The Real Deal recently crunched some numbers to determine the top residential brokerages in South Florida. In addition to calculating each brokerage’s most recent annual total sales volume of single-family homes, townhomes, and condos (new developments not included), TRD also interviewed key players from some of the top firms to see what contributes the success of their businesses.
TRD created three separate lists showing the top 10 firms in Miami-Dade, Broward, and Palm Beach counties. Two firms that ranked in the top 5 on all three lists include Coldwell Banker and Keyes Company, which both had over half a billion to a billion dollars in sales in the past year. The lists also included some smaller, more local brokerages, like Beachfront Realty in Miami, which ranked #9 in Miami-Dade County with $306 million in sales.
No matter the size of the firm, there were two prominent themes when the companies were asked what they do to achieve high volumes of sales: research and support. In a market that has recently been slowed down by Hurricane Irma, these cornerstones are more important than ever.
When asked about their strategies, the top firms consistently responded that having relevant data was key. The firms always have the most recent numbers to determine what’s selling, which is important, as trends can change week to week. Sometimes price is the biggest factor, sometimes it’s interior style, and sometimes it’s the style of home (townhome, condo).
The top firms also always know what’s going on in the international market. For example, Coldwell Banker communicates with offices in Italy and Turkey for the latest info that could impact the South Florida market, and EWM Realty International routinely briefs its employees on currency trends in the international market.
Supporting employees was also a factor across the board. The top companies provide their employees with extra training, such as webinars and coaching, as well regular meetings and lunches to solidify goals and reinforce morale.
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