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 Luis Gomez, a Realtor with Majestic Properties who, in addition to his 10 years of experience and $4 million in sales volume in 2012, is one of South Florida’s most noted experts in the condominium market of Midtown Miami.
Miami Agent (MA): As we all know, Miami’s housing market has seen a huge drop in active listings the last couple years; what local markets in Miami have you found to have the tightest supply?
Luis Gomez (LG): In the downtown Miami market, with Brickell and Midtown Miami, the inventory is very short and the demand is very high. Especially in the Midtown Miami market, we’ve seen a drastic drop in the inventory, and the demand for the units here is very high, which is increasing the sales price. It’s incredible, how much the market changes in little more than a year.
There’s a lot of new construction that’s going to hit the market in the next year or so, but a lot of those buildings are being sold out already before they start any construction at all. Once they’re finished, we’ll see what kind of impact they have on the market, but there are a lot of buyers there; they like the big construction.
MA: The source of much of Miami’s housing demand has been from international homebuyers; why do you think so many foreign consumers are attracted to Miami’s housing market?
LG: Miami is changing. It’s a central HUB to South America. There are a lot of businesses coming to Miami, many businesses are starting here in Miami and a lot of South American buyers are buying second homes here as investments. We see a lot of South Americans, Brazilians, Columbians – I have many clients from those regions. They’re buying second homes, they’re buying two or three apartments for investments; they really see the potential in Miami’s real estate market.
MA: Our featured content on top producers also remains very popular with our readers. What advice would you give agents on how they can reach top producer status?
LG: To become a top producer, there are three things. One, you must pay attention to detail. The little things are what take you the furthest. For example, picking up your phone. One of the things that I do is, during home tours, I turn off my phone; I want to give that client 100 percent of my attention. I find it rude when somebody’s doing a tour, the client has a question, but the question cannot be answered, because the person is on the phone.
The second thing is, be professional, responsible and on time. Dedicate all your energy to your clients. Be prepared for your appointments – don’t just show up. Do your homework. And give them some options. Buyers like options.
The third thing is advertise; you have to spend money on advertisements. You have to put your name out there. For new agents, 10 to 15 percent of their income should go into advertisements. You have the Internet, you have print advertisements – you have to be smart with where you put your money. But at the end of the day, you want to get your name out there.