Giovanni Caloretti is the director of international sales for Douglas Elliman working in Miami.

Every week, we ask a Miami real estate professional for their thoughts on the top three stories from the week before. This week, we spoke with Giovanni Caloretti, who recently joined Douglas Elliman as the brokerage’s director of international sales. 

Miami Agent (MA): Miami condo developers have been buying up properties all throughout the city, which seems to be quickly leading to a land shortage. What do you think the short- and long-term implications of this trend are?

Giovanni Caloretti (GC): The real shortage is happening in the bay areas, and in the short-term, this is a time when buyers need to invest and developers need to develop. If they wait long-term, building costs are going to go up, and that’s going to limit development to the experienced builders who have already established themselves in the area.

MA: International investment is largely behind the land rush currently happening in the city. Is there a fear that foreign investment will drop as the amount of undeveloped land dwindles? Why or why not?

GC: I don’t see foreign buyers and investors leaving the area. Miami is quickly becoming, if it hasn’t already, the new international stop. We have a lot of direct flights to places we didn’t use to, and that’s helping to not only bring in foreign investment, but keep interest steadily increasing.

In Miami, we’re used to South American investors bringing money into the city, but now a days we’re seeing a more diverse array of investors coming from Canada, Europe and even China. We’re building the city to accommodate the foreign presence, and I don’t see it stopping anytime soon.

Also, and it’s important to mention this, Miami taxes are very low, which can be very enticing for foreign investors who are paying much higher rates in their home countries. That, and the weather is nice.

MA: One of our recent Short Lists discusses the importance of having a sound business plan, and how to accomplish that. What advice would you give to young agents who are just starting to formulate a plan of their own?

GC: When I first started, I was all over the place; I didn’t know where to begin. I’d look at my work at the end of the day, and realize that I didn’t get anything done. I learned to organize myself, and ultimately bolster my business, by giving myself daily to-do lists, and keeping on top of them.

I start my day by making cold calls, targeting expired for sale by owners. After that, I do my administrative work and make sure the minutia of ongoing deals is taken care of, but the big thing is always going to be connecting with more prospective clients. The more clients you have, the more money you’re making.