ESTATENVY-Real Estate Brokers to Watch in 2021
Brokers to Watch: Scott Carvill, Sotheby’s International Realty
The second-highest grossing real estate broker in Hawaii shares his market insights and strategies that helped him reach over $60 million in annual sales volume.
- Name: Scott Carvill, Sotheby’s International Realty
- Market: Oahu, Hawaii
- Newsweek/REAL Trends national rank*: 295
- State rank: 2
- Sales volume: $60,558,614
Hawaii’s real estate market mirrors many others in the country. High demand and low inventory are driving up prices, resulting in record sales and the fastest moving market in history. But the seclusion of the islands, geographic limitations and an influx of people from the mainland are adding increased pressure to the market. The median price for a single family home in Hawaii currently stands at $985,000 and is expected to surpass $1 million this summer.
We spoke with Scott Carvill, real estate broker and owner of Carvill Sotheby’s International Realty in Oahu, to learn more about the Hawaii market and what he expects the future will hold for the area.
ESTATENVY: How did you get your start in real estate?
Scott Carvill: I’ve been an agent for 20 years. I grew up on Oahu, and my father was in the Army, so I’m very familiar with the area. I was heavily involved in sports when I was younger, but there is a time clock on that, so I decided to search for something else and became a real estate agent. It was a pretty natural progression for me.
EE: What do you love about your work?
Carvill: The people I get to work with. I’ve evolved beyond the price point in my career and have the ability to say no to the wrong relationships. The people who seek me out and who I seek out are just amazing. Because of what you can learn and the friendships you create, there’s no job like it.
EE: In a nutshell, describe the state of Oahu’s real estate market in 2021.
Carvill: I’ve never seen a market like this. It’s similar to other places in that demand is very high while inventory is low, but because Oahu is such a small geographic area, it’s amplified. What COVID did is make people stop and think about where they really want to be. Because so many people are working remotely now, they’re thinking, “Well, why don’t I go work somewhere beautiful like Hawaii?” I’m actually about to go on vacation because we’re completely out of inventory.
EE: How are you advising buyers and sellers who are trying to time the market right now?
Carvill: My advice has never really changed. Rather than pushing a buyer or seller to time anything in regards to the market, I always ask what the best timing is for them. Buy and sell when it’s convenient for your lifestyle. People ask me a lot if they should sell now because the market is so favorable. But I think this is the new reality. We have a huge primary home market, not so much for secondary or vacation homes, so these higher prices are the new norm.
EE: What is your best guess as to where the market will be in another year?
Carvill: I would guess it’s about the same, at least in Oahu. It feels like we’re satiating the demand and things will stay consistent for the long term.
EE: What is your favorite piece of advice to give new agents?
Carvill: Slow and steady wins the race. So many people are trying to do things too quickly without the proper education or without being knowledgeable. You need to slow down, be diligent and really know what you’re doing so you can be a true expert in your local market.
EE: Do you think iBuyers will grow as a competitive force against agents in 2022?
Carvill: Not at all. If someone wants to take that route, more power to them. I see two types of people in this world when it comes to real estate. The first type see realtors as a necessary evil. We get in the way and don’t offer much value. These are the folks who will likely try to use an iBuyer. The second type realizes that realtors do add value and can be tremendous assets to the sale and buying process. We choose to work with the second type and are always going to finish ahead of iBuyers because we offer an expert personal approach that they just can’t.
*These rankings were compiled by Newsweek and Real Trends survey, which looks at sales by volume. You can read more about their methodology here