SOUTHERN FLORIDA 11-6-23

SOUTHERN FLORIDA EDITION

UNTANGLING THE BIDDING WAR:

Playing the Real Estate Matchmaker

A BUYER’S & SELLER’S PERSPECTIVES

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Reasons Why Your Prospects Aren't Turning Into Clients

FOLLOW THESE 8 DATING RULES TO ENSURE YOU MATCH YOUR CLIENT WITH THE PERFECT HOME FOR THEM

FEATURED AGENT

HOMAIRA MANGAL

COVER STORY

MAURYA FELGUEIRAS

mailto:mag@topagentmagazine.com http://www.topagentmagazine.com

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Untangling the Bidding War: A Buyer’s & Seller’s Perspectives In a competitive marketplace, bidding wars become the norm. While this may put sellers in an excellent position to recoup on their investment, it can push buyers beyond their budgets and test their temperaments in the process. As an agent, how do you navigate both sides of the coin? After all, you want to net the best results for your client—regardless of which side of the closing table they’re on. To fortify your approach to a heated bidding war, here are a few ideas and insights to better clue you in on the perspectives of buyers and sellers alike.

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Buyer’s Perspective: Emotions Running High?

Channel it.

When the market is booming, buyers feel the pressure—especially when affordable inventory is limited. This can create stress, feelings of hopelessness, and impulsivity. As an agent, how do you channel this emotional energy into something positive? Consider asking buyers to put those anxieties and high hopes onto paper. Have buyers outline

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who they are, why they’re inspired to buy a home at this juncture in their lives, and how they see their lives unfolding once they become a homeowner (or repeat homeowner). Think of it as a letter of intent.

Buyers benefit from taking abstract fears and dreams and articulating them on paper. Likewise, this document can serve as a valuable tool during a bidding war. Letters like these can help sellers with multiple offers make a personal, emotional connection with a particular buyer.

Sellers Perspective: Manage expectations.

When multiple offers are rolling in on a property, it’s easy for sellers to get carried away. Numbers are flying, expectations are heightened, and sellers may become hypnotized by higher and higher offers and ideal outcomes. While it’s good to celebrate prime market positioning, it’s also important to maintain an even keel so that your seller’s mind is clear and they’re thinking rationally through their options.

Sometimes the highest offer isn’t necessarily the sure thing. Manage your clients’ expectations by leading by example, offering a balanced perspective, and talking them through all potential outcomes so that they don’t only hone in on the best-case scenario.

During a bidding war, tensions are running high for seller’s too, who will soon begin their next chapter in another home. Keep a cool head and remind your client to see the big picture, recognize that it’s possible for some offers to fall through, and to sit tight until the closing table has been successfully reached.

Buyer’s Perspective: How do you authentically and convincingly convey your interest?

When ten or so offers are in the mix, it can be hard to differentiate your buyer from the next. While numbers will obviously do a lot of the talking, you’d be surprised how much of a difference a Top Agent Magazine

personal touch can make. Some popular approaches to standing out include personal letters—as mentioned above—tailored to the property. Was the property in question a family home for years? You might have clients detail their dreams of raising a family inside those walls, rather than tear the property down and rebuild something to boost the lot’s value. Including a family photo is also a good tact for personalizing letters in a bidding war. Likewise, little gifts included with your offer can speak volumes about your personality and due diligence as an agent. It may seem a little cheesy, but when sellers are looking at ten near-identical offers, those personal touches can really paint a compelling, personalized picture.

Seller’s Perspective: How powerful is cash?

Data shows that cash offers—typical of investor clientele—double the chances of having an offer accepted. This goes hand in hand with waiving a financing contingency, which also helped boost the probability of an accepted offer, according to research. Cash is king, however, since offers that aren’t completely reliant on comprehensive financing seem to minimize risk for sellers, who are already eager to see a deal go through. Cash deals also tend to go through quickly, freeing sellers up to pursue their next property and move on to new horizons. While not every buyer has the ability to operate in cash, it’s a worthwhile consideration for those in ultra-competitive markets and with liquid capital.

While the bidding process can be stressful for agents and clients alike, it’s important to remember that it’s a time of opportunity, too. If you want to make the most of it as a seller, data shows that a personal touch can endear buyers to their seller counterparts. For sellers navigating a competitive process, it’s important to keep a balanced perspective. For agents, here’s the bottom line: get creative, be resourceful, and use all the tools in your arsenal to achieve the best result for the clients you serve.

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7 Reasons Why Your Prospects Aren’t Turning Into Clients Real estate experts suggest prospecting daily so that your sales pipeline never runs dry.

But sometimes all that effort doesn’t translate into results. If your prospects aren’t becoming clients, there’s a reason, which is better than it sounds because that means you can fix the problem.

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1. You’re Too Slow The Association of Real Estate License Law Officials estimates that there are about 2 million active real estate licensees in the United States alone. Of course, not all these individuals are working in the same markets. Nonetheless, that

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If your prospects aren’t becoming clients, there’s a reason, which is better than it sounds because that means you can fix the problem.

means that realtors face a lot of competition. If you are slow to respond to messages from prospective clients, someone else is sure to beat you to it. As a rule of thumb, it’s best to return calls and emails within 24 hours.

If you’re too busy working with active clients to return the phone calls and emails of prospective clients, consider hiring a real estate assistant who can help take administrative or marketing tasks off your plate.

2. They Don’t Trust You There are different reasons why a client might not trust you, some of which overlap with others on this list. When a client asks you a question, do you answer it directly or do you sidestep it?

Do you have testimonials and reviews from happy clients publicly available? Do you have an online presence? Social proof of your skills and knowledge is key.

3. You Don’t Seem Knowledgeable Enough Is your client constantly coming to you with new listings or marketing ideas rather than the Top Agent Magazine

other way around? Do they mention real estate and finance terms you’ve never heard of or ask you questions you’ve never thought to ask yourself? Every agent starts somewhere, but if this seems to be a pattern, it’s one clients will pick up on too.

Your clients want to know that you will add value to their home buying or selling experience, and part of that value is your expertise and passion.

4. You Have No Web Presence It’s not enough to be on Zillow or have a Facebook page. There are clients who don’t use these platforms, and at the end of the day, you don’t own the content or your access to it. Both platforms could suddenly go out of business and any following you’ve gained could be lost.

It doesn’t cost much to create and maintain a website today. If customization matters little to you, sometimes you can even get up and running for free. At the very least, it’s a good idea to invest in a domain name because yourwebsite. wordpress.com looks a lot less professional than yourwebsite.com.

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5. You Don’t Seem to Care When clients don’t think you care, it usually means they don’t feel like you are listening.

You may have systems, processes, and a proven marketing strategy. You may like to get right down to business, but to your client, this isn’t just business—it’s their life and their family’s livelihood.

When your client tells you what’s important to them, they want to make sure that you really hear them. Make sure your body language conveys that. Slow down. Shut your office door.

Make eye contact, nod your head, and pause before you speak so that they understand that you’ve put thought into your words—that they aren’t simply lines from a script.

6. You Use Too Much Jargon Remember that your clients don’t speak real estate. At most, they might buy or sell a home once every few years. They hired you to be their advocate and may even expect you to be a bit of a teacher too. Use layman’s terms so that your

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client fully understands how the two of you will work together.

7. Your Target Audience Is Everyone Your clients are home buyers and sellers, yes, but who is your ideal client? Some specialties you might consider are college students and recent graduates, working professionals, military families, seniors, CEOs, or other high-profile clients.

As a newer agent, your target audience might be anyone who will hire you, but over time, you might find that you click more with certain clients, that their lifestyle is similar to yours, or that their goals align with your mission. Whatever the reason, marketing your business to this “ideal client” rather than every potential client will make selling your services easier.

Remember: It’s within your power to alleviate your client’s concerns, but understanding why your prospects aren’t turning into clients is a good start.

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MAURYA FELGUEIRAS

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Top Agent Maurya Felgueiras of Mamba Realty LLC, services clients all over southwest Florida, including Fort Myers, Cape Coral, and Port Charlotte.

Sometimes a bad experience in life eventually leads you to a great decision. When Maurya Felgueiras bought a house several years ago, she was less than impressed with the service she received. “The transaction itself was simple; it was a 1-2-3 kind of thing. But I also felt like I was just a number to my realtor.

I never heard back from him after the sale.

There was no feedback, no ‘How’s it going?’

At the end of the day, I was just a transaction to him, and that stayed with me.”

Having worked in customer service and customer-facing positions for years at T-Mobile, Maurya decided that when she became a realtor, things would be very different. “I wanted to deliver a much better experience than the one I had. Whether they’re purchasing their first starter home or an investment property, I want every client of mine to be content and happy. It’s my personal goal to make sure that they’re so satisfied that they’ll come back to me again and again.”

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It takes courage, strength, and determination to change jobs at any age, particularly when you’re a single mother. Maurya spent many late nights burning the midnight oil studying for her real estate license after her two sons went to bed. She passed her exam in January 2020—right before the peak of covid hit.

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“Three months into my new career, the whole world shut down. But I was able to stick it out, and within six months, I quit T-Mobile to do real estate full-time.” As a realtor today with Mamba Realty LLC, she services clients all over southwest Florida, including Fort Myers, Cape Coral, and Port Charlotte.

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As a native Spanish speaker, Maurya has developed a special niche working with Hispanic clients and is committed to keeping them informed during every phase of the transaction process.

According to Maurya, it’s been a whirlwind of activity since she started. “This area has grown immensely in the last two or three years. There are a lot of people coming in from Miami and also moving down from the northern states.” As a native Spanish speaker, Maurya has developed a special niche working with Hispanic clients and is committed to keeping them informed 12Copyright Top Agent Magazine

during every phase of the transaction process. She admits that she can be hands-on and detail-oriented to a fault. “I baby my clients. I want them to know they can lean on me and I’ll be there to support them every step of the way. If the lender or the inspector needs something during the process, I’m right there making sure they get it immediately.”

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To market her services, Maurya takes advantage of the power of social media, but she also takes the time to customize her messages.

At the moment she’s working on creating and organizing a calendar of highly targeted social media posts. “The goal is to provide knowledge in a fun way, but I also want the information to be personalized for their

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specific needs.” As a busy single mother, Maurya is almost always either working or spending time with her kids. When she does find a few hours to get away, she enjoys reading, cooking, and—of course—relaxing in the sun, sand, and surf. “I’m a huge beach enthusiast. In fact, I could live at the beach.

That’s about as Florida as it gets!”

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To contact Maurya Felgueiras, call 786-493-5863, email maurya@mambarealtyteam.com https://www.facebook.com/mauryasells/ or visit mauryafelgueiras.com or Facebook www.

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By the Numbers:

Understanding the True Value of Square Footage Measuring the square footage of a property may seem like an objective and straightforward task, but you’d be surprised at how many agents and homebuyers misunderstand this pivotal figure.

True square footage provides homebuyers a concrete understanding of their prospective domain, but here’s the problem: the rules to determine a home’s square footage are not always uniform across the board. What’s more, much of Top Agent Magazine

a home’s value is determined by its size, so accuracy is certainly important. While many real estate agents have their own systems for determining or confirming a home’s true square footage, it doesn’t hurt to update your practices and become an expert on the subject. After all, you may learn a few techniques that could add value to a listing, or better prepare you in guiding house-hunters on the lookout.

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1. Do your due diligence Most towns and cities have a local records department where floorplans and blueprints are kept on file. It’s worth noting that these records don’t typically include any subsequent additions or remodels on a property, but they still give archive hunters a legal baseline when outlining a property’s square footage. Oftentimes, a straightforward online search of a city or county’s records office can pull the information necessary, or else agents can poke around in person to uncover informative blueprints at the records office. Either way, access to original blueprints or floorplans is a great tool for determining livable square footage. As a bonus,

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original blueprints and floorplans—especially in historic properties—can be intriguing visual aids for prospective buyers, as well.

2. Know the rules While there aren’t universal standards when it comes to measuring square footage, there are general guidelines that can help determine square footage in an authentic way. Per the American National Standards Institute (ANSI), here are the official recommendations for measuring a home’s real square footage: n Called “below grade spaces,” basements

and sunrooms beyond a home’s typical

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living quarters do not count toward a home’s true square footage. According to ANSI, even big draws like finished basements don’t count toward a property’s Gross Living Area. Of course, even below grade spaces have their own desirable value and should be outlined as such on listings. n Did you know the space inside closets

and on stairways counts toward a home’s square footage? Even if these areas are relatively small, they still add to a property’s calculable square footage.

n When recording square footage, ANSI

actually suggests performing measurements from a property’s exterior—though this method does not account for the

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thickness of exterior walls, which could skew square footage numbers. n Just like below grade spaces, a garage, a

pool house, or even a guest house should not be included in a property’s Gross Living Area. The rationale at work here is this: if you must go outside to access additional living areas, then they are beyond the square footage scope of the primary dwelling and should not be included in a home’s Gross Living Area.

3. Double-check by doing the dirty work Buyers and sellers have or will make a sizable investment in a property, so isn’t it fair to double-check all the relevant facts and figures

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when it comes to true square footage? If you want to take on the endeavor yourself, here are a few helpful steps to take.

room. Once you’ve completed the room’s measurements, multiply the room’s length and width to determine its square footage.

n First, you’ll need a few things to get started,

n As you go measure throughout the home,

including a tape measure that can measure at least 100 ft., graph paper, and a pencil.

n Next, choose a room to start measuring

wall-by-wall. Measure Wall 1, then proceed to assign each square on the gridded paper a corresponding measurement, rounding to the nearest tenth of a foot for the sake of clarity.

n From there, draw out the wall you measured

and measure the remaining walls in the

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using your own system to scale, you will construct a failsafe floorplan.

Mastering your craft is everything, and the real estate industry is no different. Every now and again, it’s worthwhile to update your well of information, take matters into your own hands, and continue to innovate with the industry. While square footage may not seem like the juiciest starting off point for such a venture, never forget: mastery of technical knowledge is a sure sign of expertise.

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HOMAIRA MANGAL In the sunny coastal paradise of South Florida, where dreams of living life near the sand and surf beckon, REALTOR® Homaira Mangal stands out, not just for her impressive sales figures but for the genuine care she brings to her clients. Homie’s journey into the world of real estate began in 2014 when she made the move to the Sunshine State.

“When I moved to Florida, I wanted the flexibility of not having to always be behind a desk,” she explains, “as well as a higher income and the ability to work with different people all the time.” The daughter of immigrant refugees, Homie learned to cultivate an entrepreneurial spirit from her parents.

Soon she had broken free from the confines of a desk job and obtained her real estate license to make her mark in Florida.

As a member of a team with her company, her market on Florida’s coastline extends from Tequesta down to North Palm Beach. One of the remarkable aspects of Homie’s career is her commitment to building lasting relationships with her clients. She shares, “It’s not just sales for me. I create strong relationships with all of my clients. They’ve all become friends of mine unless they move out of the area.” Some clients have become such close friends that they have dinner together, playdates with the kids and enjoy hanging out at each other’s homes. “If they have kids who go to my kids’ school, we build a strong bond,” she adds. It’s this dedication to her clients’ needs, lifestyles and families that truly sets her apart from her peers.

Homie’s success isn’t just measured in dollars and cents, though she consistently achieves a sales volume north of $10 million per year. Her true passion lies in the bonds she forms with people from all over the country who are looking to call South Florida their new home, or even their second home. “That’s Top Agent Magazine

probably my favorite thing about what I do,” she shares. “I get to meet people from all parts of the country. I’ve met people who I wouldn’t meet otherwise if it wasn’t for what I do.”

But Homie’s love for her community doesn’t stop at the closing table. She is actively involved in her daughter’s school, where she lends a helping hand with outreach and charity events. In fact, her dedication to giving back extends beyond the school, as she volunteers for charity events organized by her friends.

As for the future, Homie envisions continued growth for her business. As a mother of two young children, she juggles the demands of family and career with grace.

Her plans include expanding her team, which will allow her to provide even more personalized service to her clients while creating opportunities for others. “My real estate philosophy is that buying or selling a home is one of the most important and emotional decisions a person will ever make,” she notes. “I want to make that process as smooth and as enjoyable as possible.

It’s really the biggest honor to be a part of something so important in someone’s life.”

Contact Homaira at 561-657-0500, email homaira@echofineproperties.com, https://www.echofineproperties.com/about/agents/homaira-mangal/ or visit her website here 19 Copyright Top Agent Magazine

Playing the Real Estate Matchmaker –

Follow These 8 Dating Rules to Ensure You Match Your Client with the Perfect Home for Them When you think a bit more about it, the ultimate goal of a real estate agent serving a client is really to match them up with the perfect house for them, almost the way a matchmaker tries to find two people that will fit well together as a couple. When people are looking for a house, they often treat the process as a quest for “the one” house that will fulfill their dreams of living in the house of their dreams. Don’t be fooled. It is always a search for “the one”, at least when it comes to helping a couple or family find a home.

When you look at your client’s search for a home in this manner, then you might begin to notice some pretty obvious similarities 20

between shopping for a home today and online dating. In this day and age most people live a substantial part entire lives online. People socialize with their friends on Facebook, they meet potential friends in forums and online communities, and we now even search for our perfect mate online. Shopping for a home also happens to usually start online. When they begin this search, make no mistake; they are looking for the “one.” These people then turn to you, the REALTOR® to play matchmaker for them. It is your job to wade through the pool of eligible homes (bachelors) and sort through all the ones that are too expensive, too nerdy, not cute enough, not smart enough, etc. until you find the “one.”

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It makes sense then to consult the tried and true practices in matchmaking that help those professionals find the right people for each other, and see if any of them could also apply for matching your clients with their dream home. You’ll find that these 8 dating rules may just show you the secret to matching your clients with the perfect home.

back to the store if you’re not happy with your new home. It’s best to first help your client get prequalified. This is a tangible step that shows they are ready to move on to a new home. You want to make sure they are completely over their love affair with their previous home. You can even ask them for a sign or proof that they’re ready to move on.

Who Is In and Not In Your Client’s League? Know Your Client’s Price Range:

Be Genuine, Not Superficial

When a person is looking for a mate, it is a waste of time for them to even consider those potential mates that are clearly out of their league. These people won’t even stop to give them the time of day.

In the world of real estate the idea is the same. There is no point showing your clients houses that they can’t afford and will simply lust after without having any real chance of purchasing the house. It is your job to keep your client ground in reality, and help them be realistic in terms of price when choosing their next home.

Never Let Your Client’s First Impression of a Home Rule Their Decisions

Make Sure Your Client is Ready to Move On From Their Last Dream Home You’re job is also to make sure that your client is truly ready to move on from their previous home. This is a long term commitment, and they need to be absolutely sure they actually want to buy a new house. You can’t simply take the receipt Top Agent Magazine

When trying to manage the many pitfalls of online dating, on inevitably goes on a date where the other person looks nothing like their picture online. That can be just as big of a problem when looking for a house. When clients show you a particular house they want to visit, ask them to name something about the house that they like other than the aesthetics. This way you can see if they are simply infatuated with the way the house looks in those pictures, or if there is a deeper interest in the home that could become a deeper connection between your client and the house.

When your client first sees a house they have already been lusting after in their mind, they’re often so excited to finally be looking at it, especially if it does in fact look as good as it did in the pictures.

Make sure to encourage them to take some time before making such a big com-

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mitment, and don’t let their excitement push them into making a rash decision. It is your job to keep them grounded in reality. Push for your clients to do an inspection to make sure the house isn’t hiding any dark secrets. Sometimes the most charming facade can hide tons of slime and deadly mold.

Follow Your Heart (or Gut) People often laugh at and ridicule the idea of love at first sight, but when it comes to homes, the phenomenon can certainly happen. Your client may just find their perfect dream home at the very first place you take them. If you have a client that does insist this is the case, then you don’t want to try and rationalize with them or talk them out of their decision. You do, however, want to make sure you are watching out for their interest and make sure your clients take all the necessary precautions before they jump in headfirst.

See What Other People See in The Home – Do They See What Your Client Sees?

Have you come to the conclusion that your clients are being blinded by all of the twinkling windows and crystal clear water glistening in the backyard pool, and can’t see that the house they’ve fallen in love with is really just a dirty animal (maybe a pig) dressed up in nice clothes and lipstick. Ask your client if they would be willing to look at the house again with 22

their close friends, family, and anyone else they trust for a second opinion there to see it with them. If the house really is a dud, they’ll be able to see past any personal bias your client might have to the truth. They will be able to help your client see through the shining facade

Celebrate the Happy Union!

When a couple gets married they tend to throw a big party and celebrate their union. The same goes for the closing.

Your clients have just essentially married the house of their dreams, and now it’s time to rejoice. Congratulate them on their new union. Show your support for their new homeowner status by going to their housewarming party.

Help Your Clients Maintain Their Dream Home & Ensure a Lifetime of Happiness You can’t just disappear after the transaction is finished. Become their realtor for life by showing your clients how to maintain their dream home. Act as their resource for other professionals they may need to maintain the house such as handymen, plumbers, electricians, etc. Show them how to keep up with home maintenance so they don’t ignore problems that surface and end up with a much larger issue than they started with. Help them make sure their dream home lasts so they can live happily ever after in their home for a lifetime.

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Laughs!

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