Quad Cities real estate firm Mel Foster Co. celebrated its 2022 accomplishments at its annual awards event on Thursday, Jan. 26.
A total of 109 award winners were honored for their achievements last year as the company announced its year-end results. Presenting the awards were: Lynsey Engels, president of real estate brokerage; Marc Engels, president of Mel Foster Insurance; and Rob Fick, the Davenport-based company’s president and CEO.
The top sales award recipients were: Sara DeWulf, Top Residential Iowa Sales; Dee Shepherd, Top Residential Illinois Sales; Geri Doyle Group, Top Residential Team Sales; Thad DenHartog, Top Commercial Sales; and Mike Smith, Top Insurance Producer.
With a crowd of 200 gathered for the awards reception Thursday night, Jan. 26, at the Quad Cities Waterfront Center, Bettendorf, the company leaders also highlighted the past year’s successes and challenges. Here’s a look at the company’s 2022 performance:
- Mel Foster Insurance reported another successful year in a challenging insurance market. As insurance rates rose, the agency capitalized on its financially stable insurance company partners to bring insurance solutions to clients.
Mr. Engels said: “The insurance industry continues to see record catastrophic weather events, nuclear liability verdicts, and unprecedented social inflation, affecting premiums for all insurance consumers. Our people and our long-term relationships in the insurance marketplace make us uniquely positioned to find competitive rates while providing professional and local service.”
The agency’s commercial property and casualty department experienced 8.9% year-over-year growth. Overall, the insurance division saw increased revenue of 6%, and direct written premium was up 5.9%. “I am proud of our entire team for the outstanding service provided throughout the year, which allowed us to retain 98% of our clients in 2022,” he added.
- Mel Foster Co., one of the largest land developers in the Quad Cities and surrounding areas, sold 24 residential lots in six subdivisions in 2022. To keep up with the demand, the company has 103 developed residential lots available and has four additional subdivisions final platted and ready to be developed. Residential agents sold 69 new construction homes or condos in 2022 with an average sales price of $455,994, up from $452,734 in 2021.
- Mel Foster Commercial Real Estate Services, led by Thad DenHartog, reported more than $75 million in commercial real estate sales, down 8.7% from last year. Two of the company’s commercial brokers ranked in the Top 10 of the Quad Cities Commercial Multiple Listing Service (MLS).
“Even with the changing marketplace, the Quad Cities commercial real estate industry saw an increase in interest from outside investors,” Ms. Engels said. “Despite rising inflation, fears of a recession and supply chain disruptions, the demand for industrial space was still high.”
Mel Foster Co. had a 5% decline in volume from 2021. The average sales price was up 9.57% from 2022 at $213,588, and the number of days on the market dropped to 27 compared to 37 in 2021.
According to Ms. Engels, “Buyers experienced strong home prices, limited inventory, and a relatively fast-moving environment. As interest rates increased, inflation skyrocketed, and inventory remained tight, the market changed in the last half of the year. Our agents still successfully closed deals with those challenges.”
On average, Mel Foster agents closed 13.5 transactions (buy or sell) in 2022, which is higher than the national average reported by the National Association of REALTORS (NAR).
Across the eight residential office locations within Mel Foster Co., the company had a combined 11 agents in the Top 10 of their respective residential MLS. Ten agents were named on RealTrends America’s Best Real Estate Professionals list.
MelFosterCo.com was named one of the leading real estate websites in the nation and recognized for its community section by the real estate industry publication RealTrends Website Rankings.
Mel Foster Co. also earned the 2022 Top Workplace in the USA and Top Workplaces in Iowa, a partnership with The Des Moines Register and Energage.
Mr. Fick welcomed 17 new agents/staff and congratulated five retiring agents/staff during the awards. For a complete list of award winners, visit here.
In addition, 22 agents were recognized for volunteering on real estate association committees or boards at the local, state, or national level; 41 agents and staff were thanked for their years of service which totaled a combined 660 years. Across all three company divisions, the median years of service is 13.5 years – nearly double what other companies experience, according to NAR.
“Our years of service marker indicates that our agents, producers, and staff have collectively created a culture that I am proud of,” Mr. Fick added. “We invest in new technology and new products to help our agents and producers find success at Mel Foster Co. We are always seeking talented professionals to join our team.”
As it has for 100 years, Mel Foster said it prioritized giving back to its communities. The company continued its Think.Buy.Be.Local campaign in 2022 – raising money to support local families by participating in the River Bend Foodbank Community Hunger Drive. It also supported multiple families in need over the holidays, made and delivered baskets to seniors, partnered with WQAD for a school supply drive, held a blood drive with ImpactLIfe, donated to Quad City Animal Welfare Center through a partnership with WHBF, and collected toys and money for Toys for Tots.
During Small Business Week, Mel Foster Co. agents and staff supported more than 160 local businesses – a 62% increase from last year.
“It’s a privilege to work with our staff and agents with opportunities to give back and support local businesses,” Ms. Engels said. “We don’t know what challenges 2023 will bring, but our dedicated professionals will be ready to serve our communities.”
