As a real estate agent in Florida, I understand the challenges of navigating a competitive real estate market. It takes dedication, expertise, and a deep understanding of the local landscape to succeed in this dynamic environment.
On my podcast episode, Breaking Ground: The Tri-County Real Estate Specialist Milva Gilluly, we delved into valuable insights shared by Milva Gilluly, a top-producing realtor at Berkshire Hathaway Home Services who’s now excelling in South Florida’s Tri-County Area.
Inspired by our conversation, let me share some of her tips and insights to help you navigate a competitive real estate market effectively.
Listen to the entire podcast here:
How to Navigate a Competitive Real Estate Market?
As with many other real estate agents, Milva’s journey toward success wasn’t a straight shot to the top. In a fiercely competitive market, she honed her skills and strategies to effectively navigate its complexities. Here are some tips from her.
Working with Clients and Appraisals
One thing that stood out is Milva’s proficiency in appraisals and broker price opinions (BPOs). She’s an expert in these areas and recommends appraisals, especially for unique properties or when you’re unsure about pricing. This strategy maximizes the seller’s value.
Milva shared a fantastic example of a neighborhood with custom homes where an appraisal helped set a higher market value.
In that community, there was no recent activity to base prices on, so she got an appraisal to ensure she didn’t leave any money on the table for her clients.
This approach not only set the right price but also pushed the overall market value up for that neighborhood. It’s a clear testament to how essential appraisals can be in such scenarios.
Competitive Real Estate Market
In our discussion, Milva emphasized the importance of being available for clients and providing thorough service. She pointed out the stark difference between part-time agents and full-time, or as she likes to call it, “overtime” agents.
Her dedication to her clients is evident in her approach. Milva doesn’t just work full-time; she works overtime, often putting in 70-hour weeks.
This level of commitment sets her apart and has contributed significantly to her success. It’s a great reminder that in a competitive market, like Florida, you need to be all in.
It would also be good if you educate yourself continuously to keep abreast of the market conditions. One great way to do this is with real estate coaches. Coaches and mentors can help you stay ahead of the curve and navigate the challenges of the market effectively.
Property Management and Investment Tips
Milva also shared some golden nuggets for property management and investments. She mentioned a shift in her recommendations due to changes in insurance and HOA fees after the Surfside condominium collapse.
Instead of suggesting multiple small condos, she now advises investing in entry-level homes.
For landlords, Milva has two key tips:
- Obtain a Home Warranty – This helps manage repair costs and tenant issues efficiently. By writing into the lease that the first $150 of any repair is the tenant’s responsibility, landlords can ensure issues are resolved quickly without waking up in the middle of the night to find a handyman.
- Screen Tenants Thoroughly – This includes background checks, employment verification, and credit scores. She stressed the importance of verifying employment to avoid future problems.
If you’re into short-term rental investing, Milva’s insights are especially valuable. Short-term rentals can be lucrative, but they come with their own set of challenges. A solid home warranty can help mitigate risks and ensure a smooth operation.
Relocation
Relocation planning is an important part of transitioning smoothly into a new area. As for relocating to Southeast Florida, Milva has some great pieces of advice:
- Make a List of Priorities – Know what you want in a city—schools, parks, proximity to amenities, etc.—all of which are useful to your clients.
- Visit Before Deciding – It’s hard to buy a home on a single trip if you’re unfamiliar with the market. Milva likes to have an introductory trip where you explore the area and understand the market.
- Detailed Booklets – She prepares booklets with information about different communities, helping clients make informed decisions. This personal touch and detailed preparation make a huge difference.
Personal Touch and Availability
Your commitment to being accessible and responsive to your clients is extremely important to attract and retain clients.
As for Milva, she uses automated messages to manage communications and ensure her clients are always informed.
She’s also active on social media to maintain relationships and provide immediate assistance.
For example, if a client needs financing options, you could also help them find a mortgage broker who specializes in the target area to streamline the process and offer personalized assistance.
Similarly, you could also recommend reputable real estate attorneys if they need legal advice and offer resources for home inspections and property insurance to further enhance their experience.
According to Milva, she’s always reachable, whether by phone, text, or email. This level of availability is what clients expect, especially when dealing with big listings.
This approach highlights the importance of being present and responsive, which has been a crucial factor in her success.
Tune In to the 239 Real Estate Roundtable Podcast for More Interesting Real Estate Tips and Insights!
My conversation with Milva was eye-opening. Her strategies and tips for navigating the Tri-County Area’s real estate market are invaluable.
Whether you’re an agent looking to up your game or an investor seeking the best opportunities, her insights can guide you.
Remember, success in real estate requires dedication, thorough service, and being updated with information.
Thanks for reading and follow the 239 Real Estate Roundtable Podcast for more interesting stories and insights from the experts.
If you need to buy or sell a home in Fort Myers, Naples, or Cape Coral schedule a call with me.
Thank you Milva for your time and insights.
