Global Spotlight: Market Snapshots: A Global View

Market Snapshots: A Global View

by Paige Tepping

At its recent Global Symposium, Leading Real Estate Companies of the World® put the spotlight on some of its newest members for an inside look at their markets.

Dhalia Real Estate Services, Mriehel, Malta Alan Grima, CEO Founded in the Mediterranean island-state of Malta in 1982, Dhalia Real Estate Services offers a complete portfolio of services in the Maltese Islands, including property investments, project development, property management and valuation.

Who is your primary buyer? Historically, the Maltese have been our primary buyers. Owning property is part of our culture; it’s in our DNA, with nearly 80 percent property ownership. We work with many first-time buyers looking for property for residency purposes. Also, we have a strong investor market, which is still very active in spite of challenging times. What draws people to your market? The solid long-term performance of our market drives people here. Malta is a relatively small country, so space for building is very limited, which makes industry very attractive. The return on investment for property typically exceeds other investments. Also, Malta offers very attractive residency and investment packages for foreigners, for both personal and business purposes. www.dhalia.com

IQI Properties, Kuala Lumpur, Malaysia Mandy Chen, Head of International Sales IQI is a multi-award-winning international real estate investment and advisory firm. Headquartered in Dubai, IQI is the leading real estate firm in Southeast Asia, with offices across the globe, including Thailand, the Philippines, Vietnam, Cambodia, Malaysia and Australia. Who is your primary buyer? Our buyers are mostly local, but we also have many international buyers, especially from China, Hong Kong and Singapore. What draws people to your market? Our stable economy is very appealing to investors, including a favorable GDP and very low unemployment. Our increasing infrastructure improvements include high-speed rail to connect key locations. www.iqidubai.com

Seven Stones Indonesia, Kuta, BA, Indonesia Terje Nilsen, Co-Owner/Director Seven Stones Indonesia is headquartered in Bali and specializes in residential and commercial property sales and rentals both in Bali and neighboring islands. The company offers legal, marketing and fund management services and

covers a wide range of investment opportunities from offplan developments to infrastructure projects. Who is your primary buyer? In spite of being a tourist destination, most of our buyers are Indonesian. We do see a lot of buyers from Australia, thanks to our proximity. Additionally, we have expats from Singapore, Hong Kong and other major markets. What draws people to your market? Tourism is the primary driver. Most people know Bali, but in the last 10 years, we have become known for the surf lifestyle. Our strong tourism market helps drive a positive ROI for real estate. www.sevenstonesindonesia.com Becerra Group, Lima, Peru Alen Becerra, Broker/Owner Headquartered in Lima, Peru, Becerra Group has more than 11 years of experience in the real estate market in Peru, offering a full range of services to both private and corporate clients, capital funds, investors and international clients. Who is your primary buyer? Our primary buyers are families, but we also serve private clients and international and corporate investors. What draws people to your market? We have an amazing location in Peru, positioned near the Pacific Ocean. We also have exciting residential and financial districts in the Lima metropolitan area. The increasing popularity of culinary tourism is generating more activity, thanks to our delicious cuisine from around the world. www.becerra-group.com Who is your primary buyer? We attract aspirational buyers—people who are often seeking a luxury second home to spend 3 - 6 months a year. Buyers come largely from the U.K., Canada and the U.S.

What draws people to your market? Without question, people are attracted to the quality of life and the lifestyle. We are also one of the safest places in the world and have year-round summer weather. We offer not only sand and sea, but also a level of sophistication and a sense of community. Most foreign buyers are retired or semi-retired, but we are also seeing younger investors and travelers because we offer a vibrant social life.

One Caribbean Estates, Holetown, Barbados Chris Parra, CEO/Founder www.onecaribbeanestates.com

Elite Inmobiliaria, Bogotá, Colombia Fabio Rubio, Co-Owner and Commercial Manager Who is your primary buyer? In the residential market, we serve first-time buyers, as well as middle-aged buyers looking for a second home. For commercial properties, we attract international buyers arriving to our country and looking to expand. What draws people to your market? Our country’s constitution protects private property and does not make a distinction between local and foreign buyers, which attracts international investors. We also have a great exchange rate. And, of course, our beautiful beaches, gardens and history offer an attractive lifestyle. www.eliteinmobiliaria.com.co RE

Forget 2020 and Set Yourself Up for an Epic 2021

Commentary by Anthony Lamacchia

There is no denying that 2020 has been a wild year in real estate. It has been a tough year for many REALTORS®, especially those who work mostly with buyers, as there are simply not enough homes to sell. Dealing with multiple-offer situations, fighting to get offers accepted, properties selling for dramatically over asking, and having to counsel your buyers on not getting overly disappointed are some of the things REALTORS® have had to deal with. The fact is, in a multiple-offer situation, only one buyer wins—and some seem to forget that.

In a way, this reminds me of 2008 and 2009. There were many mortgage brokers who got out of the business due to banks collapsing. Then 2010 came. By that time, interest rates were lowered, several banks worked with the GSEs to correct programs (specifically FHA), create new programs and fix many other problems. In 2010, many mortgage brokers made more money than they did the prior two or three years put together. I strongly feel that this will be the case in 2021 for REALTORS®, especially as we get into next summer and further away from the virus.

To make sure you dominate 2021 and ride the wave of pent-up demand that is coming, be sure you are doing all the basics.

Here in Massachusetts, from late April through September, the inventory of homes for sale was nearly 45 percent lower than previous years. This made listing agents look like heroes to their sellers as buyer’s agents struggled with their clients. Do not get discouraged. Understand that it is not just you, but a problem for most REALTORS® across the country.

To make sure you dominate 2021 and ride the wave of pent-up demand that is coming, be sure you are doing all the basics. Stay in touch with all the buyers you worked with who were not successful in 2020. Continue to send them properties and give them a heads-up when something matches their criteria. There were several buyers that just gave up, signed leases and rented for another year. When we get into 2021, there will be an abundance of sellers who will end up listing. You must keep your buyers warm over the winter and then get them ready to pounce.

When setting goals for 2021, aim at doing more than 2020. Also, remember that the most important part of goal setting is deciding what you will do differently to hit your goals. Same equals same, so if you make no changes, you will have the same result. Change could be as simple as adding something, but remember that there is only so much time in the day, so if you add something, remove something else. Prioritize the tasks you do consistently and either outsource or let go of some, so that you have room to start these new habits.

Think of it this way: your doctor does not take your vitals, your height or your weight. The nurse does, so that the doctor can see more patients and be more valuable. You are the doctor! Do not waste time on activities someone else could easily do for you. That is the trick to growing your business in 2021. RE

Anthony Lamacchia is CEO of Lamacchia Companies and broker/owner of Lamacchia Realty. For more information, please visit www.lamacchiarealty.com.

10 Things to Consider When Implementing New Brokerage Technology

Commentary by Mehul Patel

There’s no doubt that the real estate industry will continue to evolve as we navigate our way through COVID-19 and its impact on the economy and how we do business. Many real estate brokers have experienced challenges adapting their business when they don’t have a brick-and-mortar office and in-person collaboration. The drastic shift to online business has raised many questions about how the right technology can help a real estate brokerage effectively pivot and adapt through change.

As a business leader, it’s important to remember that there isn’t a onesize-fits-all approach to implementing the right brokerage technology. Your business is unique. Your market, agents, staff and goals are all individual to your business. So, if you’re finding that the technology, or lack thereof, in your business is hindering agent performance and your ability to adapt and pivot your business, you need to consider a new solution.

Start by assessing your business needs and goals when it comes to your existing technology. Does it support long-term growth? Does it allow you to accommodate how, where and when your agents are doing business? If not, it’s time to look at modernizing your systems.

Choosing solutions that compliment your business processes, support your agents and your staff, and nurture sustainable growth is key.

Here’s a checklist of 10 things you need to consider when choosing and implementing the right technology for your brokerage:

1. Product scalability – Will it continue to meet your needs as your business grows? 2. Product security – Given the heightened sense of data security, every product must protect its users from a potential breach that can sink a business.

3. Roadmap and enhancements –

Does the technology provider have a product roadmap that shows investments in continuous improvement? Has the technology provider consistently released enhancements to meet market needs? 4. Reputation – Does the technology provider have a positive industry reputation? 5. Data export – Can you extract your data if, in the future, you decide to change to a different platform? 6. Integrations – Does the technology provider offer integrations into other solutions that you use to run your business? 7. Platform – Is the technology built on a modern platform that will continue to be relevant as systems evolve? 8. Support – Does the technology provider offer multiple support channels—phone, chat, email? What would the impact be to your business if the technology/software was down and you weren’t able to reach Customer Support? 9. Cost of ownership – Are there ongoing costs not directly related to the technology? For instance, will you need to hire staff to run the product? Will you need a hosting platform to offer the product? These are all costs that aren’t paid to the software/technology provider; however, they need to be factored into the overall cost of ownership.

10. Implementation process –

Does the technology provider own the implementation process with little involvement from you, or do you need a dedicated resource to manage the implementation?

If you’re looking for a technology provider that will support the ongoing growth of your business, contact Constellation1 today. Our team will work with you to assess the right solutions for your business. RE

Mehul Patel is the vice president, Product Management at Constellation1. To learn more about Constellation1, visit constellation1.com.

REBAC Hall of Fame Honors 2020 Inductees by Barbara Pronin

Real estate professionals are, by nature, good Today, as co-owner of Innovate Success Strategies, listeners who are happiest when helping Suminski teaches many of the national designation and buyers and sellers achieve their real estate certification courses offered by NAR, and is a sought-after goals. Therefore, it’s no surprise that the Accredited speaker and trainer at broker conferences nationwide. A past president of the South Bay Association of REALBuyer’s Representative (ABR®) honorees named by TORS®, where she was named 2010 REALTOR® of the the Real Estate Buyer’s Agent Council (REBAC) to Year, she is a graduate of NAR’s Leadership Academy the REBAC Hall of Fame this year exemplify those and currently serves on the boards of both NAR and the values—going above and beyond to advance buyer California Association of REALTORS® (C.A.R.). representation by providing outstanding service. Sandy Maier Schede, another third-generation REALTOR®, earned her real estate license at the tender age The ABR® designation, conferred by REBAC, is held by more than 24,000 REALTORS® who are committed to advocating for homebuyers. That makes induction into the 2020 REBAC Hall of Fame a rare and distinctive achievement for this year’s honorees: Tamara Suminski, broker and co-owner of Beach Real Estate Group in Manhattan Beach, Calif.; Sandra (Sandy) Maier Schede, award-winning agent with Maier Real Estate in Meriden, Conn.; and the Pinellas REALTOR® Organization and Central Pasco REALTOR® Organization, headquartered in Clearwater, Fla. Each of the designees personifies ABR® values and has an admirable history of service. “I came to real estate from the hotel industry, so I know how important it is to provide an exceptional experience for every customer,” says Suminski. A third-generation REALTOR® with an MBA from Pepperdine University, Suminski was drawn to real estate by a desire to set her own path and a passion to help people achieve the dream of homeownership. Licensed in 2004, she quickly increased her value by steeping herself in class work that led to ABR®, GRI (Graduate, REALTOR® Institute) and other professional designations. “I have a curious mind,” she says. “I know that the more I know, the better able I am to communicate meaningfully and provide the customized guidance every homebuyer deserves.” With her fiancé and partner, Chris Duff, whom she met through their association with the National Association of REALTORS® (NAR), Suminski established Beach Real Estate Group in 2018, determined that the small boutique agency would offer clients distinctively personalized support. of 16 while she was a high school junior—shortly before the minimum age was raised to 18. “I missed the festivities for students moving into the senior class because I was taking the licensing exam,” says Schede, who has now been helping homebuyers and sellers for 47 years. Earning a degree in education at Southern Connecticut State University while actively selling real estate, Schede quickly realized that she was earning more as a REALTOR® than she would earn as a teacher. “I also discovered that I had a real passion for helping people through the gratifying life experience of buying a home,” she says. Determined to be the best in the business at advocating for homebuyers propelled her to earn the ABR® designation along with a variety of other specialized designations, and to share her expertise through service to her community and the industry. A three-time REALTOR® of the Year awardee and a multi-year Five Star REALTOR®, she is a past president of the Connecticut REALTORS® Association. Additionally, she was the first woman president of the YWCA in Meriden, and was recently elected to both the Meriden Board of Education and the Meriden City Council. But neither her many hours of industry and community service nor her hectic business activity—she had 17 closings in the month of September alone—comes before her personal interest in every client. “At the height of the health pandemic, I was able to guide one young couple who were expecting a baby, a little girl, through the purchase of their first home,” she says. “When the baby was born, they sent me a picture of her homecoming—snugly wrapped in the little pink blanket I crocheted for her.” Schede Suminski

For such dedicated individuals to be recognized as REBAC Hall of Fame inductees is easy to understand. But what does it take for an entire association—in this case, Florida’s combined Pinellas REALTOR® Organization and Central Pasco REALTOR® Organization—to be honored?

Led by CEO David Bennett and current President Cyndee Haydon, the organization is one of Tampa Bay’s largest professional trade associations, representing the interests of more than 9,000 real estate professionals.

“When the coronavirus pandemic first hit the nation, real estate professionals, like everyone else, were Haydon unsure how—or if—they could move forward, and this board really stepped up,” says Angela Emerson, the organization’s vice president of professional development and standards. “We quickly partnered with 14 other larger and smaller boards in the state to generate programming, schedule instructors Emerson and reach out to a combined total of more than 50,000 members.”

Drilling down even further, Pinellas had 566 students take the Accredited Buyer’s Representative (ABR®) Designation Course so far this year, in addition to 363 students who took one-day ABR® elective courses.

A bit ahead of the curve, they embraced technology to provide members with tools to help them increase their skills and think outside the box, says Emerson. They created a dedicated studio and a virtual format featuring ideas, instruction and inspiration from noted instructors designed to engage their members and get their business back on track.

“Our association had already been transitioning into hybrid classroom capability,” she notes, “so we were able to react fast to meet the need.”

Zoom classes attended by as many as 700 members at a time encouraged agents to use the pandemic downtime to improve their skillsets, study for ABR® and other specialized designations, and reach out to their sphere of influence offering a patient ear, help where needed, and expert guidance to those with a need to buy or sell during these difficult times.

“The effort resulted in a huge number of clued-in agents who not only increased their expertise, but who were also prepared to meet the deluge of pent-up need when it began,” says Emerson. “The pivot time was little to none. It was truly an awesome experience.” RE

For more information on this year’s award winners, and how you can submit an application for next year’s induction, please visit http://rebac.net/hof.

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