Mel Foster Co. celebrated a year of accomplishments and honored 89 award winners at the company’s annual awards event on Friday, Jan. 19, at the Quad-Cities Waterfront Convention Center in Bettendorf.
The theme of this year’s awards was “Celebrate 2023 and Adventures Await.” Lynsey Engels, president of real estate brokerage; Marc Engels, president of Mel Foster Insurance; and Rob Fick, president and CEO; collectively honored the award winners for their 2023 accomplishments and released the company’s year-end results to agents, staff and guests.
The four top award winners were:
- Thad DenHartog, top commercial sales.
- Geri Doyle, top residential Iowa sales.
- Dee Shepherd, top residential Illinois sales.
- Mike Smith, top insurance producer.
For a complete list of award winners, visit here.
During Friday’s event, Mr. Engels said: “The insurance industry continues to see poor results due to catastrophic weather events, nuclear liability verdicts, and unprecedented social inflation, affecting premiums for all insurance consumers. Our team’s experience and long-term company partnerships are essential and will allow us to continue delivering competitive rates while providing professional and local service in a rapidly evolving marketplace.”
Insurance strong, stable
Mel Foster Insurance boasts a strong portfolio of financially stable insurance company partners, allowing it to deliver various insurance solutions to clients, company officials said. As an independent insurance agency, Mel Foster Insurance offers coverage from leading companies that enables clients to compare quotes from multiple providers.
“Being independent allows us to provide competitive options to our clients from some of the most financially stable companies in the nation,” Mr. Engels added.
In an insurance market that experienced limited market access and tightening of underwriting principles, the Mel Foster Insurance commercial property and casualty department experienced year-over-year growth of 10.4%. Overall, the direct written premium was up 12.2%.
“We have an experienced group of insurance professionals dedicated to serving our local clients. We take pride in providing the best insurance experience regardless of market conditions,” Mr. Engels said. “That commitment has allowed us to retain 94% of our clients in the past year. We appreciate the trust clients have in us as we recognize we would not be succeeding without their continued business.”
Community a top priority
During the Friday celebration, company officials said that community stewardship also remained a priority for Mel Foster Insurance in 2023. In collaboration with two of its insurance partners, Mel Foster was able to help area organizations. The River Bend Food Bank received a $5,000 grant through Hastings Mutual Insurance Company Charitable Foundation to purchase food to close the meal gap in Scott County and Rock Island County.
Also, through the Legacy of Caring program, the Westfield Insurance Foundation partnered with Mel Foster Insurance to donate $6,500 to Big Brothers Big Sisters of the Mississippi Valley to help coordinate one-to-one mentoring programs that engage professionally trained and supported adult volunteers as mentors to at-risk youth.
“Our employees do so much in the community with their time, energy, and dollars which is a great way for us all to support the vitality of the Quad Cities,” Mr. Engels said.
Nationally and locally, residential real estate continued to experience a lack of inventory and rising interest rates that sidelined some buyers and sellers in 2023. Despite these challenges, the company had 11 of its agents named on Real Trends America’s Best Real Estate Professionals list, which honors the finest real estate agents from across the country.
Ms. Engels shared that perhaps the most important statistic was that 45% of the agents increased their sales volume from 2022. This means that nearly half of the agents in the company had an average increase year over year of 56%.
Ms. Engels added, “This is a true testament to the agents and their desire to work for their clients despite the interest rates.”
Sales up from 2022
The average sales price for the company was up 5.26% from 2022 at $224,830. On average, Mel Foster Co.’s agents closed 12 transactions (buy or sell) in 2023, which is higher than the national average according to the National Association of REALTORS.
Being a well-diversified company has been a key factor in the long-term strategies of the organization. Mel Foster Co. is also one of the largest land developers in the Quad Cities and surrounding areas.
In 2023, the company sold 36 residential lots in seven different subdivisions and has another 114 developed lots that have been released for 2024. Residential agents sold 144 new construction homes or condos in 2023 with an average sales price of $478,468 which is up from $455,994 last year, according to information from the company.
Mel Foster Commercial Real Estate Services, led by Mr. DenHartog, had over $73 million in commercial real estate sales. Four of the company’s commercial brokers ranked in the top 10 of the Quad Cities Commercial MLS.
In November, Mel Foster Commercial Real Estate Services was the presenting sponsor for the QCBJ Commercial Symposium for the second year in a row. Mr. DenHartog served as the keynote speaker which included delivering an overview of the regional market trends in key sectors such as retail, industrial, office space and multi-family units.
