A year ago at this time I was happy to share how 2014 had been, by far, the best year in the history of the firm. We had opened 3 new branch offices, expanded our team to almost 70 agents, and set records for sales production. It would be a tough act to follow.
2015 did not see us open any new offices (although one is in the process of relocating to better digs), and our roster still has not cracked 70 agents.
But what we did do was significant.
I am ecstatic to report that our closed transaction total skyrocketed from 110 in 2014 to 175 in 2015, and our closed dollar volume went from $34 million to $54 million. That is a 59% increase in closed transactions for our clients and a 59% increase in closed dollar volume.
59%.
2015 also saw 14 of our professional team exceed $1 million in personal sales. Prior to this year, we never had more than 7 million dollar producers.
Overall, out of over 1000 firms in our marketplace, J Philip Real Estate ranked 33rd in closed transactions. Moreover, no Westchester or Putnam based independent firm outsold us. We are no longer a mom and pop or boutique. We are a growing, medium sized independent that is gaining market share month by month. For me as the broker, 2015 was about managing the growth, training, implementing better systems and giving my team the best tools possible to serve the clients. This caused some growing pains and technological challenges, but overall I am immensely proud of the commitment, agility and focus that the J. Philip family of producers demonstrated.
Typically, I have a shout out to the award winners among our ranks, but this year’s annual party is January 14th, so I’ll release that list in two weeks. Suffice to say we had some fantastic achievements by our associates in 2015.
Personally, I sold over $11.4 million worth of property, a $2.5 million increase over 2014, and I was selected as Realtor of the Year by the Revamp organization, a local concern committed to agent education. I made my share of media appearances, including a radio interview on WFAS on the “Real Estate RIValution” program. My travel schedule was intense at times, as I was still active on the Hudson Gateway MLS executive board, the Zillow Agent Advisory Board, and I bopped between 4 offices (including a very productive trip to Buffalo in the summer).
Going into 2016, we have close to 80 transactions under contract as I type this. I have hired two specialized consultants to assist me in managing our growth properly, for the best interests of our growing clientèle and to give our agents the best resources possible to do their jobs with excellence. I have every reason to believe that we can do 250 transactions in 2016, and exceed $100 million in closed sales volume. For the first time ever, I will institute an active campaign to attract more and better professionals to join our firm. I have set a few other goals, some of which will be revealed on these very pages going forward, and among them will be to improve our value to the consumer; I want our clients to have the very best professional experience possible. Looking at the team of amazing people in this brokerage, I feel very good about that happening.
On Being Household Name-or Not.
Name recognition is something all business enterprises aspire to have. A good reputation, a book of business, “getting your name out,” is the goal of every company. In a brand conscious place like Westchester County, it is the holy grail. That being said, industry specific circumstances often make that aspiration a constantly moving target. For example:
Name a great proctologist you would swear by in Armonk.
Who is the best architect in Dobbs Ferry? Or the top 3?
Off the top of your head, who is the “go to” interior decorator in Harrison?
If your car were totaled, who would you call to buy a new vehicle that you absolutely know would be honest to a fault and take awesome care of you?
You need a wedding planner. Who do you know would make the magic day magic?
You need a child psychologist. Who do you entrust your son or daughter to?
The chances are that you’d ask your sphere of influence for input. And the chances are high that the names of the proctologist, decorator or wedding planner are names you have never heard before. And I’ll bet that doesn’t factor in, because these are things that you don’t do every day.
Real estate is a specialized field in that it is a transaction that seldom occurs. It is no sin to not have the same name recognition in real estate as a soft drink, automobile maker or chain restaurant. As a matter of fact, real estate is the one field where being a big box name, for some people has the exact opposite meaning to the public as other industries.
Here’s what I mean- take a wedding for example:
Would you want your wedding catered by a well known hamburger franchise?
Would you buy a wedding dress at a department store with an automotive department a few aisles down?
What about the photos? After the ceremony would you head down to the strip mall and have your wedding portrait taken at the photography kiosk next to the half-off DVD bin?
What about the flowers? Wouldn’t the supermarket be more cost effective than a florist?
Most would agree that it would be absurd to have any mass produced servicer for something as special and rare as a wedding. Yet I speak with literally hundreds of people a year who entrusted the rare, special and largest financial event of their life to someone because they saw their company’s signs all over the place or their ads in the margins of their online newspaper. And they regretted it.
There is no Proctologist Hut.
I know of no Child Psychologists- R- Us
Architect-Mart wouldn’t catch on.
Name recognition is equally dubious in real estate in most cases. The idea that if a company or agent spends a ton of money on marketing then they must be good is fallacious in my 17 years of experience. National brands are meaningless in something as expensive, rare and high stakes as real estate. Buyers don’t care who a house is listed with, they care if it suits their needs. And as far as big box firms having more “tools” and exposure than smaller independents, why is my little firm outperforming the market by well over 50%? Why are over half of my sold listings the ex clients of franchises and “market leaders?” Consumers learn fast to do more due diligence on their broker than buy the marketing pitches.
Here is what I tell my frustrated friends and colleagues to say when they are told by a prospective referral that they never heard of me or my firm:
Now you have.