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August 2022 OKR Meeting Notes

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Aug 02, 2022

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  • Withdrawn Units = Up +141.6% YOY for July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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About the Author

Last updated: 08/02/2022

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