The Real Deal recently crunched some numbers to determine the top residential brokerages in South Florida. In addition to calculating each brokerage’s most recent annual total sales volume of single-family […]
This past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second […]
The Real Deal recently crunched some numbers to determine the top residential brokerages in South Florida. In addition to calculating each brokerage’s most recent annual total sales volume of single-family homes, townhomes, and condos (new developments not included), TRD also interviewed key players from some of the top firms to see what contributes the success of their businesses.
TRD created three separate lists showing the top 10 firms in Miami-Dade, Broward, and Palm Beach counties. Two firms that ranked in the top 5 on all three lists include Coldwell Banker and Keyes Company, which both had over half a billion to a billion dollars in sales in the past year. The lists also included some smaller, more local brokerages, like Beachfront Realty in Miami, which ranked #9 in Miami-Dade County with $306 million in sales.
No matter the size of the firm, there were two prominent themes when the companies were asked what they do to achieve high volumes of sales: research and support. In a market that has recently been slowed down by Hurricane Irma, these cornerstones are more important than ever.
When asked about their strategies, the top firms consistently responded that having relevant data was key. The firms always have the most recent numbers to determine what’s selling, which is important, as trends can change week to week. Sometimes price is the biggest factor, sometimes it’s interior style, and sometimes it’s the style of home (townhome, condo).
The top firms also always know what’s going on in the international market. For example, Coldwell Banker communicates with offices in Italy and Turkey for the latest info that could impact the South Florida market, and EWM Realty International routinely briefs its employees on currency trends in the international market.
Supporting employees was also a factor across the board. The top companies provide their employees with extra training, such as webinars and coaching, as well regular meetings and lunches to solidify goals and reinforce morale.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Title Partners of Florida, Inc. show you why customers continually turn to us for the reliability, responsiveness and confidence they need – and deserve. Contact Us Today!
This past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second quarter and the 6.6% increase year-over-year. The FHFA’s findings are consistent with data compiled by the National Association of Realtors, which believes that the current supply of new homes is much too low.
The vast majority of states, plus the District of Columbia, saw median housing prices increase in the past year. The FHFA ranked Florida fourth in Y-O-Y housing price increases (9.4%), behind Idaho (10.3%), Colorado (10.4%), and Washington (12.4%).
While single-family home sales are overall on the rise, when compared with the size of the current US population, the amount of sales is relatively and historically low. However, since construction is not currently meeting the population’s need for new, affordable housing, median housing prices continue to increase despite the slump in sales.
In the past year, a net 2.2 million jobs have been created in the US, providing a new crop of home buyers. A tight housing supply coupled with a lack of new construction caused homes to sell quickly, especially those in the lower price range.
However, the national median home price of $255,600 is still too high for many buyers. NAR chief economist Lawrence Yun warns that unless the demand for affordable housing is met with new construction, too many potential home buyers will still be priced out of the market, unable to reap the financial benefits that home ownership can bring.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Title Partners of Florida, Inc. show you why customers continually turn to us for the reliability, responsiveness and confidence they need – and deserve. Contact Us Today!
What Do the Top South Florida Residential Brokerages Have in Common?
UncategorizedThe Real Deal recently crunched some numbers to determine the top residential brokerages in South Florida. In addition to calculating each brokerage’s most recent annual total sales volume of single-family […]
Low Housing Supply Contributes to Housing Price Increases
UncategorizedThis past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second […]