Keeping It Real in Real Estate with Teo Palmieri
Broker answers whether or not real estate sellers and buyers are willing to use Bitcoin or other crypto currency
By R. Michael Brown, Go Home TV
Dawn Pfaff interviewed Teo Palmieri, owner of Elite Oceanview Realty and author of his new book Keep It Real In Real Estate: 7 Ways to Be successful in Real Estate, in your Business and in your Life. They talked about the current state of the real estate market in the cosmopolitan area of Miami and South Florida, how he trains his growing list of 220 real estate agents, how he increases monthly listings, and the value of crypto currency in the real estate market.
"Everybody's coming to Miami now," said Teo. "The city is very hot and [a lot of buyers are coming] from New York, from around the United States, and a lot of international buyers. Many are from Italy, Spain, Argentina, Venezuela, and Brazil. Everybody wants to buy a property here for different reasons - tax breaks, safe investments, to protect their wealth, and more."
He has a very international business with agents that are from Russia, Venezuela, Colombia, Italy, and France.
During the interview, Dawn asked, "I talk about cryptocurrency on many of my shows, has anybody offered cryptocurrency or bitcoin to buy a piece of property?"
"Yes," said Teo. "I have a buyer approach me and say I'm willing to buy with cryptocurrency. If you have a seller that is willing to accept bitcoin. Cryptocurrency is out there, meaning the buyers, they are willing to buy with bitcoin instead of cash."
"Are you pricing it for bitcoin or pricing it for the American dollar?" asked Dawn.
"You price for American dollars so far," said Teo. "This will change eventually in the future."
A big reason for Teo's new book is to train new agents and that's the reason many join his firm.
"I wrote the book with the idea to help agents that are starting in the business, giving them some idea of what to do," he said. "Many agents waste time, they plan, they research, they do everything but pick up the phone to call. That's their primary job. Make calls. My advice is to just do it, make those calls to prospects now. Many new agents are afraid. Do it anyway."
"People feel you," said Dawn. "They know when you're afraid. They know when you're confident. It's true. That's what I hated about COVID. I hated not being around people. I hated Zoom meetings where I couldn't feel the energy of the person."
One of the key trainings that he offers is how to make that phone call out to prospects, approach the seller to set up the appointment, how to talk with the owner, and eventually get the listing.
Teo gets a lot of his listings by referrals from his clients, but his agents use other methods too. They contact expired listing sellers from For Sale By Owner (FSBO) ads.
Teo provides his agents rental leads. He has sent many leads to his agents over the past few months, especially since the for sale inventory is so low.
"I've been making this point for months now on My State MLS and Go Home TV," said Dawn. "There's a lot of money in rentals if you do it right, you can make a living off of rentals. I know somebody, she's strictly a rental agent, she gets sellers and buyers from her investors, who she represents. So, she doesn't primarily do sales. But of course, when you deal with people who are investors and you rent their property for them, of course they're going to have a lot of properties that they buy and sell."
"Eventually, a tenant becomes a buyer in the future and with their network, they can refer another tenant, another person, one to rent another person to buy," added Teo. "It's a chain reaction."
"We just started a new program on My State MLS for Open Listings for rentals because most MLSs' don't let you put opens in," said Dawn. "Because we're the New York State multiple listing service as as well as My State MLS, New York City agents have been using open rental listings forever. That's how agents in New York start. They all start off as rental agents because there are so many people who need a place to live and there's so few places to live."
Agents build their rental, seller, and buyer pipeline over time with this method.
See the video interview to learn more. Teo and Dawn talk about where to get referrals and leads, which Customer Relationship Management (CRM) system Teo's company uses, how to use scheduling to be successful, and where to get the book (Amazon).
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