Meeting Notes 5/18/2016
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Welcome!
“Wherever you are, be there” Jim Rohn
Acknowledged Pat Messerich, Francisco Otalvaro, Teresa Baker (in an email) for exceeding
expectations on comment cards!
We are a sponsor and have tickets available for islands nights and diners delight!
Yard signs are being reconditioned, if you have any at home or in your car please bring them
back to the Sanibel office by the garage
Market share 2008 & 2016. VIP was at 41.9%, now less than half of that. JRW has doubled
since 2008. Other brokerages in San Cap was 7.44% in 2008, 8.89% in 2016. Thought it
would be higher. But it’s still higher, more realtors are coming to the island.
Upcoming Professional Development. Our next meetings are June 8 & June 22.
Breakthrough performance starts again on June 3. Breakthrough Performance documented
that JRW had 13 listings and 13 sales! Continuing Education is on June 22, June 27, June 29
(also doing ethics)
PR, News Press named JRW top residential brokerage
New Home Look is here! 40 properties listed in this issue.
New open house feature in Home Look. We want to tell our customers what we are doing
for them as listings are starting to take longer. Email Rebecca to include your listings, the
next Home Look is due on June 19th
As a listing follow up Rebecca will send you an email to forward your ad to sellers.
A few options if listing takes too long. What should you do if the seller wants to withdrawal
and bring it back on the market at a later time?
o Use pie graph from market watch, still have sales and strong in each quarter
o Market has been depreciating by 20%, it’s better to sell now.
o Show data of sales in particular subdivisions. Show the data.
The company the never sleeps…national recognition, state of florida, regionally,
Sanibel/Captiva. #18 in nation productivity per agent. #1 in Florida productivity per agent.
#1 in regional. All advertisements (Home Look, JRW.com, Home finder, virtual tours, social
media, Realtor.com, etc.) Please review and offer anything missed before publication!
Sanibel commissions to selling agents last 30 days:
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Increase the split or bonuses? Nicole has seen bonuses with low commissions, Kris & Joe
say bonuses don’t work, Cookie says some people might think you pushed that property if
they find out there is a bonus later, Kris mentioned just doing a price decrease and keep it
simple and Jay thinks we should increase the split or include “special bonus commission”
under realtor remarks.
Put your name in for cooperating/listing agent. Some people put commission split next to
name. Right underneath is a sentence saying you cannot put in there, it will have no effect.
You must get a note from broker approving new negotiated commission split. Jason Holtz
mentioned that the commission split is a contract between the broker and the seller, not the
agent and the seller.
If there is anything in an advertisement that is not accurate you should cancel the contract
or create an addendum. You can only do this during contingency period. Everything goes
back to purchase and sale agreement, it doesn’t matter what is on the actual listing agreement
(example, fulling furnished on listing agreement, not on contract…doesn’t count) Include
everything in contract that buyer wants to purchase.
What’s happening on Sanibel? Something to customers:
Sanibel Inventory
There are some excellent choices to buy on our fabulous island right now. Inventory is up about
15% over one year ago. Most of the gains are in the Residential home market with vacant land
and condo’s remaining relatively the same. Sanibel started 2016 with little gain in inventory,
while Ft Myers and Naples had been recording increases since October 2015. In March 2016,
Sanibel finally caught up… with a 22% surge in listings. Finally, more properties to show!
Sanibel Sales Absorption
Often students of Real Estate will ask, “What is the absorption”. This statistic is important in
determining what type of market is occurring. In other words, we in a sellers market if there are
more buyers than sellers. We are in a buyers market if there are more sellers than buyers… or
if we are somewhere in the middle of the two, then we are in a balanced market. Therefore, if
you have 6 sales in a year and you have 6 listings currently on the market, you should sell all
Sanibel Residential Sales Absorption over one year
the entire inventory within 1 year.
category
active
solds
absorption in months
Bayfront
8
2
48
Canal
37
34
13
Gulf
8
10
9
Inland
24
40
7
Near Beach
69
85
9
Looking at the absorption, we are in a buyers market right now for Bayfront and Canal because
they are over a year. However, it is important to determine if the market is trending better or
worse. For instance,on March 15 of this year we had a 14 month supply of canal front
properties, now 13 month, hence the market is improving. Gulf front and Near beach are at the
same levels of absorption as they were 60 days ago. Inland and Bayfront months have
lengthened. It is important to note that all product type go thru popularity cycles. Sometimes
we will look at a certain month and it seems that all the buyers want a certain type of property or
price range. Usually buyers will benefit from buyers markets because the list-to-sale ratio will
decrease and sellers will compete with other comparable properties by selling for less.
Are we selling more than last year?
As of 5-17-2016 YTD, sales units are down 43% on Sanibel but the volume is up 23%
First quarter the sales were down 52% and up in volume 9%
Comparing the two numbers, more expensive properties are selling and the pace has picked up.
The trend this year with buyers is that they are looking for “new” homes that are considered “
done”…no renovation needed, and will pay handsomely for it. Condo sales are down a bit and
remaining the same on volume. Most Sanibel condo’s are renting at fabulous prices which make
them more valuable and good buys.
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If you’re working with a seller and need extra negotiation check that buyer pays for title
insurance. New TRID laws, banks can choose where to close.
If you’re working with a buyer and need extra negotiation include home warranty
Good closing statement. “Don’t want to hear ‘Why didn’t you push me?’ Respond with I
don’t push people.”
Visit our website for powerpoint slides, handouts, new listings, etc.!
Sanibelrealestatemarket.com/agentinfo (password: jrw241. Right click on hyperlink to open)