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September 2022 OKR Meeting Notes

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Sep 12, 2022

1) Community Vendor: David Mescher w/ Armadillo Insurance

2) Market Statistics & "What's next?"

  • The demand decline is flattening / has flattened out. We generally consider 3 months a trend. We now have two months in the -25% range. The trend was -32% in June, -25% in July, & -24% in August. I think it's safe to say that the market isn't worsening.
  • On an annual basis, prices are holding steady. We're still seeing roughly 10% YOY appreciation. However, it feels worse to that for consumers because they're looking at the peak this year, which was May 2022. Prices are down roughly 10% from that peak.
  • Long term, we are in a phenomenal position. Mark Sprague's outlook was incredibly optimistic. Austin's overall numbers are incredibly positive.
  • What's next?
    • We don't know what the spring will look like, but we know that it will be better than this fall.
    • Demand will come back as long as interest rates remain steady and the economy remains steady.
    • Mark mentioned that he "watches consumer confidence like a hawk." Consumer confidence/sentiment are the best leading indicators for market demand.
    • Consumer confidence generally trends with the stock market because it's so heavily covered by the media
Bottom Line: It looks like we bottomed out in June. We are now waiting to see if the spring will be okay, good, or great. If it's not great in 2023, it will be okay or good and it will then be great in 2024.

3) Office OKRs

  • We closed $33.9M and 49 transactions in August. This is a +13% increase in $ volume and a +2% increase in units.
  • We contracted $30.3M and 42 transactions in August. This is a +26.8% increase in $ volume and a +10.5% increase in units.
Leading Indicators
  • We had 260 conversations with 2 days & 3 hours of talk time.
  • We sent 1700 text messages and 128k emails.
  • Top Talker: Jeremy with 2hr 34min
  • Talk Texter: Eric E w/ 277
Leading indicators look incredibly strong!!!!!!!! This has been a long effort to get everyone engaged with the FUB dialer/texter and we have almost everyone engaged!

$1M+ Closed (15)

  1. Patrick = $6.5M
  2. Will = $3.9M
  3. Becky = $2.3M
  4. Annette = $2M
  5. Katie = $2M
  6. Lauren = $1.7M
  7. Vicki = $1.4M
  8. Linda = $1.35M
  9. Craig = $1.25M
  10. Jeremy = $1.2M
  11. Crystal = $1.2M
  12. Tyson = $1.1M
  13. Morgan = $1M
  14. Joe = $1M
  15. Vivia = $1M
$1M+ Contracted (12)
  1. Patrick = $4.2M
  2. Will = $3M
  3. Chris = $2.9M
  4. Becky = $2.7M
  5. Craig = $2.3M
  6. Linda = $2.3M
  7. Philip = $1.5M
  8. Morgan = $1.3M
  9. Annette = $1.2M
  10. Jeremy = $1.2M
  11. Kasey = $1.1M
  12. Stacy = $1M
4) 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!)
  • Real Estate Review! We have our final revision completed and we're building out the customized presentations for everyone who requested one. We will have a video that goes over building the packet completed this week. Reminder to complete this form if you'd like one. https://forms.gle/aZP7pCUKqiCjSKMP9
  • We'd love for 1-2 more agents to volunteer to lead one Market Watch per month each. If you're interested, please reach out to Bailey or me. If you're curious, you can ask Craig or Jerremy about their experiences.
  • We're working on an overhaul of our Education Program and section of the website. We should have this ready by the next OKR Meeting. This focuses on 9 Core Competencies and we'll have both written and video content for each:
    • Understanding Market Statistics to Answer "How is the Market?"
    • Pricing Properties for Buyers
    • Predicting Appraisal Problems
    • Submitting Impeccable Offers
    • Guiding Buyers Through Inspections
    • Pricing Properties for Sellers
    • The Listing Process
    • The Listing Presentation
    • Understanding the Contract
  • We're wrapping up another batch of improvements for the Client Portal. These are engagement features for favorites, possibilities, suggestions, and comments. I'll notify you guys when this is done. After this, we're moving on to a "Client Facing Experience Improvements" epic. This will feature match the Zillow/Redfin saved search experience.
  • We're revising our Independent Contractor Agreement. We started working w/ our attorney for team agreements and we added provisions in that need to go into every agreement. Nothing crazy here, just tightening things up.
  • Just a reminder that FUBCON is in November.
6) Market Observations, Coming Soons, & Buyer Needs Round Table (Bailey)
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About the Author

Last updated: 09/12/2022

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