Nick Herron

Here in Sarasota, Florida, the world-famous Ringling School of Art and Design has added a new B.A. degree program-the Business of Art and Design. Interesting. Even the creatively brilliant artists and designers need a little number crunching, marketing, managing, and all the rest that goes along with being business-savvy.

The same is true in real estate. In this business, anyone can learn how to write up a contract. But staying successful over the long haul means learning the business of business-and beyond. As a seasoned professional-over 20 years in business, I might add-here are a few business tips for newcomers.

Technology and new media. Successful real estate professionals must be lifelong learners, keeping up with technology and new media. Maximizing office technology and mastering communications technology has to be a priority.

Multigenerational selling. Successful real estate professionals must be able to relate-and sell-to a multigenerational clientele. You must be able to converse with retirees and remain relevant to the younger generation with equal finesse.

Business planning. Successful real estate professionals are not successful by random accident. Success takes great focus. Figure out where you want to go, then make a plan to get there. Create and maintain a fine-tuned business plan, revising and honing the plan with each new season.

Strengths and weaknesses. Successful real estate professionals must maximize and capitalize on their strengths...and outsource their weaknesses. If marketing has you stumped-hire a marketer. Think about your least productive area and find someone who does it better. (This may include the mundane-like cooking, cleaning, and paying your bills.)

Warm-calling. Once you begin to build a referral base, keep in touch. Don't let your network grow cold. Instead, maintain relationships through social and business networking, correspondence, and even something as simple as a "home anniversary card" on the anniversary of their purchase.

Marketing. Someone once said that being in business without marketing is like winking in the dark-you know you are doing it but no one else does. Attack your market!

Tips are just that-short snippets of wisdom from an expert. Now it's up to you to apply a little muscle and improve your game.

Tips compliments of Nick Herron and Kathleen Herron with The Herron Group, RE/MAX Alliance Group. Nick and Kathleen are successfully selling luxury waterfront, golf course, and country club real estate on Florida's West Coast, including Casey Key, Siesta Key, Lido Key, St. Armands, Longboat Key, and all of Sarasota's barrier islands.

We just attended a lovely Real Estate function at one of the condos at Orange Blossom Tower. It was a networking meeting (open house) put on by Real Magazine (Ed Bertha) and hosted by Stacy Haas with Michael Saunders and Company. Tina Darling owner of Innovative Agent Services (one of the sponsors) was also in attendance.

This property is truly lavish and livable as they promised.

We have a buyer looking for a special property in Sarasota next week. They have expressed interest and want to view this beautiful condo while they are here. So this was the ideal time to pre-view this wonderful property and the food and drink was as special.

If you want any information on any of the Downtown condos or water front properties please e-mail Nick Herron or Kathleen Herron The Herron Group with RE/MAX Alliance Group

According to data compiled by the National Association of Realtors®, international clients are flocking to Florida. Consider these facts:

•· In 2004, over 4 million foreigners visited Florida for vacation.

•· Over 20,000 traders and investors came to either research or purchase investments.

•· Nearly 41,000 potential future buyers in the form of foreign students arrived in the Sunshine state.

•· And over 500,000 foreigners came simply for business reasons.

It's no surprise, then, that home buyers are increasingly from outside the U.S. And Florida isn't the only state enjoying an influx of international clientele. In fact, in one California county, 50% of new Association of Realtor® members do not speak English as a first language! The industry is changing even as the market is changing.

With over a billion people online, the abundance of information on the Internet has fueled this international movement. Curious and savvy buyers from around the world can research listings and locations. And online tools such as the Google translator make English-language websites accessible to those of many nationalities, even if they don't speak English.

Why do foreign nationals find the U.S. real estate market appealing? A relatively stable government, a weakened U.S. dollar, and our nation's unrestricted free enterprise system are a few strong reasons.

As Realtors® specializing in Casey Key, Lido Key, Siesta Key, Longboat Key, and Sarasota waterfront properties, we at The Herron Group, RE/MAX Alliance Group are watching this market shift with a keen eye. We're poised to help sellers find buyers, buyers find ideal homes, and our barrier island neighborhoods thrive.

Old Walt Disney had it right-it is indeed a small world, after all.

Call Nick Herron and Kathleen Herron with The Herron Group, RE/MAX Alliance Group for all of your Sarasota and Casey Key, Florida property needs.

Active Rain blog Jan 27 2009

The Answer Is: Deep Pockets

You know how it is on the Jeopardy game show... ageless host Alex Trebek starts out with, "The Answer Is..." and contestants must guess the question.

My answer is...deep pockets. Can you guess the question?

How many of us in the real estate community have been asked, "Should I sell now or hold on? Should I unload my investment property that I bought when things were humming? What should I do?"

A couple came to me recently with this scenario. They purchased a small, 50-year-old fisherman's home on a lovely lot on the Braden River in Manatee County. Knowing our experience in waterfront homes-even though our key market is a little further south in the Casey Key and Siesta Key areas-the couple thought I could help. I began digging a little further:

Tell me about the property. It's a small, 50-year old home. We think the value is in the lot; Braden River waterfront with access to the Manatee River, the bay, and ultimately the Gulf of Mexico. The property was cleared of mangroves before they were protected, so the yard leads right to the water. Behind the property, there are no other homes in view as the river contains several islands and mangrove channels that are not buildable. Birds and manatees are common, and wild peacocks can be heard in the distance. The water is tidal, meaning the river flows in different directions depending on the tides. It's a beautiful, remote feeling just minutes from State Road 70 and I-75.

Have you made improvements? We totally rebuilt the existing dock.

How much did you pay for the property? (We'll keep their answer confidential for now; dig up the public records if you must.)

What's happening now with the property? It's being rented for $1100 with a newly signed year's lease.

Does this cover your mortgage? No.

Can you maintain this negative cash flow? Maybe. But we're tired of being in a tight place, financially. We can pay the mortgage, but the air conditioning system is on borrowed time so it will hurt if we have to make major repairs.

Should we sell it now? Should we wait?

What do we need?

My answer is: deep pockets. Keeping the investment requires deep pockets. How deep are yours?

Answering your client's keep/sell question is a decision of numbers, discomfort, and risk. But the bottom line is the bottom line: how deep are their pockets? Can they afford to hang on? What is the property worth in today's market? (Now there's the million-dollar question. Or less.)

Your turn, real estate community-how are you answering this question for your clients?

A related article in the Herald-Tribune January 27 "Foreclosures continue to drive down prices"