Philip Scheinfeld is one of New York City’s top-performing real estate brokers under Compass. In the last four years alone, Philip and his team have brokered in excess of $250 million in sales to date. Last year he expanded his team into Miami where the market is currently exploding. Today we had the opportunity to chat with him about Miami real estate and his goals.
What is the current market state in Miami?
The Miami market is incredibly hot right now with the inventory at an all-time low across all price points within single-family homes. The condo market although still very hot has significantly more inventory available. Given the low inventory of single-family homes and the increase in price point, many home buyers are being priced out of single-family homes, therefore, exploring condos for the first time.
What advice do you have for potential home buyers in Miami right now?
In years past I have always been a big pusher for educating yourself and seeing as much as possible. Now given the limited inventory available, it is imperative to look online as much as possible to help narrow down what you are looking for. The certain product does not stay on the market for very long with many deals going into contract within days of being listed. Ensure that you are working with a broker who knows the inventory and market inside and out as well as someone who can be aggressive enough to get the deal done.
At Compass, we have tools for staying up to date on listings called “Compass Collections” which allows buyers to save listing searches and be notified instantly when homes become available within their search parameters. This tool is invaluable. In the current market, it is no longer about getting a discount on the property but rather ensuring your bid gets accepted.
What are your predictions for Miami’s real estate market?
I don’t see this market slowing down anytime soon but rather more people moving down to South Florida. Interest rates are still quite low and Florida has much better taxes compared to other states like New York and California. I believe that over the next 3-5 years many more people will move down to Miami and inventory on single-family homes will continue to dwindle.
Where do you see yourself in 5 years?
In the next 5 years, I see my team in Miami expanding from 3 agents to having 5 full-time agents. This will allow me to service my clients and the demanding climate that we are seeing. I also hope to do a similar volume in Miami that I am doing in NYC.
What advice do you have for those aspiring to become a top performing broker?
Study the market as much as you possibly can. Know the inventory market conditions and make sure you know it better than your peers. The information will prove to have no price tag on and buyers and sellers will flock to work with you. Having access to off-market properties can also add a lot of value in the current market where inventory is sparse.
You can follow Philip on Instagram https://www.instagram.com/philipscheinfeld/?hl=en