Spotlight On: Rei Mesa, President & CEO, Berkshire Hathaway HomeServices Florida Realty

Spotlight On: Rei Mesa, President & CEO, Berkshire Hathaway HomeServices Florida Realty

2022-12-09T12:33:39-05:00December 9th, 2022|Miami, Real Estate & Construction, Spotlight On|

2 min read December 2022 Invest: spoke with Rei Mesa, president and CEO of Berkshire Hathaway Home Services Realty, about the various dimensions of the homebuyer experience in Miami right now, reflecting an overall population influx that is unmatched in most cities across the country. “We pride ourselves on being ahead of the curve and delivering the tools and services for our sales professionals to serve our consumers,” he says.

What have been the key highlights for the firm over the past year?

Our focus has been on the shifting market with higher interest rates and questionable consumer confidence being key issues. We have been through two years with a hyper-focused demand on real estate, so it’s only natural we’d experience some slowdown, which we are now seeing in 2022. We want to take advantage of opportunities because where there is change there is opportunity. The market changed and demand slowed down, so we’re looking at opportunities for growth through adding additional sales professionals, and through our three company acquisitions and title company acquisition. We are always looking to grow. We’re very disciplined in this growth. In our acquisitions, we look at companies we can acquire who want to be acquired and have a similar approach to business and doing the right thing by the consumers. 

What separates Berkshire Hathaway Home Services Realty from competitors in the region?

We are certain our brand and culture set us apart. I don’t see other companies as competitors because we cooperate so much in this industry. We work for the benefit of the buyer and seller, landlord and tenant, so we transact between a lot of companies. We have integrity, with strong financial backing from Berkshire Hathaway. We bring a great deal of value to the consumer and to the sales professionals and employees in our company by the type of culture we live by and promote. The market would be void of additional opportunities for consumers if we weren’t a viable company in the market. 

What are buyers looking for when they are deciding on a home?

It depends on the market and price point. For entry-level first-time home buyers, they are looking for areas that are great for their kids to grow up with access to commuter centers and employment opportunities. Move up buyers are looking for larger homes, so their needs are different. We then have the luxury market, which is a whole different set of desires, including ocean fronts, golf course access, and parking for boats. Then there are second home buyers, which is quite common in Florida. We benefit from folks coming from all different parts of the world, and the needs are very different.

How is the firm leveraging technology to better serve customers?

Staying ahead of the technology changes is critical for our industry. It played a huge role during the pandemic when we couldn’t walk through homes with buyers and sellers. We did a great deal of home showings on our cell phones. They could be anywhere in the world and our salespeople could show them anything the potential buyer wanted to see without the buyer ever having to step foot on the property. The pandemic pushed us even further and gave consumers more confidence to transact online. We pride ourselves on being ahead of the curve and delivering the tools and services for our sales professionals to serve our consumers.

What are the biggest challenges you’re facing in the market and how does that reflect the broader real estate industry?

The biggest challenge continues to be lack of inventory, which remains a real headwind. Higher interest rates are creeping in, especially for the first-time buyers, who are very sensitive to rates. But if you compare Miami rents to owning at a higher interest rate, most people would be better off buying given today’s rental market. That’s an analysis and consultation our sales professionals are always happy to do. We can show customers what they’re spending at rent versus the cost of a home. In most scenarios they’re better off buying and generating equity from their own property. There is that mindset that if one waits the interest rates will go down, but I don’t think we’ll see those 2.5% or 3% rates in the near term, we just have to get used to it for now.

What is the benefit of being a full-service home services company? 

Our services run the gamut. We provide brokerage, buy and sell, rent and lease, mortgages services and closings on titles. We can provide consumers the opportunity for homeowner insurance, and we have a partnership with a warranty company as well. We are always focused on providing a consumer with a one stop experience. We strongly believe the consumer has the opportunity to have all their needs met by one company in a pleasant and efficient transaction. 

For more information, visit: 

https://www.bhhsfloridarealty.com/

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