January 2023 OKR Meeting Notes

, Jan 17, 2023 | 0 Comments

1) Community Vendor: Samantha Conkey w/ Capital Title

2) Welcome!

  • Elken Miller
  • Jan Daum

3) Financial Controller Position Overview

Marelise’s title is now Financial Controller. She is in charge of bookkeeping, collecting tax documents, distributing tax documents, “missing checks/payments”, and all leasing. We are transitioning her into taking care of all Disbursement Authorizations.

4) Listing Coordination / CTC / Courier Overview Recap

5) 2022 Bramlett Residential Year in Review

6) 2022 Austin Real Estate Statistics

Normal Market Behavior:

  • The spring market sees price increases of 8-9% vs the previous winter. The winter of that year sees prices decline by ~3%. This nets us Austin’s normal 5-6% annual appreciation.
  • Pending Units peak in April/May and there is a straight line decline to Dec/Jan, where we see pending units decline ~40% over the peak.

2022 Behavior:

  • The spring market saw prices increase 18.5% vs the previous winter. The winter of 2022 saw prices drop by ~18%, which more than wiped out the year’s gains.
  • Pending Units peaked in March-May. There was a relatively straight line decline to Dec, where pending units declined 42%.

Takeaways

  • There were a lot of abnormalities in 2022, but the glaring abnormality was the extreme increase in prices followed by the extreme drop.
  • This was caused almost entirely by rising mortgage rates. Buyers’ purchasing power dropped.

What do we think will happen in 2023?

  • We’re cautiously optimistic that things will normalize. This means that the market will start to return to a market that looks like 2019.
    • Mortgage rates have stabilized. They will hopefully fall some in the spring.
    • Monthly payment affordability is now more affordable than peak 2022.
  • We’re cautiously optimistic that prices will increase from the Winter 2022-2023 lows.
  • We expect Under Contract units to peak in April/May with a straight line decline to the following winter.
  • We expect prices to peak in 2023 in May/June and then fall somewhat into the winter.
  • This doesn’t mean that things will be great or that they will be as good as 2019. It means that 2023 will likely be better than Q3/Q4 2022 and a rebuilding year for the market.

Leading Indicators

  • CPI Report / Fed Behavior / Mortgage Rates: These are the primary drivers of the market shift.
  • # of Pending Units YOY and MOM: We want to see a diminishing decline in YOY Pending Units and we want to see normal MOM behavior.
  • Month Over Month (Not Year Over YearAverage Sold Price: We want to see a return to normal seasonality.

We are highly prioritizing a concise newsletter/report covering all of this information.

7) December 2022 Key Results

$1M+ Closings

  1. Kasey = $2.3M
  2. Tara = $2.2M
  3. Luis = $2.2M
  4. Jeremy = $1.8M
  5. Trey = $1.4M
  6. Katie = $1.4M
  7. Will = $1.4M
  8. Linda = $1.3M
  9. Joe = $1.1M
  10. Lindsey = $1.1M
  11. Craig = $1M

$1M+ Contracts

  1. Lindsey = $3M
  2. Luis = $2.2M
  3. Tara = $1.6M
  4. Lynn = $1M
  5. Craig = $1M

Leading Indicators

  • Top Talker: Jeremy V w/ 2hrs 16min
  • Top Texter: Gina w/ 138 text messages
  • Top Client Portal User: Lynn w/ 89 points!
  • Top Client Portal Searcher: Tara w/ 78 new searches!

8) What we’re working on:

  1. The office permitting is plodding along. We have a complete set of designs and should have site plan approval by this summer.
  2. Because of the delays in the new office, we are considering temporary office solutions. We will have a decision this by Q2 and it will depend on overall market conditions.
  3. Client Portal improvements. We’ve increased our budget 50% for 2023.
  4. Monitoring the market and leading indicators.
  5. Review contest! We will have a survey to you today to see who would like to participate. We will send information to everyone who is interested in participating!

9) Market Watch Discussion

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2300+ Client reviews!

My realtor was Tammy and we had a great experience. It felt that she wanted us in the home that is the best fit for us and felt that she was authentic and honest with us. We benefited from her experience and advice in avoiding places that wouldn’t have worked for my family and finding the place that checked off all our boxes. Thank you Tammy!

I cannot speak highly enough about the outstanding service we received from Kasey Gilliam and Kim Jowers with Bramlett Residential Real Estate during the recent sale of our home. They are a fantastic team! From our initial consultation to the successful closing, Kasey proved to be an invaluable asset, guiding us through every step of the process with expertise and professionalism. Kasey demonstrated an in-depth understanding of the local market dynamics and economic headwinds. Throughout the entire process, Kasey was proactive, communicative, and always available to address any questions or concerns we had. She provided regular updates and feedback that kept us informed and reassured, making the selling experience remarkably smooth. I wholeheartedly recommend Kasey to anyone looking for a top-notch real estate agent who truly prioritizes her clients’ needs!

Tara McGuire recently sold our house in Circle C and did an amazing job. She is so easy to work with, knowledgable, and responsive. I believe she got us top $$. Highly recommend working with Tara and her team at Bramlett! Their service was all inclusive with staging, marketing, etc. No nickel and diming. Just great service.

It was pleasure working with Tammy Costello from Bramlett Residential Real Estate in finding our home. We could not have imagined the process to be as seamless and easy as it was! As first-time home buyers, Tammy walked us through the process and guided us through each step. She is meticulous, has great communication and negotiation skills. With her help and years of experience, we were able to find our dream home. Thanks for making it so easy, Tammy!

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.
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