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 Kenny Raymond, a Realtor/Associate with The Raymond International Realty Group of Prudential Florida Realty; with more than 1000 real estate transactions and over 20 years of real estate experience, Kenny is ranked among the top Realtors in South Florida, and in the last 12 months, his team successfully closed more than $27 million in sales.
Miami Agent (MA): Our story on appraisals generated quite a bit of interest among readers; are appraisals still problematic in your transactions? And if so, how do you minimize problems?
Kenny Raymond (KR): Appraisals are definitely a problem for everyone I talk to it seems these days. I feel appraisers are going lower than the contract prices to cover themselves with the bank. With that said, you should be armed and ready for the appraiser with your comparables and upgrades to the property in print, so they can take it with them. Also, if there is a difference of values based on building, area, view or street, be ready to explain to them why they should not be used. Do not assume they are experts in the area where you are selling.
I have had appraisers recently put in incorrect information and give my property deductions that did not exist. He refused to do his job and call the brokers he used as comps to confirm the misinformation he put in the appraisal.
How do I deal with this? I explain and show thorough comparables to the buyer, showing that what they are buying is worth what they are paying in the contract. I think most buyers, once they see these discrepancies and misinformation that can be logically explained, they see right through it and understand that appraisers really are not a fair estimate for “market value,” especially when you can prove there are mistakes.
MA: Real estate is a great industry with highly qualified professionals, but like all industries, there are some bad apples; how do you deal with difficult agents in your transactions, particularly ones who do not communicate well and are troublesome when you do contact them?
KR: While there are many real estate professionals in this business that are bad apples – some very qualified I might add – it only makes what should be a fairly simplistic job extremely complicated. Some days, I have to use my 20 years of martial arts experience to not let my blood pressure and temper get the better of me.
It just amazes me these people make money if they refuse to call back, make properties difficult to show, only TEXT (I hate that!) with me on what could be a one-minute conversation (but instead becomes a text conversation for 10 minutes), act unethically and flat out lie. I love dealing with uncomplicated Realtors who are available to help and work together as a team to get the property closed. Working together is always in the best interest of both buyer and seller.
MA: Finally, top-producer status is something that many agents aspire to; what tips would you give agents who are looking to become top producers?
KR: Be ready to work hard don’t be afraid to hear “no.” Knock down doors and talk to everyone. Define an area you wish to market towards, figure out what type of advertising is going to work the best for your budget and gets your name out there, and most importantly, be consistent. Don’t be afraid to reinvent yourself,and always act ethically; I strongly believe in what goes around comes around.
Excellent advice from a fantastic Realtor!!