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How Does the Real Estate Business in Miami Work? | Lotus Miami Real Estate
Doing Real Estate Business in Miami. 
Photo by Smith413 - Flickr

How Does the Real Estate Business in Miami Work?

Unlike many other cities in the world, Miami has an extremely active and dynamic real estate market where big sums of money exchange hands every day. Miami offers a combination of unique features in the world that determine the value of real estate, such as:

  • High presence of bodies of water,
  • beaches,
  • Perfect weather 360 days a year,
  • International trade,
  • Cultural Diversity
  • Proximity to Latin America

The value of a property, as in any other city in the world, is tied to the welfare of the country’s economy, and as it fluctuates, so do the prices of properties. But unlike other city in the world Miami works with the global economy more than the local economy. Miami maintains a sustained international demand despite economic fluctuations in the US market and today Miami is seen as a “Safe Heaven” for international investors looking to safeguard their assets outside their country and also as a perfect place to have a second house or apartment  when the weather in your country or city becomes undesirable.

Real Estate Contract sample. Photo: Google

Real Estate Contract sample. Photo: Google

To understand the business of real estate in Miami,  it is necessary to  first identify the different factors that come into play as it is their interaction that allow transactions to succeed. These are the key entities that must interact in the Real Estate Market:

  • Seller
  • Agent (Realtor) Information
  • Buyer
  • The Buyer’s Agent
  • the Broker
  • the Bank
  • The Title Company
  • The Uncle Sam (The US Government)

In future articles we will explain in more detail the role of each one of these entities so that your can have a deeper understanding of how they come into play during a purchase or sale of real estate asset.  It is the relationship between these players that makes the business of buying and selling real estate possible. Each entity has its own interests and motivations to participate in your business, in most cases is in their best interest to help your transaction succeed.  Good business is where everybody wins.

 

The Lotus Team

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