Mike Ferry’s Podcast the Original: Mike Ferry Interviews Sofia Marshall and Gary Burnett

In this episode, Mike Ferry sits down with longtime friends Sofia Marshall and Gary Burnett. They work for Coldwell Banker in Boca Raton, Florida. Their market includes Boca Raton, Delray Beach, and Boynton Beach. Much of their business is high-rise condos along the ocean. The couple has been with the same company for about 25 years. Together, they have more than 70 years of experience and are on pace for about 40 transactions this year. Their average commission check is now around $15,000, roughly double what it was ten years ago.

Two Very Different Paths to Real Estate

Gary got his license in 1991. Before that, he ran a direct marketing company and placed financing for large commercial buildings. Later, he did workouts for banks, which led him to sell bank-owned properties. Sofia’s story covers several countries and careers. She left Cuba, lived in Spain, and arrived in New York speaking no English. After going back to college, she earned a scholarship to Vanderbilt University School of Medicine. Family life changed her plans after medical school. For the next ten years, she managed her parents’ law firm. Then she ran a liquor business for another ten years before moving to Florida around 1990. The two met at a Coldwell Banker function and have worked together ever since.

A Small Database and Daily Prospecting

Their database has about 500 people, and they clean it at least every six months. It produces 30 to 35% of their business. Mike points out that a smaller database lets you actually talk to the people in it. He recently spoke with an agent who had 15,000 names. The rest of their business comes from the phone. Sofia makes about 30 contacts a day, while Gary calls the database and around their listings. Each handles their own listings, but they often go on high-end listing presentations together, depending on the client’s personality.

The Highest Commission in the Office

While other agents were cutting their fees, Sofia raised theirs. Their standard is about 3.5% for their side, and sometimes 4%. Their manager says that may be the highest in the area. They rarely get resistance, because once sellers see the value, they don’t question it. Since the rule changes, they negotiate their own fee. The seller decides what to offer the buyer’s agent. As Sofia puts it, what she negotiates is the buyer’s agent’s commission, not hers.

Selling Condos After Surfside

The building collapse in Surfside happened about an hour south of them. Afterward, Florida added milestone inspections for older condo buildings of three stories or more. Ocean water eats into the concrete. As a result, nearly every building in Boca built before 2000 is going through concrete restoration. Owners are being hit with special assessments. Their own building is in its third year of renovation. Fannie Mae and Freddie Mac now require at least 10% reserves, so many buildings don’t qualify for traditional financing. To handle this, they work with their friend Matt Weaver. He reviews each building’s condition and bylaws before they list. Their presentation now covers two things: the building and its association, and the seller’s unit. By the time a property hits the market, that homework is done. Portfolio loans can help buyers in buildings that aren’t yet compliant.

A Market Moving Up

Much of Florida is declining, but Palm Beach County is not. Gary says the average sale price there is up about 10% over the last four months. Normal growth in their area is 6 to 8%. Properties closest to the ocean, he notes, are the last to go down and the first to come back up.

Advice for Agents Who Want Their Results

Sofia’s advice is to master the basics. Something in the market changes every quarter, and agents who chase each new trend lose sight of the fundamentals. During COVID, when they couldn’t visit people, they went back to talking to people and had their highest production ever. Her rule for AI and new technology: give it 20 minutes, then spend the rest of your time on the basics. Gary says you have to provide value and be a problem solver for your client. They don’t take overpriced listings. They also work with the other agent instead of becoming a “sales prevention department.” Mike connects this to his first broker, Pat McVay. Pat taught that talking to people every day and previewing property will always lead to success.