Swarms of new Realtors emerged during the boom of 2005 and 2006, eager to drop their hooks into the stocked pond that was real estate in the Tampa Bay area. Then came 2007, a slow year when even many seasoned Realtors took it in the gills.
But according to Realtor-by-Realtor sales totals compiled by Tarpon Springs publisher Fred Kenst, some of the area's perennial leaders found ways to sell homes last year. Not on the scale of the boom years, mind you. No one knows that better than Kenst, who saw subscriptions to his Kenst Report fall 40 percent the past six months. Still, 147 Realtors across Pinellas, Hillsborough and Pinellas counties recorded commissioned sales of at least $10-million in 2007.
How much income does $10-million in sales yield? That depends on the Realtor's business model. An agent who charges a full 3 percent commission would gross $300,000, with a hefty chunk of that going toward rent, staff and overhead. The bay area's No. 1 seller in 2007 — Tampa's Rod White, whose company provides bulk-rate listing services to new-home communities — says his commissions averaged well below 1 percent last year.
To the winners of this year's awards, we offer our congratulations — and, in one case, our condolences.Times computer-assisted reporting specialist Connie Humburg contributed to this report. Scott Barancik can be reached at barancik@sptimes.com or (727) 893-8751.
A mighty few
Though 9,852 bay area Realtors sold at least one house or condo in 2007, most earned fewer than 10 listing or selling commissions:
ONE:
26 percent
TWO TO 10:
60 percent
11 to 20:
10 percent
21+:
4 percent
Source: Kenst Report, Times calculations
Top producers, 2007
According to statistics culled from the Multiple Listing Service (MLS) and compiled by the Kenst Report, 10 bay area Realtors had total commissioned sales of $34-million or more last year. A Realtor selling a $200,000 house was credited with $200,000 in commissioned sales if he served as the listing or selling agent on the deal; if he was listing and selling agent, he received credit for $400,000 in sales.
RANK NAME AGENCY CITY AVG. SALE PRICE TOTAL SALES
(MILLIONS)
1 ROD D. WHITE Builders Services Tampa $234,337$77
2 TONI EVERETTToni Everett Co.Tampa$610,875$75
3MARTHA H. THORNColdwell Banker Residential Belleair Bluffs$1,336,751$70
4RYAN AND STEVE MEADORSignature RealtyValrico$208,774$49
5BOHANNON FAMILYColdwell Banker Residential Tampa$349,751$45
6JASON AND DYAN PITHERSColdwell Banker Residential Tampa$306,509$41
7DORA MCNULTYCF BrokerageTampa$986,759$40
8 BRENDA B. WADESignature RealtyValrico$424,975$39
9STACEY BORSIKSmith & AssociatesTampa$287,627$38
10MAREK BAKUNMorrison HomesTemple Terrace$252,859$34
Note: A small fraction of home sales are not recorded in the MLS system and thus are not reflected here. Examples include some luxury homes whose owners prefer confidentiality, certain homes sold directly "by owner" and some new construction.
Source: Kenst Report
Most consistent | Bohannon family, Tampa
Key stat
A top-five local producer
every year since 2003
Quote
"Our mental state has always been a key to our success. Whether it's perceived as a good market or bad, we are going to do well." — Annette Bohannon
If the real estate blues have you down, talk to Annette Bohannon. After more than three decades in the business, the 67-year-old French immigrant (at left in photo) — who works alongside husband Doug, right, 69, son Dale, center, and daughter Laura — has enormous energy and old-fashioned values about how to run a business. Her workhorse family completed nearly half a billion dollars in commissioned sales from 2003 to 2007. Among their advice: Answer calls immediately. Hire assistants to help with customer service, such as designing property brochures and keeping "Info" boxes stuffed with them. Invest in time-saving technology. During market lulls, advertise more, not less. Put your photo everywhere. See every listing as an "awesome responsibility." When faced with a problem, innovate. Skip the nightly news.
Power hitter | Frank Malowany, St. Petersburg
Key stat
Highest average
sale price, 2007
Quote
"I've never gone after an expired listing. I've never knocked on a door. It's basically reputation, advertising and referrals from
former clients."
To finish in the top 20 among the bay area's nearly 10,000 Realtors, you have to sell a lot of homes. That is, unless you're Frank Malowany, and you're selling waterfront mansions and penthouse condos for an average price of $2.1-million.
The son of a New Jersey builder, Malowany runs a lean operation for a major player. Instead of staff, the square-jawed 53-year-old invests in high-end advertising, including full-page ads in luxury magazines like Unique Homes and duPont Registry as well as listings in the New York Times and Wall Street Journal.
Malowany tracks the weak dollar, encouraging him to boost his international marketing. He says St. Petersburg's waterfront remains a bargain compared with properties in California, Naples and elsewhere.
High scorer | Toni Everett, Tampa
Key stat
No. 2 producer, 2007
Quote
"There's no one secret.
You have to keep moving
with the market."
When the developers behind Trump Tower Tampa needed someone to handle pre-construction sales of their multimillion-dollar condos, they turned to Toni Everett. So did the Plaza at Harbour Island, the Alagon and others. It's not just because of her marketing background. She's been there herself, having co-developed the Bayshore Regency in the 1980s.
The luxury-housing market was a natural fit from the beginning for Everett, 70. A fourth-generation Tampa resident, many of her first clients were family friends.
This market downturn is her fourth. Because high-income buyers are somewhat recession-proof — and because multimillion-dollar homes were less overbuilt than lower-priced ones — the effect on her business has been muted. Even so, she says it's important to remain flexible. When apartment-to-condo conversion projects grew popular several years ago after nearly a decade of inactivity, Everett went after them aggressively.
Top producers, 2003-07
RANK NAME AGENCY CITY AVG. SALE PRICE TOTAL SALES
(MILLIONS)
1 STEPHEN E. JOHNSTON IIHome Discovery of Tampa BayTampa $191,587$512
2 BOHANNON FAMILY*Coldwell Banker ResidentialTampa$334,251$473
3TONI EVERETTToni Everett Co. Tampa$461,187$356
4EVELYN V. PAGEBeach & Bay RealtyIndian Shores$573,066$268
5MARTHA H. THORNColdwell Banker Residential Belleair Bluffs$1,037,857$258
6DOUGLAS R. SWAINREMAX Metro St. Petersburg$372,083$253
7ROD D. WHITEBuilders ServicesTampa$260,183$248
8 MICHAEL HUGHES AND JEFF SHELTONColdwell BankerTampa$453,447$217
9GARY AND NIKKI UBALDINIKeller Williams RealtyPalm Harbor$224,037$215
10JOHN E. KELLERJack Keller Inc. RealtorsLargo$231,515$183
* Includes 2003-06 sales for Doug and Annette Bohannon, and 2007 sales for Doug and Dale Bohannon.
Source: Kenst Report, Times calculations
Biggest reversal of fortune
Stephen E. Johnston III, Tampa
Key stat
Biggest plunge in sales volume, 2007
Quote
"We're fighting the traditional hand holding of the 6 percent model that's not needed. This is how we save you money." (2005)
Stephen Johnston had the bay area real-estate market by the tail. In 2005, the same year he notched an extraordinary $240-million in commissioned sales, Johnston and his discount brokerage firm, Home Discovery Real Estate, received a slew of industry awards and bragged about going national.
Things quickly deteriorated. Johnston recorded just $13-million in commissioned sales last year, a 90 percent drop from his 2006 total. He filed for Chapter 7 personal bankruptcy protection in December., and lenders have filed seven foreclosure suits against him this year. Attempts to reach Johnston, 36, for comment were unsuccessful.
His No. 1 sales ranking may be misleading. Unlike most brokerages, his sales staff were salaried, and all sold homes were credited to his account. And Home Discovery's customer service record? The Better Business Bureau gives it an "unsatisfactory rating."
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