As record foreclosure filings and the Florida mortgage crunch have become a nightmare for homeowners and lenders, the higher numbers mean more business for at least one group of people. (more…)

Choosing the right real estate agent is a vital part of the home buying process. As you review Florida mortgage options, remember the following questions to ask of any potential Realtor… (more…)

With positive economic conditions such as low Florida mortgage rates and job growth continuing in the state, sales of existing single-family homes totaled 11,674 in July and were closer to activity in July 2001 and 2002 – before the housing boom years – than the July 2006 figures. (more…)

Of all the questions most first-time Florida mortgage borrowers come up with - from the duration of their loan to the type they ought to apply for - an ofter overlooked inquiry is: Do you need a Realtor?

For the most part, these professionals can only come in handy, especially for those entering this process for the first time. Here are some reasons why… (more…)

Karl Mooney recently wrapped up a nine-day training session with Signature GMAC Realty in the Orlando housing market - to become a sales agent. Residential real-estate sales have been slowing locally and nationally, yet many are still flocking to the field. (more…)

Marc Stern was a commercial airline pilot for 29 years. In 2005, the year homes sold in a day and buyers lined up at the door, Stern did what lots of career professionals did: He ditched his occupation to sell Florida real estate. (more…)

A licensed Miami real estate agent is accused of bilking a South Florida couple out of more than $100,000 by acting as a Florida mortgage broker. (more…)

In the weak Florida housing market, how should a seller go about finding the best real estate agent? Here’s some advice:

Have you ever noticed that the service is often great in crowded restaurants, but abominable in empty ones? You’d think it would be the other way around because servers have more time to devote to their customers when business is slow. But it usually doesn’t work out that way.

People who rely on tips or commissions are happiest when they’re busiest, and the crush of work inspires them to be efficient. But when the work slows down, there’s a tendency to give in to despair and apathy. So you wind up sitting for what seems like hours waiting to be handed a menu, and when the food finally arrives the steak is cold, the knife is dirty, and the waiter seems to have vanished.

Something similar happens to many real estate agents when times are tough.

I recently discovered that when I went home-shopping in Naples, Fla., where the market has been steadily slowing since the summer of 2005. One home, which had been for sale for more than a year, particularly interested me. But since it was close to the Gulf of Mexico, I suspected it would have a high flood insurance bill.

I asked the agent for the information, but she didn’t know (strike one). She said she’d find out and call me back; two weeks went by and she never got back to me (strike two). Then one day I happened to walk by the house when the owners were out in the yard. I told them what had happened, and the next day, I finally received an e-mail from the agent with a quote from the insurance company - and instructions not to call her, but rather the insurance agent, if I wanted more information.

That was a few weeks ago. Do you think she ever followed up with me to see if I was interested in buying the home? Nope (strike three).

Was this an aberration? Not according to the owners, who told me they had hired several real estate agents in succession in their attempt to sell their home - which, by the way, is both lovely and priced lower than any other house in the neighborhood. It should attract a slew of Florida mortgage applicants.

Each agent arrived armed with impressive listing materials that showed comparable sales, graphs, charts and maps. Each laid out a marketing strategy that showed where and how the house would be advertised, both in print media and online. And each had failed to realize that getting a listing isn’t enough in a down market; getting and keeping a buyer is.

So while agents will inundate you with fancy presentations when you decide to put your house on the market, all of that is simply window-dressing. You need to find an agent who won’t just go through the motions of selling your house, but will follow through with every query from everyone who calls about your listing or walks through your front door.

Most of all, you need to find an agent who’ll ask the critical question I never heard during three months of intensive home shopping: “Do you want to buy this house?”

To find this dynamo, you’ll need to ask the agent how many listings he or she has sold within the past six months. Then call both the sellers and the buyers, and ask how quick and thorough the agent was in handling their questions and concerns. You’ll soon discover which agent gives the best and most enthusiastic service, even when the market is nothing to smile about.

June Fletcher is a staff reporter at The Wall Street Journal and the author of “House Poor” (Harper Collins, 2005). Her “House Talk” column appears most Mondays on RealEstateJournal.com

Florida real estate commissions are steadily falling; and the oft-cited, oft-debated industry standard of 6 percent is becoming a distant memory, according to little-noticed numbers the nation’s largest real estate broker released this month.

Realogy Corp.’s annual report shows that the average ”commission side” - the amount paid to either the seller’s or buyer’s agent - dipped below 2.5 percent in 2006.

Assuming that agents for both sides equally split commissions, that means the average commission was less than 5 percent.

”That’s good news,” said Stephen Brobeck, head of the Consumer Federation of America, a group that has criticized real estate commissions. “It shows consumers are increasingly negotiating.”

Don’t feel too bad for Realogy and its thousands of agents. Thanks to soaring Florida home prices, their take from real estate transactions has risen. Even as Realogy’s commission rates fell over the past five years, the average dollar amount per commission side rose to $12,691 in 2006 from $8,535 in 2002.

The stakes are high, both for the nation’s million-plus Realtors and for Florida mortgage borrowers, who pay an estimated $60 billion-plus a year for real estate brokerage fees. On a $400,000 sale, a 6 percent commission amounts to $24,000, while a 5 percent commission is $20,000.

LARGE NUMBERS
The Realogy report is noteworthy partly for the company’s sheer size. Parsippany, N.J.-based Realogy owns a number of brokerages, including Coldwell Banker Residential Real Estate, the largest brokerage in Florida. Realogy also franchises the Century 21, ERA, Coldwell Banker and Sotheby’s International brands.

As the nation’s biggest broker, Realogy has been pushing to hold the line on commissions, even as consumers increasingly demand discounts.

But Realogy’s annual report shows that the average commission side for its franchisees fell to 2.47 percent in 2006, down from 2.51 percent in 2005 and 2.65 percent in 2002. For Realogy-owned brokers, the average commission side slid to 2.48 percent in 2006 from 2.63 percent in 2002.

Realogy franchisee Douglas Rill, owner of Century 21 America’s Choice in West Palm Beach, bristled at the suggestion that homes can be sold for less than full commission in today’s slow Florida housing market.

A seller who offers a buyer’s agent less than 3 percent only discourages agents from bringing buyers to see the home, Rill said. He said commissions have been rising in the past year as sellers come to terms with the slow market, and he argued that the higher rates have yet to show up in the numbers.

SOURCE: The Miami Herald

Even in this climate of declining Florida home loan demand and widespread housing market uncertainties, there are some success stories emerging in the real estate landscape.

Out of the hundreds of realty groups in the area, Sand Castle Realty Group is the fastest growing real estate agency in the Southwest Florida housing market, according to figures provided by the Department of Business and Professional Regulations of 2006.

Owners Scott and Janet Berry say their unique approach to Florida real estate is what has led to the firm’s successes.

“Our program is attractive,” Scott Berry said. “Real estate agents pay us $100 a month to keep 100 percent of their commissions.”

Some might wonder what the catch is, but the Berrys say there isn’t one. At closing, agents pay an extra $150 to the realty group. That’s it.

“Getting 100 percent allows you to get involved in brokering the deal,” said Sand Castle Realty Agent Keith Monzillo. “I can do what I need to do to get the deal done … I can speak for myself without affecting my broker’s profit.”

Besides giving their agents the full commission option, the Berrys make sure that they are always available for questions or solving problems - personal touches that go a long way in a time when consumers are reluctant to apply for a Florida mortgage loan to buy a house.

“The biggest thing is communication and being able to resolve issues,” Scott Berry, 41, said. “It’s easy for our [real estate agents] to communicate with us. They can email, fax or call us anytime.”

Since opening the business in late 2005, the Berrys have signed 131 agents and have plans to increase that number to 223 by the end of this year.

The agents at Sand Castle Realty are spread out between three offices serving the Naples housing market, Bonita Springs, and Fort Myers, respectively.

Throughout each office, the Berry’s provide conference rooms, copy and fax machines and computers and, unlike many agencies, they don’t charge for these services.

“The customer should always feel like they’re in a full-service, quality environment,” Scott Berry said.

Besides also having their own title company, Sand Dollar Title Group, Sand Castle Realty has added a new Florida mortgage company to their business.

Though the three business work separately, agents are welcome to use them for their deals at any time.

“Scott has never implied that we have to use in-house [title and mortgage], but it’s very convenient for me,” Monzillo, said.

While the real estate business has been slower lately, the Berrys remain positive about the situation.

Sand Castle Realty maintains a large database of Florida mortgage lenders that work with every type of buyer.

“There’s never been a better time to buy, lenders are working with customers to find the best mortgage rates,” Janet Berry, 39, said.

With the expansion of the Naples Airport and the growing number of families in the area, the Berrys say Naples is becoming more desirable than ever.

“We’re here, we’re ready and we have more to offer,” Berry said. “We’ve done tremendous leaps and bounds to push and be ready for the boom that I know is coming. We’re ready.”