Melbourne and Brevard County Florida Real Estate Market Update

Posted by: Mitch Ribak on July 3rd, 2008

Mitch Ribak of Tropical Realty of Suntree, Florida provides mid-year update

Mid Year Brevard County Real Estate Internet Marketing Numbers are in!
Well it’s been a crazy year so far here in Melbourne, Florida and my real estate agents have been as busy as ever. Even though the real estate market is terrible here in Brevard County, Florida, Tropical Realty of Suntree is holding its own and is neck and neck with two other companies for first place in total closed transactions.

As most you out there, I’m sure you are showing a ton of customers just to get one home buyer. They are certainly taking their time making their home buying decisions. Where are those old glory days?!

Since I’m always talking about Internet Marketing, Lead Capture and Lead Conversion, I figured I would share with you our stats for the first half of the year. There are two reasons I want to share this info.

Firstly, I am proud as a father of my Agents and my staff (my kids). They have worked their tails off this year to keep their careers in line. They don’t want to hear about a bad market, they are making the best out of it. In fact, we wrote 35 homes for sale contracts this month which is a new record since our opening in 2005!

Secondly, I want you all to see the possibilities of what happens when you really dedicate your business to Internet Marketing. And yes, HomeGain’s Buyerlink program is a big piece of our success. Gone are the days where I spend two hours each day managing my keywords. So thanks to my awesome Agents and thanks to HomeGain for having the BuyerLink program!

Ok so here is what we got:

  • Total Agents – 23 (6 are new Agents within 4 months)
  • Closed 173 Transactions as of June 30, 2008
  • Total Leads Generated – 5236
  • Average Closing Ratio of all Agents – 1 transaction out of 30.27 raw leads
  • Average Closing Ratio of Agents with more than 6 months experience (17 Agents) – 1 transaction out of 24.78 raw leads
  • Last Year Closing ratio for the office was 1 out of 45.
  • This year 11 Agents have Closing ratios of better than 1 transaction out of 30 raw leads.
  • This year 16 Agents have Closing ratios of better than 1 transaction out of 40 raw leads.

I’m very excited about how well my 1+ year Agents are performing. It’s pretty amazing for so many real estate agents in one office to be doing so well. One of our Agents is at 1 transaction out of 9.96 raw leads. Talk about amazing. She is working like crazy right now but between June and July she has 13 transactions closing and by the end of July will be at 25 transactions for the year.

Again, that is a great number considering our market. I have to believe that she is pretty close to the top in real estate transactions in the county.

All our real estate sales come from raw Internet Leads that we cultivate using our 100MPH Marketing Software. Our systems and training are available through the eHomes Realty Network.

Memberships will be available starting in mid July if anyone is interested. I have also had so many requests from Agents to review their Web sites so I have added, at least for a short time, a free website evaluation of how well your Web site is set up for lead capture.

As always, if anyone would like to talk about their Internet Program and would like some advice, I’m sort of known as being an open book these days. I guess that’s a good thing as long as you don’t work in Brevard County Florida!

Mitch Ribak is Broker/Owner of Tropical Realty of Suntree, Inc. in Florida.

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Comments

6 Comments on “Melbourne and Brevard County Florida Real Estate Market Update”

Dave Marron

Mitch:

You’ve got great stats. It seems like we’re running parallel lives. I’m in CA, all of our business is generated through Internet marketing. We use our own technology, which we also provide to brokerages. Our technology company is called SphereBuilder and our brokerage is called First and Elm Realty. No matter what you use, you do have to have a system and good tech to make online lead generation pay off.

HG is a big part of our marketing plan. Our agents are currently working with (actually showing property to or working on listings for) about 50 real customers right now that came to us from HG. That only includes HG traffic. We get traffic from many, many sources. That also only includes ready, willing and able people.

First and Elm is still relatively new (launched last fall). One of the keys that I’ve found after working for zipRealty, KW and now with First and Elm is that there is a ramp up period. Agents will not have the kind of success you are having right away. It will take at least six months (probably more like a year) to build up any kind of critical mass in your database.

I only mention this I remember being a new agent and reading Gary Keller’s book The Millionaire Real Estate Agent. I did just about everything the book recommended and spent a lot of money and time. It wasn’t until after I set up the recommended marketing strategy that I realized it would take three years to attain anything close to the closing ratios they touted. Internet marketing pays off quickly. But, it still takes time.

Dave Marron
http://www.FirstandElm.com

Mitch Ribak

Hey Dave. You are right about the ramp up time. I tell my new Agents that you can prepare for a slow first 3 or 4 months. I also tell them if all they are doing is working the leads, they should end up between 8 and 12 sales the first year. I also tell them that if they do all the other stuff I teach, they would end up around 15 sales or more their first year. So far my best first year Agent sold 22 homes, that was last year. This year she has already sold 18. The nice thing about building your business through the Internet is that you can predict your business. I think I’ll write a blog about that.

Have a Happy 4th.

Dave Marron

You’re right, it’s very predictable as long as you know your numbers. We call it “Understanding Internet Math”. You really have to know what the acceptable conversion rates are at each point in the sales funnel. Measure those conversion rates every month. It’s pretty easy to see how you’re doing as long as you understand the math. Agents that don’t understand it get frustrated and give up. It takes time. But, as you’ve pointed out, if you stay with it and do the right things, it’s really profitable.

Why Bloggers Fail To Become Top Producers | BloodhoundBlog: National real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments

[...] evolves but it DOES work.  You’ll have a chance to hear Mitch Ribak discuss this.  He is doing volume that places him among the top 50 real estate teams in the country.  Mitch gets his business by [...]

Melbourne Translator

I am interested in the whether you think the property market in Florida has bottomed or do we have another 6 to 12 months to go?

ryan

You’re right, it’s very predictable as long as you know your numbers. We call it “Understanding Internet Math”. You really have to know what the acceptable conversion rates are at each point in the sales funnel. Measure those conversion rates every month. It’s pretty easy to see how you’re doing as long as you understand the math. Agents that don’t understand it get frustrated and give up. It takes time. But, as you’ve pointed out, if you stay with it and do the right things, it’s really profitable.

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