As we bid farewell to 2023, the Onward Real Estate Team at Keller Williams takes a moment to reflect on the year’s highs and lows, showcasing our experiences in both the commercial and residential real estate sectors. From market trends and technological advancements to community involvement and team growth, this blog post encapsulates our journey through 2023.
2023 Review:
Commercial Real Estate:
In the commercial realm, 2023 marked a transformative period marked by surging interest rates. Despite this hurdle, we strategically pivoted from sales to leases, achieving a noteworthy uptick in deals, totaling nearly $60 million—an increase from the previous year. Key transactions included the sale of the Members Choice of Central Texas building and the acquisition of Virtue Recovery Center in Killeen. Our commercial portfolio saw substantial growth, comprising over 750,000 square feet of improved property and 500 acres of listed land.
Commercial Real Estate Highlights:
- Closed 68 transactions, including notable sales and leases.
- Expanded commercial portfolio by listing over 750,000 SF of improved property and 500 acres of land.
- Achieved success with key transactions, such as the sale of the Members Choice of Central Texas building and the purchase of Virtue Recovery Center.
Residential Real Estate:
The residential market embarked on a robust start in 2023, only to face challenges as interest rates doubled, resulting in a deceleration of both buying and selling activities. To navigate this shift, sellers introduced buyer incentives, prompting a necessary adjustment in our marketing strategies. By year-end, signs of improvement in interest rates emerged. Despite the hurdles, we successfully closed 35 home sales, demonstrating resilience in a dynamic market.
Residential Real Estate Achievements:
- Closed 35 home sales despite market challenges.
- Adapted to changing market conditions by offering buyer incentives and adjusting marketing strategies.
- Contributed to community engagement through charitable giving and service.
Community Involvement:
Our commitment to community involvement remained steadfast, with quarterly charitable contributions to organizations such as Mission Waco, Fuzzy Friends Rescue, and Talitha Koum Institute. Our team values the importance of giving back and actively participated in various community service projects.
Team Growth and Development:
The Onward Real Estate Team experienced substantial growth in 2023, welcoming new team members across various roles. Our commitment to professional development was evident, with team members achieving certifications and attending industry bootcamps.
New Additions: In 2023, our team expanded with key additions:
- David Haragan (Commercial Transaction Coordinator)
- Trey Chamness (Commercial Buyer/Tenant Specialist)
- Logan Taylor (Commercial Buyer/Tenant Specialist)
- Sarah Fallon (Property Manager, Alliance Property Management)
- Taylor Wilson (Resident Relations Specialist, Alliance Property Management)
- Trisha Young (Field Manager, Alliance Property Management)
Professional Achievements:
- Rachel Alston (Texas Risk Reduction Specialist)
- Taylor Wilson (GRI – Graduate, Realtor Institute)
- Melissa Harrell (Certified Real Estate Negotiator)
- Select Admin (Millionaire Real Estate Operations Bootcamp)
Technological Advancements:
We embraced technological tools such as RealNex and Spinify in the commercial sector, enhancing communication and goal tracking. In residential real estate, the implementation of a Showing Agent contributed to increased efficiency for our clients.
Challenges and How We Overcame Them:
Both commercial and residential sectors faced challenges due to increased interest rates. For commercial, the focus shifted to end-users, while residential navigated conversations around pricing, buyer incentives, and marketing strategies.
Looking Ahead to 2024:
Commercial Real Estate:
- Pursuing high-profile land deals to impact the Greater Waco area positively.
- Expanding our sales force in anticipation of projected lower interest rates.
Residential Real Estate:
- Growing our Residential Team to assist more buyers and sellers.
- Capitalizing on Waco’s attractiveness as an affordable market with excellent amenities.
- Emphasizing the value Waco offers. We have great schools, recreation, job opportunities, and entertainment.
In conclusion, 2023 has been a year of resilience, growth, and community commitment for the Onward Real Estate Team. As we step into 2024, we invite you to stay tuned for exciting developments and projects on the horizon.
We heart Waco! 💙🏡✨