Miami-Dade’s biggest brokerages offer a handful of incentives to bring in and keep agents – including high commission splits, online tools and tailored training.
The Real Deal ranked real estate firms in Miami-Dade County by the number of actively licensed agents and spoke to executives about recruiting strategies, commissions and top sales for the year.
Here are the top five:
Beachfront Realty, a tri-county firm based in Aventura, takes the lead in the number of actively licensed agents. Ed Roberts, owner of Beachfront Realty, said the firm doesn’t charge hiring fees and provides a 90 percent commission. “That’s why we’re so big,” he said. “All of our recruiting is word of mouth.”
As of mid-October, Beachfront agents sold 1,052 properties with a combined $1 billion in sales so far this year, Roberts said. He said the firm’s top sale this year was $8.5 million for a unit at the Continuum South Beach.
“In our case, the larger majority is condo sales, developer sales and single-family home sales,” he said.
Keyes, a family owned and operated company, has 11 offices in Miami-Dade County. The full service firm has an in-house mortgage partner, and title and insurance companies. Statewide, Keyes hires more than 1,000 agents every year, targeting both newly licensed agents and, using corporate recruiters, agents from other firms.
Steve Reibel, vice president of recruiting, said that commission splits between the agent and company vary “pending the level of production that associates bring in.” He said it ranges from 60 percent for associates, to nearly 90 percent.
To date, Keyes has more than $2.9 billion in sales volume this year. The top transaction was the sale of a 37-unit condominium building, Harbor Point, at 5000 North Ocean Drive in Riviera Beach for $15 million.
“At the end of the day, it’s about doing more transactions,” Reibel said.
Florida Realty offers agents 100 percent commission with a $400 fee per transaction, according to the company’s website. “We make a little on a lot of people instead of a lot on a few people,” the website reads.
The Miami-based firm has two offices, one in Hialeah and one in the Kendall area.
Juan Baixeras, owner of Florida Realty, could not be reached for comment.
Coldwell Banker recruits anywhere between 200 and 250 agents a year in Miami-Dade, regional senior vice president Duff Rubin said. Rubin said the company uses a tailored quiz that analyzes the skills of potential agents to see if they’re a good match.
“It gives us a look into their weaknesses,” he said.
Rubin would not disclose the company’s commission split policy but said, “We as a company try to be more of a value-proposition brokerage,” including Coldwell Banker’s tools, management and support. “Commission splits are typically based on production. You’re only as good as your production,” he said.
Each quarter, the firm reaches between $1 billion and $1.5 billion in sales, he said. Rubin would not disclose year-to-date earnings or annual earnings.
Coldwell Banker’s most prominent team, The Jills, are involved in a dispute over claims they allegedly altered the MLS to hide listings. Luxe Realtor Kevin Tomlinson allegedly tried to extort Jill Eber and Jill Hertzberg for $800,000, threatening to go public with his claims if they didn’t pay up.
EWM, a Coral Gables-based Berkshire Hathaway affiliate, has eight offices in Miami-Dade.
Ron Shuffield, EWM president, said the firm focuses on full-time hires, both newly licensed and those who have been in the industry. “I think a lot of people don’t realize it’s not a part-time job,” Shuffield said.
“Most people who come to work with us are people who have some kind of connection to the company,” he said. “We’re not doing mass mail-outs.”
Shuffield would not disclose the company’s commission split policy, but said that the tools EWM offers make up for the difference in commission splits.
EWM’s top transaction this year was the $33 million sale of 5800 North Bay Road to Phil Collins. The full service firm is on track to close anywhere from $2.8 billion and $3 billion in sales this year.
The year kicked off with buyers across the country racing to lock in rising mortgage rates and close on homes—except in one surprising region.
Sales of existing homes, which have previously been lived in, rose 3.3% from December to January, according to the most recent National Association of Realtors® report. The 5.69 million purchases also represented a 3.8% increase from January of 2016.
Those are the seasonally adjusted numbers, which are smoothed out over a 12-month period to account for seasonal fluctuations in market activity.
Joe Kirchner, doesn’t anticipate that the throngs of buyers descending on the market will slow any time soon.
“I don’t think we’re going to see any huge increases in sales, but I don’t think we’re going to see any big declines,” he says. “The economy is still strong and we have job growth.” This means more people have the means to become homeowners.
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Here’s the good news: Sales of newly constructed homes rose in the beginning of the year. The bad news? It wasn’t enough to ease the housing shortage that is frustrating would-be home buyers across the nation.
Buyers purchased about 3.7% more new homes in January than in December, according to a joint report by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. The January purchases were also 5.5% above where they had been a year earlier.
“New-home sales should be growing much more than they are,” says Chief Economist Jonathan Smoke “We should be seeing twice the volume of new-home sales, and we’re not.”
The reason is that there aren’t enough buyers who can afford the median $312,900 price tag of one of those new homes, often decked out with the latest appliances and finishes. They are nearly 37% more expensive than the median $228,900 price for an existing home in January
Sales of previously owned homes tumbled in February as the housing market remained choked by tight inventory.
Existing-home sales were at a 5.48 million seasonally adjusted annual rate last month, the National Association of Realtors said Wednesday. That was down 3.7% compared with January’s sales pace, which was the strongest in a decade.
The median forecast among economists surveyed by MarketWatch was for a 5.45 million pace.
Sales in February were still 5.4% higher compared with a year ago, but the supply situation has worsened. Inventory was 6.4% lower than in February 2016. Meanwhile, the median home price rose 7.7% compared with a year ago to $228,400.
At the current pace of sales, it would take 3.8 months to exhaust available homes for sale, the lowest in any February back to 1999.
Many Realtors, like most companies, continue to market their businesses the same way that they have been for a long time. Possibly worse, many Realtors just market their business and their clients’ listings the same ways that their competitors do – and expect different or better results.
If you’re guilty of either of these, then we’re willing to bet your marketing strategy goes a little something like this…
Put properties on the MLSBuy ad spots in magazines and newspapersSpend weekends holding open housesCall brokers and past clients for referralsSpam purchased email listsAdd properties to website(s) and social media channelsNow, don’t get us wrong here. Some of these tactics are still necessary, but if they aren’t coupled with creative, effective twists, then why would a seller ever want to list with you or a buyer ever want to work with you?
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As of mid-October, Beachfront agents sold 1,052 properties with a combined $1 billion in sales so far this year, Roberts said.He said the firm’s top sale this year was $8.5 million for a unit at the Continuum South Beach.
To date, Keyes hasmore than $2.9 billion in sales volume this year. The top transaction was the sale of a 37-unit condominium building, Harbor Point, at 5000 North Ocean Drive in Riviera Beach for $15 million.
Coldwell Banker’s most prominent team, The Jills, are involved in a dispute over claims they allegedly altered the MLSto hide listings. Luxe Realtor Kevin Tomlinsonallegedly tried to extort Jill Eber and Jill Hertzberg for $800,000, threatening to go public with his claims if they didn’t pay up.