October OKR Meeting Notes
Oct 03, 2022
1) Community Vendor: Loop One Design
2) Welcome!
- Lindsey Pearlstein
- Lynn Wise
- Bill Pepping
3) Market Statistics
Highlights:- Metro contracts declined -29.3% vs -24% in Aug
- City contracts declined -36.2% vs -28% in Aug
- Appreciation continues to slow
- Inventory ticked up to 3.7 MOI from 3.6
- Net new listings (# of new listings minus new pendings and withdrawn) went up a decent amount, so we'll see MOI increase in October
- We will likely see a higher # of withdrawn listings in October and a much higher # in November
- We didn't see the stabilization we hoped we'd see after consistent (roughly) -25% YOY contract declines in July/Aug but the numbers aren't terrible.
- The Fed continues to pummel the markets. They are very serious about stomping out inflation and they very obviously don't care if they send us into a recession to do so.
- The spring market will have more buyers than our slow fall, but it will likely be -30% fewer than 2022.
- We will know pretty far in advance when things will improve.
~~~What do we do? We stay positive and productive!!!~~~
4) Office OKRs
- We closed $25.2M and 42 units in September. This is a -10% decline in $ volume and a -14% decline in units.
- We contracted $12.8M and 25 units in September. This is a -49% decline in $ volume and a -30% decline in units.
- September FUB Leaderboard
- We sent 49.6k emails, 1299 text messages, and we talked for 1 day and 7 hours!
- Top Talker = Stacy w/ 4 hours 3 min
- Top Texter = Jeremy w/ 261 text messages (Hon mention to Chris Kirk w/ 243!)
- Will = $3.4M
- Craig = $3.1M
- Chris = $2.9M
- Linda = $2.1M
- Stacy = $1.3M
- Annette = $1.2M
- Kasey = $1.1M
- Vicki = $1M
- Jeremy = $2.5M
- Tyson = $1.2M
- Crystal = $1.9M
- Linda = $1.1M
- Tara = $1M
- Lauren = $1M
5) What We Completed in September:
Ported Marketing Numbers from Callrail to FUB: This won't be hugely impactful (and not at all impactful if you don't take leads shifts), but you will see some improvements. Call tracking and recording is now native to FUB and you can now more easily add an inboud call to FUB as a lead.Education Redesign & Philosophy: (demo) The Education section of the Company Guide has been redesigned to be more easy to navigate and to focus on "Core Competencies." We believe that there are 4 Core Competencies for Buyer Rep and 4 Core Competencies for Seller Rep that every great agent must master and perform (near) perfectly every time. There are many, many skills that are important to learn, understand, and retain, but it's important to make sure that you're performing these CCs every time.
Smart List Improvements: (demo) We're moving away from task-based reminders and moving to focus on Smart Lists. Your Smart Lists are now more intuitive with regards to your Stages. These lists are built to remind you to follow up with your clients based on their Stage and your last communication with them. We used the F/U frequency in the survey we sent out.
- Hot = 1-2x per week
- Warm = 2x per month
- LT Nurture = Monthly
- Super LT = Quarterly
- SOI = Quarterly
- Cold/Unresponsive = Quarterly
- Snooze Feature: You can now "snooze" a contact from your Smart List by adding a "Snooze" tag.
- KISS (Keep It Simple SmartLists): Focus your energy on keeping your stages up to date and snoozing clients you contacted outside of FUB.
Notes sent for new or updated searches and agent/client comments. Notes sent for agent suggestions. Client favorites and possibilities are sent back as "saved properties." More property data is sent back. Smart Lists and "At a Glance" data is now much more helpful. We're learning that we really have to engage with our clients to encourage them to save favorites/possibilities. (Note: You can now click on the property links within FUB to go straight to the client's portal.) We'll demo w/ [email protected] as the client.
6) What We're Working on In October:
- Continue to Execute the Annual Real Estate Reviews: R/T scheduled for this Thursday. This continues to be an exploratory and collaborative effort. We're excited to see what the results are!
- Monday AMAs: First AMA will be this coming Monday, 10/10. To start, we'll hold these every Monday except for OKR week.
- 2022 OKR Meeting Sponsors, Classes, & Charity Events: Please reach out to Bailey if you have any suggestions.
- LCQ Redesign: This is to better clarify Leads Duty expectations, but more importantly, to make this super relevant to non-leads duty agents and transactions. We're adding in the concepts of "Create Value" and "high vs low value communication".
- Video Content: Our goal is to have a video for every important informational piece on the CG by the end of October.
- Goal Setting Process: We've always offered goal setting meetings at the end of the year and we're excited to do that again this year. We're working on formalizing a process in October to start goal setting meetings in November.
- Price Adjustment Notifications: It's a sign of the times that we didn't need price adjustments when we started building this and that we now do. This is what we're currently working on.
- User Experience Improvement Big Feature Set: Better "list view" meaning they'll get a map to the left and listings to the right. Better navigation. Better (and bigger) links in their notification emails. Better agent branding (your smiling faces and phone numbers will be on every listing they view.)
- Agent Reporting: "People play differently when you're keeping score." Your Client Portal activity (new searches, suggestions, and comments) is the best leading indicator for closing deals 6 months from now. We want to encourage this awesome, productive behavior and celebrate agents who are staying positive and productive when it's slow (and when it's busy!)
7) Systems, Support, Education, & Technology Philosophy
- We're building for the Top 10%. That's who we are, that's who we want to attract and work with.
8) Market Observations, Coming Soons, & Buyer Needs Round Table (Bailey)
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