Invest Miami speaks with Robert Reffkin, CEO, Compass Florida
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How would you assess Miami as a growth market?
We are launched in New York, and New York clients have the greatest crossover with Miami of any market. A lot of our clients want to buy in Miami. Because of that, we want to be here. Miami is a true international hub. It is very important to have a strong, international brand and a strong client base. One can build that reputation in Miami. Third, this is an active real estate investment market. It has a lot of development, and a lot of transactions.
Compass incorporates a lot of technology for its selling platform. Can you comment on what Compass is working on?
Our “Compass Markets” app provides real time analytics that help you look at prices and transaction volume, over periods of time. Secondly, we have a very extensive valuation tool called “Value Properties,” which was build in house. Then there is “Collections,” which is really for buyers, where it is almost like Pinterest for real estate. You can put all the properties that you want, with your added notes and share the information with your relatives, so everyone can comment. The alternative now is many emails from your broker, each with its own set of email chains. Technology creates simplicity, and this is an industry that has one of the most complicated processes. We are trying to simplify all the processes and these apps accomplish that.
What have been your observations of trends in Miami, when compared with other markets?
We can tell you that across the country, we have seen an uptake in real estate transactions. We see that one of the greatest benefits is the second home market. The Hamptons, Aspen, Santa Barbara and Miami. The stock markets have gone up, and when that happens, people feel more confident. In 2016, the luxury market, in general, was depressed. The highest level of luxury is the second home. That hurt places like Miami. Now that the market is bouncing back, we are starting to see more activity.
To learn more about Compass Florida, visit their website at: https://www.compass.com/