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Why so many Brits face losses on their property in Florida. Thinking about selling? holding on, renting, a new mortgage or about to complete on buying a house?
Searching for independent, impartial advice?
Advice from Florida property expert Andrew Bartlett writer and independent advisor on Florida lifestyles for The Red Guide to buying property in Florida, Florida Magazine, Going to America, Homes Worldwide, Escape Magazine, Place in the Sun, The Sunday Times, The Guardian etc.
Maybe you have owned the property for several years and are ready to explore somewhere else, quite a few Brits who retired several hot winters ago to Florida are now ready for a change. Others have decided to benefit from the enormous rise in prices over the past few years.
Unfortunately there are also a number of owners who were persuaded by less reputable Agents (who had their eye more on the size of the commission payment), to buy the wrong property, at the wrong time and have since found the various promises and claims made by the Agent have not stacked up. A recent article in the Sunday Times highlights this problem click here and another article in the Guardian also highlighted examples of poor advice given when buying in Florida click here.
Thinking about selling your house in Florida - is now the right time?
Recent reports from media sources, economists and property experts indicate property prices in certain locations peaked in 2005. If you are buying, now may be the time to discover that bargain in some areas as the market shifts from sellers to a buyers market - but what if you are selling?
In some areas growth continues although at a much slower rate, in others a lot of properties are on the market, with many more to come. There would seem to be a consensus amongst experts that there are some locations where a further substantial fall in prices is inevitable and other locations where supply and demand would indicate a continued upsurge, albeit at a more marginal rate.
If you are thinking of selling your property the question is what is the outlook, particularly in relation to locations popular with Brits? The first areas under the spotlight are the Orlando theme park area and specific developments in Naples and Rotunda.
In these areas on certain developments a number of Brits have taken advantage of the price gains over the past few years and decided sell, however there are important points they have not been made aware of and they look set to lose thousands. British owners of Florida properties are not being given the facts and as a result are losing a lot of money due to adopting the wrong selling strategy, with the result the property is sitting on the market for months.
The number of visitors renting property needs to constantly increase in order to fill the ever growing number of rental properties, some owners have discovered that guaranteed rentals, management costs and services etc do not match the picture painted when they bought.
In some situations if you need to sell in the next two years it might be better to do so sooner rather than later, particularly if the dollar starts to weaken again, in others circumstances this may be a costly mistake, each case needs individual consideration depending upon a number of circumstances.
It is important to be realistically and impartially advised as to national, state and local trends. The market position when selling property is very different between say Sarasota, Naples, Fort Lauderdale, Miami and Orlando.
The system of selling property is very different in Florida from the UK and this is the time that you may well be caught out by the type and size of commissions as well as various practices and legal implications.
The problem for many Brits who are buying or selling in Florida is linked to inappropriate advice intended to persuade you to buy or sell, rather than impartially informing you of all your options and what may be the best alternatives for you.
Buying or selling property or emigrating is a major investment involving a great deal of your time and money and requires the necessary research and impartial advice
Mistakes when selling?
These are common mistakes that have been made by Brits selling their property in Florida; in some cases, the consequences of the mistakes have cost the seller thousands.
- Selling at the wrong time
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- Assuming selling property in Florida works the same way as it does in the UK, a Big Big Mistake!
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- Choosing the wrong Agent in today’s volatile property market in some areas their house has remained on the market for months, with ongoing decreases in price, this is a serious and ongoing problem that is frequently swept under the carpet.
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- Not realising all the implications of how and where their house was marketed, what really works and what is hype. Many Brits think they realise how the market works in Florida based on their UK experience. Sadly many find out the systems are totally different after they have lost thousands.
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- Choosing a particular Agent for all the wrong reasons this is one of the biggest problems we hear about. There are over 100,000 licensed Realtors in Florida and over 1,000,000 in America. Knowledge and experience vary greatly; some agents undertake real estate as a second or part time job. So many Brits take the information given to them by agents at face value, this can cost them dearly in certain situations.
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- Failing to understand how choosing the wrong commission structure would cost them thousands, don’t expect Agents to always tell you or even know. This is one of the major problems in the American system. it requires a detailed explanation to avoid a substantial cost to you and negative impact on your opportunity to sell. Many clients who have turned to our trouble shooting service have previously made significant mistakes in this area.
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- Accepting what you are told at face value can in certain circumstances lead to your home being on the market for many months and as a result falling substantially in potential market value.
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- Not realising the major implications of using the Agent who originally sold them the house, particularly when they bought the property new or off plan. In certain cases this has cost British sellers thousands.
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- Assuming an agent working under a well known brand name, such as Remax or Coldwell Banker for example, guarantees comprehensive marketing of their property.
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- Unfortunately a number of people are either not aware or are in denial about the current market position and the cost implications.
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- Selling without a thorough impartial briefing first, this is a high risk strategy in today’s buyers market and given the value of your house can cost you a lot of money
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The two fundamental problems for the many Brits buying, selling or emigrating to Florida is they just don’t realise the significance of a system based on commission payments or they decide to do everything themselves.
As a result they do not receive independent advice before committing themselves to spending hundreds of thousands of Pounds. We have seen the implications of these decisions through our troubleshooting service. All too often failing to obtain independent advice at the beginning has led to unnecessary costs down the road.
Part of this problem is there are so few independent sources to provide this advice.
- Real Estate Agents want your business so are hardly likely to point out the agent round the corner is better for your requirements, any more than you would expect a supermarket to recommend the competition round the corner is better! Agents will make a case they are best equipped to sell your property, but under the system of selling in Florida it's often what you are not told that can matter. It is all very well giving you advice on how the house should look, or dazzling you with a brilliant sales listing presentation.None of this really gets to the nitty gritty of the key issues that need to be covered in the present market.
- There are several books to choose from. We write for a number however some are out of date with their advice by the time they get to publication particularly in the current volatile market and they don't deal with your requirements in anything like enough depth. Many fail to go into detail on the various points or don't deal with certain key areas at all.
There are very few experts available with in depth experience of the systems in Florida and Britain who can provide an in depth, impartial no nonsense Consultancy service specifically for British buyers, sellers and would be emigrants.
Andrew Bartlett and Associates is a unique independent and impartial Property and Relocation service with offices in Britain and Florida.
Solution for Sellers
- An overview of the market - warts and all - so you know exactly where you stand without the usual gushing sales spiel - the facts rather than the hype.
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- Options for selling, the cost implications including the hidden ones agents often gloss over and you discover when it is too late.
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- How some agents will seek to get and keep your listing, why this can end up costing you thousands.
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- What nearly all Brits fail to realise about Agents and Agencies that costs them thousands. This is an important area as things are not as they appear
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- What you need to understand about the implications of the commission system, this is an area that can save or cost you thousands. Do not expect agents to cover this crucial point.
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- What you are very unlikely to be told about the reality of open houses, tours, the full implications etc.
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- Why so few level with you on the advertising issues and why its vital you are briefed on this point,this is another area than Brits can end up being hoodwinked on, at a cost sometimes of many thousands.
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- Why listing with certain companies and agents can have a very serious negative aspect on the likelihood of selling your house.
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- Which properties are your obvious competition and your less obvious competition?
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- Advantages/Disadvantage of different agents
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Selecting an agent. You are probably 4400 miles away - you need an agent who can and will keep you regularly updated on developments, and provide you with a selling strategy geared to maximising activity by a very diverse range of Buyers Agents, this area is often subject either to mis-understanding or glossed over with hype! |
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- Ratio between sold and listed properties.
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- The implications of changed MLS details on your property - the message it sends out to buyers.
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- The reality of decreasing prices in certain areas and what can be done about it.
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- What are the dangers to you of the appraisal process that can be hidden until the point of no return? Why you are rarely told about this.The implications of air conditioning you are rarely told about until it is to late, another factor than can cost thousands. Ways to remedy this.
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- Ways to increase your short term rental performance in the present market that are not widely used and can make a difference.
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- What are the practical implications of long term rental.
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- The critically important property tax and insurance issues Brits need to know about immediately
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- The option of a remortgage, good or bad?
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- Strategies used by Buyers to get out of contracts in Florida and steps you need to take to protect yourself.
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- Why so many British sellers are still trying to sell their property 6 months later - what they have not been told!
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Fees for a consultation
These are carried out face to face when Andrew Bartlett is in the UK 475 Pounds
Given the value of many British owners homes in Florida is between $250,000 and $700,000 upwards - this unique, independent consultation can save you losing thousands.
To set up an appointment for a consultation please click here
'The briefing was extremely helpful and we have added the sites you suggested to bring us further bookings and contacted the selling agents you gave us details for who are managing still to shift property.We had a booking days after adding one of the sites so are feeling more positive than we have for some time.We just wish we had consulted with you two years ago before we bought the house rather than being sucked into the dream by the sales people, we would have saved ourselves all the grief and a hell of a lot of our money.' Tim and Penny Milton. Manchester
'Well Andrew, we hate to admit it but it took a Brit to tell it straight. As you know our house had been on the market for months and not a sniff. We had tried several agents who all promised the earth but still no offers. Although your briefing was pretty long, we are not used to listening for nearly three hours! it was a breath of fresh air. We discovered the problems with our strategy, and now we have sold, pity we did not know about this service months ago, you need to stop going back to England’ Chuck and Hannah Zapland
‘We had assumed selling our house would be pretty straightforward – after all we had done it numerous times in Britain. Little did we realise just how different it was. We really appreciated your candour Andrew, a rare commodity unfortunately it seems from our experiences to date. Anyway we followed through your points, listed with Sandy who you recommended and kept us fully in the picture and lo and behold a result.' - Claire and Tom Tilcon
‘Money well spent – we will be recommending your briefings to our friends when we get back. What a minefield and given the information you gave us on the implications of the commission structure and those secret notes for agents only, we realise why we had such a hell of a job selling before we spoke to you. When you are next over in Southampton please let us know we would like to book your briefing on the emigration options-
The Reids
After having our property listed via the Agent we originally used to buy through, we did not have a single offer for 6 months. On the advice of another Brit we then switched to another Realtor who turned out to be their friend! and again no offers. Finally after meeting up with you last month in Birmingham we realised where it has been going wrong and following a further switch it looks as though its third time lucky as we have had an offer, fingers crossed. I just wish we had known about your service before, anyway many thanks and keep the newsletters coming.
Pat and Harry Johnson - Lichfield.
Just thought we would drop you a line to thank you for your advice last month.
Referring to our off Plan purchase in Orlando: We contacted the Solicitors & Attorneys you recommended. Late this morning they phoned to tell us that they had received into their USA Bank account monies from the developer, which covered the full amount of our deposit plus the three & a half years interest owing on our deposit.
I could not thank her enough as this is an immense weight off our shoulders!
Many thanks again for recommending the Solicitors to us; we couldn't have done it without your help! Will let you know how we get on with the other Condo that we already have over there.
Dave & Cath Wilson
Sent to one of our recommended realtors.
How are you keeping. Listening to the reports on the housing market in the States we realize how lucky we were to sell, thanks to you and John. Is it as bad as we are hearing? There was an article in our newspaper regarding buying and selling property in the States and you were both highly recommended to people thinking of entering the USA market. We completely endorse the recommendations.
Here is wishing you and John a very happy Christmas and best wishes for the coming year and hopefully the property market will begin to recover.
Kind regards, John and Julie
Andrew was a Senior Government Official for 20 years before relocating to Florida several years ago where he was headhunted to set up specialist British property and relocation teams for Coldwell Banker and Remax - America’s largest estate agents. He then established a uniquely impartial and independent relocation and property briefing company working between Britain and Florida. He has written a number of watchdog style articles warning Brits planning to buy or sell property in Florida or considering emigration about misleading and dangerous practices.
Recent articles include
Florida property price trends - Florida magazine
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