Miami real estate is on fire!
It’s no surprise that the Miami real estate market has exploded over the past year, especially as prospective buyers from around the country started searching for their first, second and third homes in South Florida during the Covid-19 pandemic. In fact, 2021 sales through August have already exceeded full year 2020.
But where did this growth come from, which agents were able to capture these record-breaking volumes, and what are their tips & tricks for success? We, at Courted, are a tech company dedicated to helping real estate agents grow their business, and we’ve integrated our best-in-class data with advice from our Founding Agents to bring you insights into Miami’s market transformation.
Who are the rainmakers?
There are ~53,000 individual agents registered with the Miami MLS, ~25,000 of whom were actively working in the last year. This figure doesn’t include all of the invaluable assistants, operations and marketing managers who helped close these deals as part of teams!
Rainmakers in Miami account disproportionately for volumes. The Top 100 agents in the Miami Area took 19% of market share over the last 12 months, and the top 20% had 74% of market share.
The top 10% of agents grew massively over the past year, capturing 74% of the incremental sales volume in the Miami area over the past year, while the top 20% of agents cumulatively captured 88% of the incremental volume.
What does a top agent look like?
Broadly speaking, there are two main types of top agents by production: high sales price / lower transaction volume, lower sales price / higher transaction volume. The most successful agents by total sales volume have found a sweet spot, specializing in dozens of relatively high price point (think high 7-digit / low 8-digit) sides per year.
The types are exemplified by Laurie Reader, Dora Puig, and Michelle Thomson. Laurie Reader has closed an astonishing 737 sides over the past year, with an average sales price of $406K while Michelle Thomson has done just two - but with an average sales price of $56M. Dora Puig, in the middle of both extremes, has closed 86 sides but at a high average price point - $8.3M.
So how can I grow my business?
So how do agents become top agents? In short, they don't do it alone.
We spoke with a few of our Courted Founding Agents about their strategies for growing their businesses and the networks and tools they use to do it.
1. Join a team
Alex Miranda and Joe Padula, principals of the Alex + Joe team, lead a team of 11 producing agents, a Director of Operations, Director of Marketing, Commercial SVP, multiple Inside Sales Managers and Sales Directors, and they are continuing to grow!
The team has hit ~$101M LTM Transaction Volumes, and is looking to hit $200M by the end of the year - to do so, they need to double their team. They are actively recruiting for dynamic agents (or future agents!) with diverse backgrounds and a customer-first mindset.
We spoke with Alex Miranda about his decision to grow the team:
“My husband and I were lacking quality of life. We decided to grow the team in order to be able to continue serving our clients at a high level while allowing us time to travel and enjoy life. Post 2020 in South Florida it would be foolish not to continue to grow along this bull market - sometimes just to keep up with the demand generated by our marketing.”
2. Become the expert
Amit Bhuta leads the ALL IN Miami Group - he is a trusted name in Miami real estate, both because of his expert market knowledge and his deep personal commitment to authenticity.
Residential real estate is all about people and families making big financial and emotional decisions. Amit and his team prioritize the human side, including serving the client in a language they're comfortable with, giving them tough advice when needed, and offering first-time buyers the same commitment and treatment as celebrities and athletes.
We spoke with Amit about his commitment to honesty and authenticity, and how that has translated to his personal brand and his business.
“The thing that helps me the most in this crazy real estate market is to keep it real with buyers. Tell them not to buy unless they are ok with certain things - nonexistent inventory to select from, overpaying, being very flexible on inspections, and appraisals, and always making it feel ok if now is not the right time for them to make a move."
"I received an award as one of the top 20 agents on social media in Miami... My “secret sauce” that I’ve been told about many times is that I’m authentic and share many more failures than successes.”
3. Grow your network
Levi Meyer, the President of the Meyer Group, has also grown his business by connecting with others - not just by connecting with the client or recruiting more agents, but also by building a large referral business through a national network of agents.
Top agents prioritize finding the best fit in both local markets expertise and personality type when their clients are looking to move or find a second or third home. Levi's large referral network enables him to find that perfect fit, ensuring the client has an incredible experience and growing his business along the way.
"Our success over the past couple of years has been largely a result of our obsession to grow and leverage a national network phenomenal agents for referral business. The beautiful thing is that we are both expanding our circle of partners & making new friends in the process."
Courted can help!
At Courted, we provide the tools and services that can help agents grow their business - we have live-updating profiles for every agent in Miami with detailed production data sourced from the MLS, awards and achievements based on an agent's specialty, market analytics that update in real-time, an whether that's recruiting (or being recruited), and customizable market reports that you can update and share with clients!
Whether you're actively recruiting for your team (or looking to be recruited), want to demonstrate your expertise, or looking to build out your referral network, give Courted a try.
Get started on our beta site (now available exclusively to Miami agents, with Southern California and Colorado coming soon!), or shoot us a note at email@example.com
Let us know if you found this article helpful, or if you have any questions! We’re just a click away at firstname.lastname@example.org
Data provided by the MiamiRE MLS. All data referenced above comes exclusively from the MiamiRE MLS.