Jeff Morr is the Broker/CEO of Majestic Properties and chairman of the Miami Chapter of the Master Brokers Forum.

Every week, we ask a Miami real estate professional for their thoughts on the top three stories from the week before.

This week, we talked with Jeff Morr, the broker/CEO of Majestic Properties in Miami Beach and the chairman of the Miami-Dade chapter of the Master Brokers Forum; Jeff has been in real estate for 28 years, but he is also an accomplished interior designer, with his firm ITSUV, and community volunteer, especially with Big Brothers Big Sisters.

Miami Agent (MA): One of our recent stories looked at average rental costs to average mortgage payments throughout Miami, and we found that with how low mortgage rates are, owning is in general cheaper than renting in Miami; is that consistent with what you’ve observed?

Jeff Morr (JM): The only place where that’s really accurate is the lower end; the lower the price, the better it is to own, versus renting. When you get up into the high end, it’s impossible to compare the rent to own. It’s still a good idea to own. There are tax benefits to owning, there’s appreciation, there’s amortization of the mortgage. But in the end of the day, at the higher end, it’s more expensive to own rather than rent.

For instance, a million dollar condo would rent for $5,000. To own a million dollar condo and put 20 percent down, you still have: an $800,000 mortgage; your maintenance fees; and your taxes. You’re going to be at about $7,000 [a month]. But, you’re going to get the tax benefits, you’re going to amortize your mortgage and you’ll get the appreciation, so there are benefits to owning.

MA: If a new agent came to you for advice on how to succeed in Miami real estate, what main points of advice would you give them?

JM: No. 1: take as many classes as you can when you start in the business. You’re going to be too busy later on, so get your education out of the way. Take MLS classes, take contract classes, finish all your licensing early.

Number two, farm. Farming is the key to success in real estate. The top producers all have farming areas where they get listings. Farm as soon as you can.

Number three, spend your marketing dollars wisely. I recommend that a new agent spend 20 percent of their income on marketing to reach their target market. As they continue down the line, then, they never spend more than 10 percent [of their income]. Marketing produces results. It produces buyers, it produces listings. Do some smart marketing.

MA: Speaking of marketing, what forms of online marketing have you found the most effective?

JM: Social media is extremely effective. Facebook is definitely one of the most successful social media tools. Personal websites [work], but if you have a personal website and don’t do any optimization – any SEO or Google AdWords – you’re not going to have a lot of traffic to your website, so couple a website to SEO and Google AdWords and you’ll have traffic. I’ve seen agents sell million dollar condos and homes to buyers who never even saw them – they saw it on the Internet, they said “I want this place,” and [the agent] made a sale. And that sale paid for their Web presence for a long number of years.

Print can be effective, but it has to be the right kind of publication. I find that less people are buying newspapers and reading newspapers; aside from the older generation, they’re getting their news online. Magazines, though, such as Miami Magazine and Ocean Drive magazine, are interesting, but I wouldn’t spend my money there first. I’d spend my money on an online presence, search engine optimization and Google AdWords, and couple that with farming; and, direct mail still works. Direct mail is the most personal, cost-effective way to meet a customer.

And be consistent. If you’re not going to be consistent, don’t even do it.