Do You Have the Right Broker to Navigate Today’s Increasingly Complex Real Estate Market? What to Look For To Give You an Advantage
It’s no secret that today’s ever-fluctuating housing market is challenging and can be overwhelming for both buyers and sellers. Is it still a good time to buy, even with higher mortgage rates and less inventory? Is it worth putting your property on the market right now with prices constantly in flux? How do you know if you’re overpaying, or under-pricing—and how can you obtain the knowledge necessary to make a confident decision in this new environment?
At times like these, it’s critical to have a seasoned real estate professional by your side. You need to have realistic, informed answers to these types of questions, to help guide you to what’s in your best interest. Someone who understands the market inside and out, and who has seen downturns and upturns and knows how to ride the waves of a sea change in the market.
With the pandemic real estate tsunami receding—where buyers and sellers had many choices—the South Florida market has recently and abruptly shifted. The market is fundamentally different, and that’s why the broker you rely on can make all the difference in achieving a profitable transaction.
When the going gets tough, the tough get a top broker
With these questions in mind, The Real Deal recently sat down with Palm Beach/Wellington real estate broker Darlene Streit to learn more about what’s needed to thrive in today’s real estate market. In Streit’s 20+ year-career, she’s faced all types of markets, including challenging ones like we’re currently experiencing. With almost $2 billion in sales volume and thousands of transactions over her career, Streit has historical, in-depth expertise with all types of situations, and in difficult real estate climates. A Broker Associate with the Corcoran Group, Streit has gained intimate knowledge of the Palm Beaches, Wellington, Jupiter, Del Rey and surrounding areas. Exactly what we were looking for in order to get insight into navigating complicated markets. And as the No. 26 individual agent in the nation, her track record of success in real estate speaks for itself.
What Traits Should a Buyer or Seller Look for in a Broker to Navigate and Succeed in Today’s Market?
Real estate transactions can be stressful, especially in the fast-moving, high-stakes world of South Florida properties. While the real estate landscape in Palm Beach/Wellington and surrounding areas remains strong, there are some fresh shifts that make a broker’s efficacy even more important. “With this new climate, would-be home buyers and sellers can take advantage of a seasoned professional’s understanding of the market, and the agent can offer their insight and a choice of different options. Even with the complexity buyers and sellers now face, there are still ways to make a smart purchase or get the best return on your housing investment. While interest rates are rising, prices have yet to dip which means that the financial investment is even more significant,” Streit says.
According to Corcoran’s Darlene Streit, buyers and sellers need to work with a broker who has sharp negotiating skills, excellent communication and rapport with a client, can inform and guide the buyer or seller with current market information, will offer options on how best to handle a transaction, and most importantly, can utilize their in-depth experience and expertise to bring the transaction to a successful outcome.
“Right now you need an agent with the skills to craft alternate scenarios and solutions to make a purchase or sale successful. In the recent past, with higher inventory and frequent bidding wars, the dynamics were much different. Now, with this more complex market, there is room to seek concessions, explore various options, and make sure you’re getting the best price,” Streit says.
How an agent can, and should, be helping you when you’re searching for a home or selling one
We asked Streit how she personally has been helping clients determine how to proceed in this market.
“It’s a delicate balancing act right now. At times we’ll need to move fast when a favorable sale can be made. Other times, it requires a lot of patience because buyers, sellers and investors are more cautious. I understand that, and my goal is always to use my knowledge and insight with the market to help them ultimately make a good decision. I’ve been helping my buyers to buy smart by negotiating win-win deals, by obtaining the property at a competitive price, and at times assisting them in procuring the best loan rate possible. And sellers need guidance on pricing a property correctly for their situation and the current market forces. My philosophy has always been that the satisfaction of the buyer or seller is paramount. I cultivate long-term relationships with my clients not only as an investment in future business, but to be a resource for them whenever they need me.”
Streit’s longevity, determination, and experience in the industry have become vital components for her success and her clients’ success—now more than ever. After decades of seeing the ups and downs in the real estate world, she knows she can confidently guide her clients through the decision-making process. It’s something not all agents can realistically offer. She also has honed her expertise and communication style so that it instills trust and a calm reassurance in her clientele, a resource that is necessary in this changing climate.
One trait that is continuously praised is her uncanny responsiveness, which assures clients she is working tirelessly on their behalf. Streit says she understands how a sale or purchase can be emotionally challenging, even if it’s supposed to be strictly business.
“I know my clients are waiting for an important piece of information or options on what to do next, and I keep in constant touch with them. I’m available 24/7, and I’m here for the questions or doubts or concerns they might have.”
Gaining Clarity in a Complex Market
For today’s sellers and buyers, negotiating and problem-solving skills are not only advantageous, they are critical and essential considerations when selecting an agent. Streit’s real estate background and rapport with clients can bring confusing or challenging situations to a positive outcome.
“My goal is to help buyers understand what they want by asking pointed, sometimes difficult, questions which will help crystallize their thought process. They’re looking for guidance in making what can sometimes be an overwhelming decision. These are big financial commitments buyers and sellers are making, and I want to help them get through the process with as much ease and support as possible.”
Streit’s extensive experience and her familiarity with markets of all types gives her clients a strong advantage, and much of that comes from her handling many thousands of transactions and seeing almost every possible scenario throughout her robust career.
She notes South Florida, and the national market in general, are coming off a crazy time of accelerated sales and purchases. Now, they benefit greatly from the skills of someone like Streit whose expertise and track record can make the difference between celebrating a successful outcome or regretting missed opportunities.
Developers and Builders: What are Challenges Facing Them Now?
While Streit specializes in helping individual buyers and sellers, she adds that she is also a valuable asset when new projects are being formulated, or are in the process of being executed. Supporting additional stakeholders—which includes builders, developers and investors, on projects of all sizes and at all stages—is one of her strengths. With the market in flux, new homes and developments need more than just a great design, they need to have the features and the qualities that will accelerate sales, along with targeted, comprehensive marketing to put them in front of interested buyers.
“Since I’m constantly looking at homes, I know what the different segments of the market demand, which means I can suggest changes that can make a major difference in the finished product,” Streit says. “It’s not about overspending or making large-scale adaptations, but about being meticulous with the details that matter, such as strategically moving a window, or enlarging a space. Sometimes it might involve locating the best site and orientation for a home, or suggesting floor plan adjustments that will enhance the sale of the home. I’m not afraid to have conversations and make suggestions that I know will pay off.”
“My track record gives me the credibility to offer useful insight, and that typically prompts appreciation for the collaboration, as we shape the house or project into one that will have great appeal for buyers,” she adds.
Ideally, Streit is able to join a project at the outset, where she can help with everything from site selection to space planning, ensuring the finished product meets the evolving trends and tastes of a selective clientele.
In other cases, builders come to her later in the process when they realize a property isn’t moving as fast as it should, and she can incorporate her eye for design and stage the home with upscale furnishings and artwork. Streit has also built an effective and comprehensive marketing program that has assisted developers and builders, and continues to fuel her impressively consistent record of success in the industry.
“An agent who works with builders and developers needs to not only have a wide and deep level of experience, but also the creative and problem-solving skills that add synergy to the collaboration, and can offer valuable contributions. With that depth of involvement and intimate knowledge of the homes, an agent should then be able to mine his or her extensive network to find just the right buyer or buyers who will appreciate the property.”
Looking at What’s Hot in the South Florida Market Now
There’s no doubt that the Palm Beach County market continues to sizzle, with new residents drawn to its unique combination of exceptional weather, luxury amenities and tax-friendly environment, all of which combine to create a lifestyle consumers want. Specific areas that are still seeing exceptional promise are Palm Beach, Jupiter, Wellington and Delray. While New York and California continue to be important feeder markets, Streit has seen an influx of clients relocating from around the country and the globe.
One often overlooked, unique community is driving immense interest: Wellington, known worldwide for its polo and equestrian activities. There, Streit guides buyers to newly renovated older homes or high-end new developments, whatever the individual client is gravitating toward.
While many residents are attracted by Wellington’s reputation as a national and international center for polo and equestrian competitions, its well-rounded offerings are a great match for a number of lifestyle interests, including golf, water sports and country club living, all packaged with a desirable small-town feel.
“While some segments of Florida are more sprawling, the Wellington community offers an appealing village center, complemented by the lake and prestigious equine facilities. It’s also very well located, being close to Palm Beach’s desirable amenities. Situated as it is a little inland, hurricanes and storms are less of a threat,” Streit explains. As a native herself, Streit has seen the community and others around it grow and develop, giving her first-hand knowledge of the nuances that make each neighborhood special.
Are you Weighing the Options to Work with a Broker for Your Next Transaction?
With this background knowledge, choosing an agent for your home purchase or to sell your property should be an easier decision. While Palm Beach County will continue to garner significant interest, the changing markets drive the need for an accomplished professional. Whether you’re a builder or developer, or a seller or buyer looking to maximize a transaction, you know now that you’ll need an agent who understands the ups and downs of real estate and is ready to help you successfully navigate them.
If you’re ready to talk to one of South Florida’s most experienced brokers and one of the top agents nationally, you can get more information on current market strategies from Darlene Streit. For home buyers and sellers click here, for builders and developers, click here.