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).
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