Q & A with Dayv Morgan, who along with Pete Marino and Ted Anderson, co-owns HomeSmart Success, a franchise of Scottsdale-based HomeSmart International.
What kinds of services does your firm provide?
We list homes, help people find homes to buy or rent, assist with short sales, and have an in-house title company.
You and your partners started your business Oct. 1. What made you decide to open a new office and how is it going?
We all wanted to be business owners and believed we could be successful. And so far, we are doing well.
We chose the HomeSmart franchise because it has grown so much, is a good corporate parent and provides great support such as this office, computers and advanced technology. It also offers commission options so that rather than paying the 20 percent to 30 percent commissions that most real estate requires, HomeSmart gives us several options. Commission options allow HomeSmart to attract good agents who are tired of giving so much back to the company.
Why, particularly in this economy, did you choose this venture now?
Well, the Maricopa market is currently steady. During the first half of this year, home prices rose by 20 percent and the prices are holding steady. The market supply has increased. We hit the lowest supply last March with only 130 homes for sale. Today, we have approximately 430 homes available. I think we are starting to see a shift from a seller’s market to a buyer’s market. An increase in supply keeps the prices from rising.
Are you seeing an increase or decrease in short sales?
Short sales are only about 10 percent of our business, probably because if people were going to do it, they already have.
So you believe Maricopa’s economy is improving?
I am very optimistic about Maricopa. We are seeing the commercial market starting to strengthen: We have seven subdivisions where new homes are being built, which means construction jobs; when the movie theater and entertainment complex are complete, they will create additional jobs; and a Central Arizona College is being built, creating jobs and bringing students who need housing.What are the dynamics of having three owners, all of whom are active in the business?
We all have different roles. Pete Marino is the designated broker, which every real-estate agency is required to have. He reviews and approves all the paperwork. Ted Anderson focuses on recruiting new agents and building the business. Right now, I am getting the office up and running and organized. When that’s all finished, I will focus on expanding the business.
What are your predictions for the real estate market in 2013?
In Maricopa, we have a lot of second or winter homes, many of which are from Canadians. We typically see an increase in sales from January through April and I expect that to continue. I also expect foreclosures and short sales to continue decreasing, new home sales to increase and the prices of real estate to go up. We are seeing signs of rebound from the recession.
What do you do when you are not working?
Spend time with my wife Sarah and our four boys (ages 1, 4, 8 and 10 years). I’m also very active in my church.