Why is your blog named Miami City Diggs?
When coming up with the name we were trying to think of a memorable name and also a name related to the areas where we work. Technically, we work the in the higher end luxury buildings and neighborhoods of Miami Beach, Brickell and Downtown Miami; but that is a mouthful.
So we started thinking about our clients and future clients and how they relate to the “name” of our area.
Most of our clients are from out of town and usually consider Miami and Miami Beach as one, so “Miami” made the most sense at the time. “City Diggs” is because we are big lovers of high end city luxury real estate and we thought this was a cool name.
What’s it like working with your spouse?
It works for us because we are both workaholics and have a common goal. It also works for our clients because they get double the attention, double the information and double the energy. So all in all, it’s a really, really good situation.
Where are you guys from?
I am originally from Spartanburg, South Carolina. At around the age of eleven, I moved to Richmond, Virginia with my Father. I went to high school and college in Richmond. In college I met Ognjen. He was an International Business student. Ognjen is from Split, Croatia. We married and eventually moved to Charlotte, North Carolina. In 2004, we were craving for a change in life and the need to live in a bigger city. I wanted to live in Manhattan, Ognjen fell in love with Miami Beach. He won and we have been here ever since that time.
Why are you guys such big advocates of the Buyer Consultation?
This is going to be very blunt and honest…
Ognjen and I love working with buyers. Serious buyers require fully focused energies, time and dedication. In a shifting market like ours we have to spend a lot of time on our education as well as staying on top of the current market trends.
Miami is a very appealing place for many people and due to the nature of our area (the beaches, the conventions & general year round tourism) we always have a lot people in and out of the city. In our earlier years of practice we found ourselves driving around a lot of curious tourists and unqualified buyers just because we were eager to work.
We learned the hard way that this is not a good way to run your business.
Nowadays, we cannot afford to do that because we work with a lot of clients and we need to be certain that when we take a buyer out to preview a property, he or she is qualified to buy it. We have found that the only way to set these types of expectations in the beginning is through a good Buyer’s Consultation. Moreover, it also properly prepares our buyers for what will be required of them during the process and honestly, it’s just the right thing to do.
We know that many agents in our area may not require you to do this. We also understand that many agents are more than willing to run around and show you 100 properties with no obligation. We get it.
But what buyers need to know is that showing the properties is only a small part of our job. Mostly we spend a lot of time making sure that our buyers get the best deal and have the best experience possible. We also really care if our buyers are buying into a good building or not….. we don’t just sell to sell, we build long term relationships with our buyers. It’s important to us.
If you are a business person you can probably appreciate these statistics.
In our business it has been estimated that if I do a proper buyer’s consultation with a new buyer, I am 80% more likely to have this buyer purchase a home with my assistance than 10% if I do not. Hopefully you can appreciate why we are adamant about a proper Buyer’s Consultation and understand the value in why we do it.
It’s just good business and don’t you want to be working with someone who is running a good business?
***Most Important to You the Buyer
Who is your agent representing? If you are calling around and seeing different properties with different agents, who is representing your best interests? If you are calling the seller’s agent directly, that agent has a fiduciary duty to the seller, not you.
These are keys things to discuss at a Buyer’s Consultation. Who is representing your best interests and trust me these items come into play during the negotiation of the purchase price.
I sent you a showing request to show this one property, can’t you just come and show the property?
We have the listings on our website because this is what buyers want to see. Most often 99.9% of the time, the listing you find on the site, is not our listing. Also about 99.9% of the properties you are calling me to see are not going to actually meet your buying needs.
Did you just say that? Yes, I did because it’s 100% true.
So why do you have the listings on your site? Because it’s what buyers want to see and it’s a good start to get a good feel for what you get for your money.
Yes, the Internet is a great place to start your search which is why I have paid a service to have all of the MLS listings through our website, but the online property listings only tell half of the story. Prior to showing any property, I need to make sure that I am showing properties that actually meet your needs.
For instance:
- Do you need financing? If you do, is this condo that you are sending me a showing request for eligible for financing?
- Maybe the property is an unapproved short sale? Do you know what that is and are you willing to go through that process?
- What about pet restrictions, rental restrictions?
Why not meet us online or in person for a quick buyer’s consultation and we can put this property on the list plus many others? Once we have determined exactly what you are looking for, we will email you every single condo or home that matches your needs.
You make the decision and you are in control. As soon as you find a property that works based on your own specific criteria and our experience, we will get you into it asap.
Why do I need a real estate agent? I can just go online and find properties on my own.
Of course you can but get ready for a super time consuming experience.
- Many of the properties, especially the good deals are already under contract or sold. That happens often because by the time they hit their marketing stride a buyer already in the know, has often already made an offer.
- Many of the good deals are not advertised at all.
With our access to the MLS and local real estate contacts, we can send you all the properties, not just those advertised in the local papers or online.
Why do I need a buyer’s agent, I can just call the agent who listed the property for sale?
Yes, of course you can call the seller’s agent, however it is important for you to know that the seller’s agent has a fiduciary duty to the seller, not you a potential buyer. If the fee for having your own agent is already built into the listing agreement and the seller is paying for it, why not hire an agent working for you in your best interests?
I don’t want to be committed to one agent. I want to see as many properties as possible.
This is a big misunderstanding from many buyers. In our area real estate agents all have access to the same MLS listings (if they are a member of the local association).
If your agent is a member of the local MLS he or she will have access to all of the listings to show you. In fact if you have one agent working for you on your behalf and if the agent is experienced, you will probably see a lot more listings. If I know that a buyer is 100% committed to us, we have MLS listings, plus developer contacts and sometimes pocket listings from seller’s agents.
In our area we are supposed to ask you in advance, “Are you working with another REALTOR(R)?” If you are, we are not supposed to take you on as a client. There is a big loyalty factor involved for everyone.
I know that some agents don’t abide by this and there are plenty of agents who will just drive around and show you whatever you want to see. They are probably not quite as busy or as experienced as we are and there is a lot to say for that. We are never too busy for new buyers who can be committed to us, however we are unable to work with buyers who are not willing to be loyal to us.
Hiring a good buyer’s agent is much more than just seeing the property. It’s about showing good properties that match your criteria, finding decent buildings that are ran well, preparing a good sales contract that protects you as the buyer, negotiating the deal and creating sound business practices so that you have a successful sales transaction.
Do I have to pay you for your services if I hire you as a buyer’s agent?
No. Generally speaking the seller pays both their own agent and the buyer’s agent commissions. These fees are already built into the listing agreement and already included on the MLS listing prior to us showing the property.
**However, you should always ask because some agents working in the distressed property market may ask the buyer to make up the difference in commission if it is below what they feel is worth their time.
I have heard that Miami-Miami Beach is mostly a cash market, what does this mean?
This means that in order to purchase many of the properties in our area, you need to pay full cash for the property. Also prior to making an offer you need to have a letter of reference from your bank or other account referencing the amount of cleared funds to purchase the property.
Financing is slowly coming back into our market, but it’s a buyer by buyer, building by building, case by case situation. We have really good relationships with quite a few top notch brokers in the area who can assist you with your lending needs.
Any other questions? Just ask. We are always a phone call or email away.
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Copyright © By Jamey Prezzi 2011 * All Rights Reserved* Miami Beach Real Estate
Together for over twenty years, Jamey and Ognjen know the meaning of hard work, persistence, trust and dependability. They have been involved in numerous real estate transactions that involved multi-million dollar properties from high-rise luxury living in South of Fifth to large estates on the islands like Sunset Islands and more.
