December OKR Meeting Notes

, Dec 5, 2022 | 0 Comments

1) Community Vendor: Max Leaman w/ Loan People

2) Welcome!

  • Corrine Elgin
  • Luis Urista
  • Abby Martin

3) November First Look Market Statistics

Highlights / Takeaways

  • Appreciation flattened and moved into slight depreciation by some metrics.
  • We will likely see greater YOY depreciation in the spring. Mar-May was the peak of the market.
    • You will see lots of “sky is falling” sentiment on social media. Be skeptical of this.
    • In a normal market, prices decline in the fall and rise in the spring. The average is a 7.6% difference.
      • We normally don’t look at Month Over Month data. We will look at MOM in the spring. We want to see prices flattening or going up vs Fall/Winter 2022. If we see that, we’ll know we’ve reached the bottom. If we see prices decline on a MOM basis (not on YOY) then we know the market is still going down.

Good News Takeaways

  • Months of Inventory went down vs October. Less new listings, more withdrawns, some solds. This is what keeps prices from crashing in real estate downturns.
  • YOY Contract decline improved slightly. Demand is flat and not getting worse.

Leading Indicators

Sold data is a lagging indicator. Buyers and sellers put actions into place 6 months ago (give or take) to reach the closing table.

Captains don’t guide the ship by looking behind it. Don’t guide your clients by looking at lagging indicators.

  • The earliest possible leading indicator is mortgage rates. When rates stabilize for 90+ days, we know that buyers will re-enter the market. When they go down (and stay there), we know that more buyers will jump in the market. Rates were in the low to mid 7%s in early October. We’re now at the 60-day mark of stabilization or decline.
  • Your gut, chatter, and “anecdata” are the next earliest leading indicators. Go to market updates every week. Stay on top of it and know what’s going on. These are impossible to objectively measure, but you know how to read and interpret this info. Take advantage of it. Educate your clients. Tell stories because stories do a great job of explaining concepts to your clients.
  • Inbound lead inquiry volume is the next earliest indicator. We monitor this religiously and know how to normalize it. I hesitate to report on it now because winter volume is always low (which means it doesn’t tell us as much) but things actually look good. If they look good in January, it will bode really well.
  • Mortgage purchase application data is the next earliest indicator and is very reliably measured. Max and I monitor this on a weekly basis. At a national level, mortgage purchase apps bottomed about a month ago and they’re coming back super slightly.
  • Contracts are next, but you’re late to the game if you’re waiting on contracts.
  • Sold data is absolutely worth watching, but it’s 6 months behind leading indicators.

~~~Oh! Remember to stay positive and productive!!!~~~

4) Office OKRs

  • We closed $12.1M and 23 transactions in November. This is a -49% decline in units and a -52% decline in volume.
  • We contracted $11.8M and 23 transactions in November.

Leading Indicators

  • November FUB Leaderboard
  • We sent 56,061 emails, 1347 text messages, and we talked for 2 days and 5 hours!!!
  • Top Texter = Crystal w/ 237 text messages!
  • Top Talker = Crystal w/ 3 hours 19 min!
  • Shout out to Gina and Lindsey, who are really leaning into the FUB Dialer!!!

$1M+ Closers

  • Linda = $2.7M
  • Craig = $1.4M
  • Kasey = $1.2M

$1M+ Contracts

  • Crystal = $1.8M
  • Linda = $1.5M
  • Will = $1.4M

5) What we completed in November

  1. Public Dochen Partnership Announcement!
  2. Formalized Goal Setting!!!! (We are still completing the final meetings. We’ve really enjoyed this!)
  3. Recurring Calendar Event Schedule: https://bramlettresidential.com/company-guide/events/#recurring
  4. Better map functionality is rolling out tomorrow. This is a split map/tile view or properrties
    1. Agent View = https://www.screencast.com/t/eDvoQYjl
    2. Client View = https://www.screencast.com/t/pbV1ef4lBzYQ
    3. Polygon is a little nicer = https://www.screencast.com/t/uiSZim9MxoRr

6) What we’re working on

  1. Holiday party finalization! We’ll have details to everyone soon. Mark your calendars for January 20
  2. January review contest
  3. Lots of Client Portal improvements. Next features
    1. Agent branded property detail pages (this week or next)
    2. Reporting tool
    3. Reworked property detail page (more info)
  4. Starting the process of merging RealScale into the Client Portal. I guess we’ll have to rename the Client Portal again!
  5. Lots and lots of marketing work. Optimizing existing campaigns and experimenting with a number of campaigns. We will be absolutely primed for the market rebound (whether that’s in 2023 or 2024).
Categories Company Guide Meeting Notes

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tosin olamigoke

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Debbie K

Hesper walked us through the selling process every step of the way. She answered my phone calls, texts and E-mails promptly. She always had a positive attitude no matter the circumstance. There were numerous tasks that were required follow up and she was on top of it. I was always informed as to the status of the transaction. We went under contract in 48 hours and over asking over price! I have recommended Hesper to everyone I know! She’s a true professional and a genuinely nice person.

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When you buy a house sight-unseen in a town you have never lived in, you need to have complete trust in your Realtor. After the purchase, if you still love your Realtor-that says a lot! It says even more when you hire her again to sell a house in a town you don’t live in and she handles all of the extra things that come up and would be difficult to take care of when we don’t live in Waco. These were not million dollar homes, but she worked as if they were-we are SO GRATEFUL!

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Candi K

Hesper was very knowledgeable in all aspects of the buying process with a VA home loan and beyond helpful from beginning to end. She helped get us in our dream forever home. We are pleased and very grateful, she was a blessing to work with.

Kristine D

Hesper is very calm and reassuring. She makes you feel comfortable telling her about what your concerns and worries are and she will do everything to find out with expedience what the answers are. I really appreciated how much she held my hand through our home purchase as this was NOT our first home and we had bad experiences in the past which made me vow to never buy again. I would recommend Hesper to anyone with PTSD home owning experiences or who just wants a down to earth real person to help them buy their next home.

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Steffan Schmieding was a terrific realtor. He was knowledgeable and guided us through the process. He communicated with us promptly through the process. I would work with him again.

Tim Preece

Very helpful and made the process easy

Michele Dixson

Nancy Henson is very knowledgeable and patient. She is truly working for you, to find the best suited house for your individual needs and wants. She won’t stop searching and showing you houses until you find the one and get the accepted offer. She is very reliable, always willing to answer all questions with her expertise and honesty. Nancy will be by your side every step of the way. I highly recommend her

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