Editor’s Note: RISMedia recently released its 2023 Top 1,000 Power Brokers, exclusively for RISMedia Premier Members. In this special interview series, we talk to some of our top-ranking brokers to garner their insights and strategies for sustaining their firms’ success. For more information, click here.
Coldwell Banker Sea Coast Advantage
No. 29 Sales Volume
No. 21 Transactions
For Coldwell Banker Sea Coast Advantage in Wilmington, North Carolina, the shifting market in the second half of 2022 did not significantly affect sales volume compared to 2021, and closed units were down about 15%, noted Tim Milam, CEO in a recent interview with RISMedia.
“It was hard to watch,” he writes of the challenges first-time buyers were experiencing at that time. However there were and are a lot of positives happening in his firm that have kept agents motivated, expressing appreciation for clients and most important, looking forward to some important opportunities ahead.
Here, Milam shares some insights into his firm’s achievements in 2022 and looks ahead to what he sees the market shaping up to be by year end.
Was your company’s performance in residential sales volume and transactions for 2022 in line with your expectations for the year? Why or why not?
Yes, it was what I expected in both closed volume (virtually the same as 2021) and closed units (down about 15%)
What was the biggest contributor—positive and/or negative—to your results in 2022?
It was difficult for first time homebuyers – it was hard to watch.
What is the most significant change your company is making this year to ensure success in a shifting market?
We are increasing our awareness of how important our sphere of influence and past clients are. We have ALWAYS appreciated our clients and now more than ever, we need to make sure they know that.
How are you keeping agents motivated and productive in the shifting market?
We are staying positive with our attitude of Do Something Nice For Someone Every Week and more training.
What’s the biggest threat to business in the coming months?
Interest rates are increasing even more. Too many consumers are not wanting to trade in 3 to 4% rates to go to 7%.
How do you anticipate 2023 ending up? Are you seeing signs in your market(s) that things are turning around?
I think the market will continue to improve after we get through the first half of the year.
What are the biggest opportunities for growth ahead?
Agent retention, acquisitions and new homes inventory.