PODCAST: Top Producing LA Agent Interviews Miami Real Estate Agent David Siddons
Top Producing Miami Real Estate Agent David Siddons discusses the state of the Luxury Real Estate Market
LA Power agent Juliette Hohnen, a top producing Douglas Elliman realtor in Los Angelos interviews our own David Siddons. The interview covers various topics from how David started in the business to how the Covid-19 affects the Miami real estate market and what reactions we may expect to see across both of our Luxury Markets in LA and South Florida. See how two power agents view their equally impressive markets. Juliet acts as a ‘syndicate Partner’ to the David Siddons Group and works our LA referral clients magnificently.
- Minute 0-12/13: David’s move to Miami and how he started in the real estate industry
- Minute 13/14: Early adapting on blogging, real estate market reports and vlogging.
- Minute 17: Everything about the David Siddons Group team
- Minute 23: Our expertise in creating reports, our brand new real estate software and our ability to help clients make better decisions
- Minute 30: The Covid-19 situation; how we work through this as Miami real estate agents and how it will change the market?
- Minute 40: What affect will Covid-19 have on real estate prices and should you list your home now?
- Minute 50: How are we maintaining our client relationships during this period?
Interesting Take Aways from this Interview on the Miami Real Estate Market
How does our marketing knowledge and technology stand out?
The David Siddons Group is known as market analysts and even uses its own data analytics software. The stats however are only one part of the equation. Everyone can have stats, but it is the skill of interpreting the stats and seeing the bigger picture that counts! When we provide data we look at specific price levels and specific neighborhoods within Miami. We combine this with ‘in-the-field’ knowledge. You need to look at the bigger picture, buyer’s psychology and be able to understand macro factors. You cannot forecast what will happen exactly, but you can analyse the robustness of the markets and their ability to survive bearish markets and that is what we do! The continuous desire to be the smartest or best educated Miami real estate agent in town really gives us an edge over other Miami realtors.
How to run a real estate business during the Covid-19 pandemic?
We are obviously seeing challenges with our (new) listings as we cannot take any pictures or videos, open houses are prohibited and sellers do not allow showings anymore. Even if they allow showings we have to be sensitive with what is going on and think of the community. Where we can we do virtual tours, but the reality is that many of the deals will need to be postponed.
We are currently reaching out to clients to see if everyone is ok. We are also promoting local businesses by providing our clients with meals from our favorite local restaurants (delivered to their homes). I think it is key, specifically during moments like these, to add value by providing information. People like to stay informed and that is what we are doing. We are currently on our Q1 2020 Miami Real Estate Report and Forecast that comes out in about two weeks (April 2020)
The Effect of Covid-19 on the Miami Real Estate Market
I have noticed that many buyers are expediting deals. They need a home and they want to move in as soon as possible. Many of them just sold their own property and have no place to live. We had one deal that fell through as the buyer experienced difficulties with financing deadlines, we called our backup who moved right away with an all cash offer, no inspections and no appraisals. So there is a sense of urgency with people who sold a home or want to lock themselves in before we are in full quarantine. These are not the opportunistic buyers but rather families or people with a real need.
I had a lot of deals happening which are now postponed. I am sure they are still happening, but just with a delay.
On the other hand there might also be a lot of people now being locked in their home thinking their home is too large or too small. There might also be people who realize working remotely isn’t as difficult as they thought it would be. I think this experience will have many people reflect on their lifestyle, which might also have an impact on the real estate market.
Have Market Prices Dropped?
I do not like generalized conversations and I always look at sub-markets or specific cases as a $10M home does not trade or is not affected in the same matter as a $500K home. I do think that a well-done home or a ready-to-move-in home will hold its value. Anything that needs remodeling or investment properties might be more affected by this pandemic. People will look for for a safe port for their assets and the Miami real estate market still offers great opportunity. There is a lot of demand and limited supply in many of our submarkets