August 2022 OKR Meeting Notes

, Aug 2, 2022 | 0 Comments

1) Community Vendor: Conni Sugden w/ Design Rewind

2) Very Preliminary Market Statistics

*Since these were run on August 2, we can expect the numbers to change somewhat as agents report to the MLS*

5-County Average Sold Price

  • July 2022 = $653,481
  • May 2022 = $685,318 | July is down -4.6%
  • August 2021 = $596,215 | YOY is up +9.6%

Demand Indicators

  • Pending Units = Down -25.5% YOY for July
  • Withdrawn Units = Up +141.6% YOY for July
  • Year to Date Pending Units Down -15.4%

Stabilization / Bottoming

  • Pending Unit Declines: May -16.5% / June -31.8% / July -25.5%
  • Avg Sold Price: May $685.3k / June $675.6k / July $653.5k

3) Office OKRs

Office Numbers

Office Numbers

  • We closed 49 transactions and $31.1M. This is a -1% decrease in $ volume and an -11% decrease in units.
  • We contracted $20.2M and 34 transactions. This is a -35% decrease in $ volume and a -38% decrease in units.
  • The good news! We broke $300M in July. We didn’t break $300M until November of 2021!!!

Leading Indicators (FUB Leaderboard)

  • 215 Conversations (1 day 7 hrs)
  • 858 Text Messages
  • 752,298 Emails
  • Top Talker = Tyson w/ 3 hrs 5 min
  • Top Texter = Tyson w/ 176 text messages (Hon Mention Chris Kirk w/ 129 texts!)

$1M+ Closed

  1. Tara = $5.2M
  2. Will = $3.2M
  3. Kasey = $2.8M
  4. Patrick = $2.6M
  5. Joe = $2.6M
  6. Chris = $2M
  7. Katie = $1.1M
  8. Stacy = $1.1M
  9. Erin = $1M

$1M+ Contracts

  1. Will = $3.1M
  2. Annette = $2M
  3. Vicki = $2M
  4. Craig = $1.3M
  5. Lauren = $1.3M
  6. Jeremy = $1.2M
  7. Joe = $1M
  8. Linda= $1M
  9. Vivia = $1M

4) Christmas in July | Positive & Productive

  • The 5-county metro had a pretty similar # of properties go under contract this July that it did in December 2021. Over the holidays last year, when no one really goes to school or works for 2-3 weeks, the metro had similar activity to this year.
  • We always welcome the slowdown over the holidays. We get 3-4 months of the year to take a breather and work on our business. This year, it looks like we’re going to get 6-7 months of similar activity.
  • “Positive and Productive” will be our mantra for at least the next 6 months. Talk with people, set them up on searches, and meet them in person. The more you do this, the more you’ll be set up for success. Pre-qualify more slowly. Ease into relationships. Provide value first.

5) What we’re working on

  • Community First! The Fall Event will be 10/20 9 am to 12 pm. (Here’s looking forward to cooler weather!)
  • We’re continuing to tighten up our Education Program. Based on feedback the FUB round table will now be quarterly. We’re going to add more round tables to the calendar. Please reach out to us with any ideas or feedback!
  • Bailey is doing an amazing job reaching out to you guys to see how everyone is doing. We’re finding that almost everyone is staying positive and productive. There are a handful of agents that are taking a break right now, and that’s completely fine. Please know that we have an open-door policy, so even though we’re reaching out to you regularly, we welcome you guys reaching out to us.
  • Landing pages for agents. We’ve released these to a few of you guys and we’ll have them office-wide this week. These are links that you can put on marketing materials, drop in social media, email to people, etc that allow them to ask for market updates or other services. They’ll be ready any day and we’ll send an email about them.
  • Client Portal collaboration and reporting epic: We have a suite of features that will allow you to communicate and collaborate with your clients more easily that will be released by the end of next month. The system now identifies which party in the search is making a comment (agent, primary, or any relationship.) The new features break “liked” properties into “favorites or possibilities” and will allow agents to “suggest” properties. All parties will be notified of comments as they’re made. We’re building a reporting suite that will show us who is engaging with their clients the most – who’s setting up searches, making comments, and suggesting properties. We’ll add this info to our leaderboard.
  • “Real Estate Review”: This is a concept borrowed from Ninja Selling whereby you ask your SOI if they would like an annual real estate review. It’s a great way to reach out and provide value to your clients during the slower time of the year (usually in the fall or early winter.) Kasey, Bailey, and I are meeting to standardize this and provide assets to you guys. We hope to have it complete by October.
  • FUBCON November: Our leadership team is going and some agents have signed up. (The McGuire Team, Trey.)

6) Market Observations, Coming Soons, & Buyer Needs Round Table (Bailey)

 

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2300+ Client reviews!

I had the pleasure of working with Vicki Duran and I couldn’t be happier with the experience. From the very beginning, Vicki demonstrated deep knowledge of the market and a genuine commitment to understanding my needs. Her communication was exceptional – always prompt, clear, and informative. Throughout the process, Vicki went above and beyond, negotiating on my behalf, explaining the process/each step along the way, and ensuring every detail was taken care of. Her professionalism, dedication, and personalized approach was exceptional. She truly cared and I felt like I was working with a close family friend (having never met her before the process began). I can’t emphasis enough how seamless she made the process for me. People have the perception that buying a house is an extremely stressful process. My experience could not have been farther from the truth. I joked with her at times how smooth/easy buying a house was, all because of Vicki!

I could not have asked for a better agent. I’ve already referred a few friends to Vicki and will continue to do so in the future. Thanks again, Vicki!

Blessed to have connected with Kristen! I can’t say enough great things about Kristen. Her professionalism, market knowledge, and communication were beyond compare. She was incredibly patient throughout our home search. We looked at a countless amount of homes (we are very picky), and never once felt she was trying to push us in to something that wasn’t the right fit for the sake of a sale. We always felt she had our best interest in mind. Couldn’t recommend her more!!!

Sally was referred to me via a business network when I first moved to Austin in 2022. She helped me understand the area, evaluate my options, and find the perfect spot in a tough market. Sally has been a joy to work with because she creates partnerships + friendships with her clients!

I was impressed by Sally’s expertise in selling both my investment property and my primary residence, and in helping us buy our dream home. At our initial meeting, we found Sally knew the real estate market, but found even more impressive her emotional quotient in understanding and navigating the differences between my partner’s and my very different personalities. For my investment property, she timed the showings and sale perfectly and created a helpful Excel spreadsheet comparing the many offers. She was also savvy enough to suggest we pay the tenants a fair amount of money to make the property available for viewing from 9am – 5pm on the first weekend to make it as easy as possible for potential buyers to get through, and we let her deal directly with the tenants because we could tell her people skills would serve us well

We got multiple offers by the deadline on Monday afternoon with one outlier that was $150K higher than what we had unsuccessfully listed the property for (with a different realtor) a year earlier!

When it came to selling my primary home, Sally’s expertise in the luxury market, and in historic homes in particular, truly shone. She understood that selling a high-end property, with various restrictions, required a different approach. Sally crafted a listing for the home that perfectly captured its unique character and premier location. Her marketing strategy was well timed and appropriate for the more limited market, attracting the right buyer pool and creating a sense of exclusivity around the property. She suggested listing it on the private market for a week or two before sending a message that it would be listed on the MLS. She organized private showings that allowed buyers to experience the warmth and charm of the home and the neighborhood, which I believe was instrumental in securing a sale.

The pricing and marketing strategy Sally recommended was spot-on, and we sold the home at a price that far exceeded our expectations. Sally helped thread the needle perfectly.

Sally is also accessible. We found more well-known realtors would respond to our email days later, whereas she was always available right away to answer my questions, and provided us with regular updates, making sure every detail was handled with care. Selling a high-end property can be a stressful experience with fewer potential buyers and some downtime inherent in waiting for the right buyer, but Sally made it a smooth and surprisingly easy process encouraging us to be patient while giving us enough information on what was happening to satisfy both me and my partner. In the end, we were thrilled with the results

Sally’s rep of us as sellers could not have been more professional, but her work repping us as buyers is the most memorable. We were trying to be our dream home in an overheated market, and Sally gave us advice that at each turn proved invaluable. She recommended offering just the right amount above the offer price for us to make it to the next round of offers. She handled a very difficult appraisal process by advising us on financing sources, even offering to help us put down a higher amount by loaning us money herself! We were able to finance the home without taking her up on that offer, but how many realtors make that kind of offer to their clients? In the end, we closed on the house ontime and ended up with the home of our dreams, thanks to Sally’s world-class advice and service.

We cannot say enough good things about Sally’s technical knowledge, people skills, and responsiveness. You won’t find a better realtor in Austin.

I have lived here in Austin for more twenty-five years, and have bought and sold several homes and rented others during those years. I have worked with five realtors during that time. SALLY IS BY FAR THE BEST OF ANY IN TOWN. Her work ethic is simply unmatched. She hides her competitive streak underneath a layer of Austin hip and friendly, but she will absolutely get you the best home, the best deal, and stop at NOTHING to get your home sold as well!

Sally loves real estate. She has a genuine passion for Austin, too, and for her client’s well-being. She took time to understand my needs and was always available to answer any questions and provide me with honest and insightful advice.

We toured many homes in Barton Hills and settled on a great home that was hotly contested by builders and homeowners. Sally understood how we could be the preferred buyer without getting into a bidding war. She knew the motivations of the Seller and we maneuvered and negotiated the contract and secured my dream home.

Furthermore, at the 11th hour, the day before we were set to close, our lender said we needed to put a fence around the pool before they would release the funds. The seller was not inclined to extend the closing again. We were out of town. Sally saved the day by racing to Home Depot and getting the largest tarpaulin available and then securing it over the pool at the house. Sent pics to the lender and we were set to close.

In short, Sally will work harder and smarter than anyone. She’s simply the best.

Sally is incredible! She spent nearly 2 years with us – understanding our very specific preferences and needs – to help us find our dream home. She was the first agent to reach out when the home was listed and negotiated the contract astutely so that we secured the home. The home was only in the framed stage, still had a few months until completion. Once it was completed, however, our plans had changed and we needed to get out of the contract. We were expecting to have to relinquish our very considerable deposit. But Sally spent the entire weekend working on a way to get us out of the contract AND get our deposit back. Everyone we have spoken to about this extraordinary outcome has been surprised that Sally managed to get our deposit back for us. Thank you Sally, we can’t recommend her highly enough.

Sally is reliable, diligent in her research, prompt on exchanges, creative in deal making, and has a tremendous work ethic. She is the sole reason we were able to close on our primary residence, which has been our dream home and a fantastic investment. From there, we’ve gone on to close on multiple rental property purchases in Austin together. Thanks to her astute analysis, we’ve passed on many deals as well, which has proven just as valuable. I cannot recommend her highly enough.

I highly recommend Kiel if you’re looking to rent a place in Austin. We originally met him to look around a particular unit, and when it was not to our satisfaction, he was able to quickly take us around many more units that day. He also set up a whole day of viewings for the very next day! Within 48 hours we had done enough viewings to be confident in choosing a new home. The landlord accepted our offer and Kiel handled all of the paperwork, even stopping by our hotel to pick up the needed checks. We couldn’t be happier.
Kiel is highly organized and unlike some realtors in the Austin area, he is responsive and ready to move quickly. We were always able to contact him and never left waiting.

Kiel has your BACK!! We are so grateful to have had his guidance and knowledge while navigating the intense, frustrating and way competitive Austin rental market. He quickly picked up on our taste and designed a game plan to help us push through the clutter and get to the properties that best suited us. He was ALWAYS available to us and answered our emails, calls and texts with great speed. We’re so grateful to have had him on our search team. Because my goodness, it really is a crazy market out there!

Kiel was amazing to work with! He walked us through everything, explained anything we didn’t understand, and he is is just a great guy to work with. As a first time home buyer, his knowledge was invaluable. 10/10 would recommend!

Kiel was referred to me by a friend, and we were so pleased with his services. He jumped in and guided us through the entire process, made himself readily available for us during the whole process, checked in with us via text every step of the way, and provided any and all information we requested. As a first time home buyer, I was not totally familiar with the process. Kiel helped me through the lending process, walk through inspection and closing procedures. It was such a pleasure to work with him, and we look forward to hiring him again when we purchase our next property.

I’ve never met anyone as knowledgeable and hard working as Kiel. Everything he said he was going to do, he did it. Kiel is a very easy person to get along with. He made us comfortable with the process and also made it fun. In 5 words…HE GETS THE JOB DONE!

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