by Michele Gillis, Staff Writer
Experience makes all the difference.
The Northeast Florida Association of Realtors held a panel discussion with five local brokers its quarterly meeting at the Plantation Country Club last month.
Pam Henry of Coldwell Banker Vanguard, Mary Ann Bongiorno of Watson Realty, Eileen McVeigh of Re/Max Coastal Real Estate, Clare Berry of Berry and Co. and Brenda Horst of Re/Max Unlimited brought their views to the discussion in relation to knowledge of customers, changing market and moving forward.
The knowledge buyers bring to the table today can make them question whether they still need a Realtor or not. But, letting them know why you are valuable is key.
“I think one of the things that is scariest these days is the continuance of our business,” said Berry. “If you think about how many resources people have and how they are empowered by those resources, right or wrong. All of these resources are there for people and they think they are in power. They think they know everything we know and more and that is not necessarily the case. We need to make sure consumers know we have things they don’t know. That’s the biggest challenge. It’s kind of scary.”
Even though there are smarter clients due to the Internet, that is not always a bad thing.
“What I am seeing is that it is making my transactions faster,” said Henry. “They don’t want to drag it out. They know the inventory and know what is going on. What we need to do now is streamline it, be professionals, get the contracts done and get it to closing. That is what they are looking for today.”
Berry said she really enjoys the give and take between herself and clients.
“I really love where we are right now in terms of the energy,” said Berry. “I think it is fun to work with someone who has done their homework, who has investigated what is on the Internet and has a certain level of knowledge.
"How we can position ourselves is how we are going to earn our keep. They are knowledgeable and smart, and if we can generate that energy in a positive way and help them get what they want, then we’ve done our part. We have to change up what we’ve been doing. We used to run the show and obviously we don’t anymore.”
The panel was asked to look in their crystal ball and tell what they see in the future of real estate in the next five years.
“I’ve been in the industry since the 1970’s so I’ve seen the peaks and valleys and my feeling is that we are going to come to an end to this collapse and we are getting closer all the time,” said Henry. “I think we are probably within a five-year window. As we all know, prices are starting to increase a bit now. We are up 3 or 4 percent, which is terrific. What’s going to happen is that interest rates are going to go up. I was around when interest rates went from 4 percent to 18 percent in 18 months in the early 1980’s and it crashed the market. Interest rates will go up, so if you have a buyer that is capable, you want to encourage them to buy now.”
Bongiorno said she sees a new state of normalcy.
“I think things are never going to be where they were in 2003-05," she said. “We haven’t seen that in 25 or 30 years. That was a very unusual set of circumstances. I think it’s going to be slow growth and a new sense of normalcy. There will always be buyers, always be sellers and there will always be a need for you in this industry. We will just go back to what we’ve seen over the years, but on a slower pace.”
McVeigh said that some encouraging news is that since inventory is low, we are again seeing builders take off.
“If anyone has been to Nocatee lately, it is amazing and very healthy to see,” said McVeigh. “Also, we are seeing a lot of new construction going up on some of the vacant lots in Jacksonville and Neptune Beach area. That is something we are going to see a lot more of.”
New construction on infill lots is something the panel said is a good sign for the market.
“I think what is happening now is exciting,” said Horst. “We are seeing a recovery and cut our market inventory in half and interest rates are low. I am excited about the future of our industry. I think the Internet does provide a lot of information for buyers, but they do still need us.”
Challenges that face agents specific to the Ponte Vedra area are difficulty finding good homes for buyers, limited waterfront inventory and the age of the homes in the area.
“Because of the development of new construction, like in Nocatee and Durbin Crossing, buyers who typically were looking in Ponte Vedra now have more decisions to make,” said Berry. "They have to decide between new versus old or gated versus non-gated. There's more product out there now and so the challenge for our Realtors is to know more options. It's great to take advantage of the SAM Trams put on by the SMC to easily get to know these new options.”
Brokers’ experience can be invaluable to brand new agents trying to find their way in this interesting real estate market.
“Ask and listen,” said Henry. “When you meet with a client, ask questions about what they want and listen to what they have to say. Don’t try to sell anything to anyone, try to service your client.”
Bongiorno said that solid training is imperative to succeeding in the market.
“It’s a complicated business, you all know that,” said Bongiorno. “I would recommend getting solid training. If you are not going with a big firm that has good training to offer, then get a mentor. You really need to get those basics and it’s not going to happen overnight. There are three words I tell every new agent and they are network, network and network.”
McVeigh said it is important to take the classes at NEFAR and make good use of that resource.
“Create a dream team that includes a go-to lender, home inspector, a title company and everyone you need for your transactions,” said McVeigh. “This helps when you run into a question where you don’t know the answer. Being able to bring in several of our NEFAR affiliate members who can help your customers is great.”
Berry said caravans are very important to help you learn the inventory.
“I really don’t know how people do a great job without them,” said Berry.
Horst said it is very important for new agents to network with seasoned agents.
“Listen to other agents,” said Horst. “You can pick up a lot of information listening to seasoned agents discussing their transactions and solutions. When you do get your customers, treat them as if they are the most important transaction you will ever have. Give them the greatest service ever and stay in touch with them because you will build your business on referrals from those people you’ve served well.”