!
The Real Estate Market in that area (Carmel) was amazing. If you live in CA you know what I am talking about. Most of the homes on Pebble Beach were in the $30 million range. Yes you heard me right! The next time someone says that Brevard County Florida has gotten too expensive I'm going to send them the Real Estate Magazine I brought back.
So what should you do about buying a home in Florida? Right now is a great time as it has been for the past year. Interest rates are starting to go up with the problems that the lenders have had lately. If you are planning to buy, this might be a good time to get serious. I have heard that rates could go above 8% shortly.
As many of you know, I am getting ready to expand the company. We are in the process of getting our legal work done to franchise throughout the state of Florida. Our name will remain Tropical Realty of Suntree, but we will now be part of the eHomes Realty family. It was a tough decision to do this but in the end I think it will be a great benefit for both our company as well as our customers. We have many customers looking to relocate in other areas of Florida and we have not been able to help them as best as I wish we could. By opening the franchises, we will have access to help our customers anywhere in the state.
That's about it for now. I'll write more about the growth shortly once we are ready to get going. As always if there is anything we can do for you don't hesitate to call or email.
Have a great day!
I'm sorry I haven't been writing much lately. I have been extremely busy growing the company as well as finding a little time to take a vacation. I had the pleasure of playing golf at Pebble Beach and a few of the other great courses in the area. The golf was incredible and you are a golfer I highly recommend spoiling yourself at least once in your life. I don't know that I would drop that much money again, but it was dream golf!
The Real Estate Market in that area (Carmel) was amazing. If you live in CA you know what I am talking about. Most of the homes on Pebble Beach were in the $30 million range. Yes you heard me right! The next time someone says that Brevard County Florida has gotten too expensive I'm going to send them the Real Estate Magazine I brought back.
So what should you do about buying a home in Florida? Right now is a great time as it has been for the past year. Interest rates are starting to go up with the problems that the lenders have had lately. If you are planning to buy, this might be a good time to get serious. I have heard that rates could go above 8% shortly.
As many of you know, I am getting ready to expand the company. We are in the process of getting our legal work done to franchise throughout the state of Florida. Our name will remain Tropical Realty of Suntree, but we will now be part of the eHomes Realty family. It was a tough decision to do this but in the end I think it will be a great benefit for both our company as well as our customers. We have many customers looking to relocate in other areas of Florida and we have not been able to help them as best as I wish we could. By opening the franchises, we will have access to help our customers anywhere in the state.
That's about it for now. I'll write more about the growth shortly once we are ready to get going. As always if there is anything we can do for you don't hesitate to call or email.
Have a great day!
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