Armando Luis is a Realtor with Pro Results Realty 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 Armando Luis, a Realtor with Pro Results Realty.
Miami Agent (MA): Real estate is largely a referral business, so it’s imperative for young agents coming into the business to quickly build out their contact databases. As a successful young agent yourself, what advice would you give about networking and how to build your contact list?
Armando Luis (AL): As a Realtor, building and maintaining a strong business network is critical to my professional success. My advice is to get started by creating a list of people you are already connected to such as: classmates, friends, past and current colleagues, family members, members of associations to which you belong, and teachers you admire. You will be surprised at how well connected you already are regardless of your career level. Thanks to the Internet and social media, we are able to constantly stay in touch with our current network. The contacts you have will refer you to people in their own network. Build relationships with these new contacts and they will refer you to people they know. Stay organized and ask each person you connect with what the best way to stay in touch with them is. Most importantly, always express your gratitude by sending thank you note or a thoughtful email. By following these simple steps you will be well on you way to building a strong network.
MA: While many Millennials are holding off on homebuying, preferring to rent or stay with parents, there are still some that want to get into the market. How, if at all, are you reaching out to the younger crowd?
AL: Debt in general is definitely an obstacle to securing conventional loans with desirable interest rates and other terms. Heavy debt will negatively impact the client’s income to debt ratio and will therefore negatively impact the credit score and borrowing power. This issue affects everyone but it especially affects Millennials because they are often earning entry-level salaries and overwhelmed with student loans. In addition to this, Millennials have been delaying in getting married and having children, two key drivers in the decision to buy that first home.
As this generation matures, they will become a home-buying force to be highly considered. Although there are may signals that Millennials may not yet be ready to purchase a home, I still reach out to them and try to help them commit to a plan. I have a background in financing. I advise Millennials to work together with a financial advisor to help them formulate a budget and find ways to start saving. Owning a home is a big step especially for first-time homebuyers so it requires a strategy. By advising my clients to satisfying their debt and carefully review their credit reports for errors or the over-reporting I can help them create a plan to prepare their first home purchase.
MA: A recent feature mentioned the importance of keeping in touch with past clients. What do you do to make sure your buyers and sellers remember your name, even after their deal is closed?
AL: It is fair to say that I become pretty close to my clients during the real estate process. Most of the time I learn about their jobs, their kids, their struggles, their fears. To a certain degree, I consider my clients as my friends. Once the deal is closed, I continue to be their friend. I connect with them on Facebook and on Twitter so I know what is going on in their lives. I call them to check on them because I genuinely care about what is going on in their lives. I send them cards for their birthday and holidays. I invite them to social gatherings I host. Then instead of being this vague person they mention at parties, I am a friend in real estate that is referable. They are advocating for me because they know how awesome I am and all because I did a great job before AND after the sale. This is key to building and maintaining relationships.