Mel Foster Co. Website Recognized for Excellence

Mel Foster Co. has been awarded the Website Quality Certification (WQC) from Leading Real Estate Companies of the World®, a global community of 550 high quality real estate firms in 70 countries. The certification was presented in recognition of excellence in website design, content and functionality.

Mel Foster Co.’s website, melfosterco.com, received high marks in a variety of critical areas relating to website performance, including usability, design, content, interactivity, customer service and mobile responsiveness. The evaluation was conducted by Virtual Results, LLC, a real estate internet and social marketing firm selected by Leading Real Estate Companies of the World® to review the websites of participating members.

The specific measurements for the WQC are updated each year to reflect the most current online marketing strategies, as well as evolving consumer preferences. Companies must be re-certified every two years to maintain the certification.

“We are pleased to recognize the 94 companies that earned the WQC this year. These firms offer consumers valuable resources relating to home buying and selling through well-designed websites with current housing information. They also provide a unique level of local market insights and the first-hand community information that only local market leaders can deliver,” said Leading Real Estate Companies of the World® President/CEO Paul Boomsma.

“We know local consumers have a choice when searching for a buying or listing agent.  We want to continue to offer the best tools in the market to be the top resource for buyers and sellers and to help our agents stay competitive.  Mel Foster Co. feels it is essential to invest heavily in digital marketing platforms and we are pleased that our efforts have been recognized with this international award,” said Lynsey Engels, President Real Estate Brokerage of Mel Foster Co.

Mel Foster Co. is the Quad Cities and surrounding areas representative of LeadingRE (www.LeadingRE.com). With a global membership that spans six continents, LeadingRE connects more than 550 firms and 136,000 sales associates who produce over 1.2 million real estate transactions each year. As a member of LeadingRE, Mel Foster Co. provides a quality real estate experience, global marketing reach and access to top real estate professionals in virtually any market worldwide.

For more information about Mel Foster Co., please visit melfosterco.com.

Mel Foster Co. Celebrates 2022 Achievements

Mel Foster Co. celebrated 2022 at its annual awards event on January 26, 2023. Lynsey Engels, president of real estate brokerage, Marc Engels, president of Mel Foster Insurance, and Rob Fick, president and CEO, collectively honored 109 award winners for their 2022 achievements and released the company’s year-end results.

Mel Foster Insurance, a locally owned and operated independent insurance agency, had another successful year in a challenging insurance market. With insurance rates rising across the region, the agency was able to capitalize on their numerous financially stable insurance company partners to bring insurance solutions to clients. Agency President Marc Engels commented, “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.”

In an evolving insurance market, the commercial property and casualty department experienced year-over-year growth of 8.9%. Overall, the insurance division saw increased revenue of 6%, and direct written premium was up 5.9%. Mr. Engels said, “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! We appreciate the confidence clients have in us as we recognize we would not be here without their continued business.”  

“In 2023, we will continue to make financial investments in training and professional development for our employees. We will work diligently to be a trusted independent agency in the Quad Cities region that delivers a great insurance experience,” said Mr. Engels.  

As one of the largest land developers in the Quad Cities and surrounding areas, Mel Foster Co. sold 24 residential lots in six subdivisions in 2022. To keep up with the demand, the company has 103 developed residential lots available in inventory for home buyers wishing to build their dream home. In addition to the already developed residential lots, Mel Foster Co. has four additional subdivisions final platted and ready to be developed.  Mel Foster Co. residential agents sold 69 new construction homes or condos in 2022 and the average new construction sales price in 2022 was $455,994, up from $452,734 last year.

Mel Foster Commercial Real Estate Services, led by Thad DenHartog, had over $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 MLS. Ms. Engels said, “Even with the changing marketplace, the Quad Cities commercial real estate industry saw an increase in interest from outside investors. Despite rising inflation, fears of a recession and supply chain disruptions, the demand for industrial space was still high.”

Nationally and locally, residential real estate continued to experience a lack of inventory and rising interest rates sidelined some buyers and sellers in the year’s second half. Mel Foster Co. had a 5% decline in volume from 2021. The average sales price for the company 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.

Ms. Engels stated, “The first half of the year was similar to 2021. 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 Co.’s agents closed 13.5 transactions (buy or sell) in 2022, which is higher than the national average according to 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, which honors the finest real estate agents from across the country.

The website, MelFosterCo.com was named one of the leading real estate websites in the nation. The website was recognized for its community section by the real estate industry publication RealTrends Website Rankings, which highlights the top real estate websites across the country in six total categories in an annual brokerage website ranking. A team of technical experts specializing in website design, structure, and functionality analyzes the sites. Mel Foster Co. earned the 2022 Top Workplaces in the USA and Top Workplaces in Iowa, a partnership with The Des Moines Register and Energage.

Fick welcomed 17 new agents/staff and congratulated five other agents/staff on their retirements during the awards. Twenty-two agents were recognized for volunteering on real estate association committees or boards at the local, state, or national level. Forty-one agents and staff were thanked for their years of service with the company, totaling 660 years of combined service. Across all three company divisions, the median years of service among staff/agents is 13.5 years. This number is nearly double what other companies experience, according to NAR. Fick commented, “Our years of service marker indicates that our agents, producers, and staff have collectively created a culture that I am proud of.  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.”

Throughout its 100-year history, Mel Foster Co. has prioritized giving back to the communities it serves.

Mel Foster Co. continued its Think.Buy.Be.Local campaign in 2022. In support of this initiative, the company raised money to support local families by participating in the River Bend Foodbank Community Hunger Drive. Mel Foster Co. 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. Mel Foster Co. agents and staff supported over 160 local businesses during Small Business Week, a 62% increase from last year. The company partnered with local breweries and coffee shops in its communities by providing its agents and staff with branded Mel Foster Co. growlers for a complimentary fill on the company at those establishments. The company is also the three-peat defending champion of the Quad-City Times Bix 7 Brady Street Corporate Sponsor Challenge. Ms. Engels stated, “It’s a privilege to work with our staff and agents with opportunities to give back and support local businesses.”

Engels closed the awards by thanking the agents and staff for their continued perseverance, loyalty, and commitment to clients. “We don’t know what challenges 2023 will bring, but our dedicated professionals will be ready to serve our communities.”

For a complete list of award winners, visit https://www.melfosterco.com/agent-achievements

Home Design And Remodeling Trends

Today’s design and remodeling trends can be followed by tracking what homeowners are searching online. Companies compare last year’s to this year’s website searches to get a glimpse at what people are researching. See what trends have been popular in the first half of this year, as reported by Houzz Pro.

Dedicated Activity Space

Having flexible and functional space at home became important once working from home became prevalent. Home office searches jumped 108% over last year’s searches, indicating that finding practical use of existing space at home is a big deal. Turn a spare bedroom into a place for work. Rearrange the furniture to carve out a nook for a desk and laptop near the window.

Green Makes A Statement

After years of cool grays, blues and white, homeowners turn to green to add warmth to the home. And where do we see green? Pretty much everywhere! The most significant search trend for green is for kitchen cabinets and bathroom tiles. Living spaces are filled with organic green botanical motifs when combined with natural wood. Existing chairs and sofas are being recovered in luscious, velvety fabrics in stunning emerald or peacock.

Decorating Accents

Add flair to a room by introducing new accent pieces to your living space. Replace your existing mirror with a luxurious and contemporary gold one. Swap your faucets, light fixtures and handles in the powder room with the updated champagne finish from the matte silver you have now. Jazz up your furniture pieces by purchasing new accent pillows for a fresh feel.

Swimming Pool And Water Features

Swimming pools are fun, and homeowners want control over when they can enjoy one and with whom they can enjoy it with. Pools that offer a water feature, like a waterfall, also provide the luxury and soothing sounds for relaxation owners seek. Pool companies are having a hard time keeping up with demand for the addition of this feature, confirming that the searching trend for pools being up 797% is right on point.

Find more homeowner tips at melfostercoblog.com

How to Save for a Down Payment

Do you have enough for a down payment?

You’re ready to leave your rental behind but don’t have enough down payment yet. Here’s how to start saving today to get you closer to moving into a home of your own.

Begin Saving Early

The sooner you’re able to start saving the better, especially if you’re able to invest some of your savings. The more you have saved, the more options you’ll have when looking for a home.

Follow a Budget

If you’re disciplined and able to stick to a budget, you should be able to set aside a specific amount of your paycheck to savings every month. You may have to cut expenses or seek additional income, but you will save in the long run by having lower monthly mortgage payments.

Save Windfalls of Cash

Start saving any extra money you come across. Tax returns, gifts and bonuses are perfect sources for your down payment. If you’re able to grow this money through investments, it will get you that much closer to your long-term goals.

Use Interest to Grow Your Savings

If you’re able to utilize high interest savings accounts or certificates of deposits (CD’s) you’ll automatically be putting your money to work for you. Seek out the best resources for earning more for your money.

If you’re wondering how much you need to save for a down payment, use this easy mortgage calculator

How Credit Score Information is Calculated

Calculating your credit

Your credit score affects your ability to borrow money and influences the interest you’ll pay on that loan. Most people don’t know how these scores are calculated. Here’s what you need to know.

All Credit Scores are Not the Same

People often assume their credit score is a single three-digit number. In truth each of the three major credit bureaus, Experian, Equifax and TransUnion, score you differently since they don’t have the exact same data. Be clear where your ratings come from when sharing your scores. 

Closing Accounts Won’t Always Boost Scores

Closing old or inactive accounts may inadvertently lower your credit score because your credit history appears shorter. If you want to simplify, close newer credit accounts first.

Paying Off a Debt Doesn’t Remove it from Your History 

Once a debt goes to collection, or you’ve established a history of late payments, your credit score is impacted even if you pay off what you owe. While your score will get a boost if you pay off an old debt, it may not be by as much as you think. The best way to increase your credit score is to make payments on time every month.

Co-signing a Loan Impacts Your Scores

When you co-sign for someone else’s loan, you are ultimately responsible for the debt. If the person you’re co-signed with does not pay, your credit score will be impacted. Determine ahead of time if the person you’re co-signing with can afford the loan and if it’s worth the risk to your own credit score.

Not sure who to trust when making decisions that could affect your credit score? Refer to a Mel Foster Co. agent for guidance.

Preparing to Buy in the Competitive Summer Housing Market

Home Buying Tips

This summer will be a competitive season in the housing market where demand will be higher than supply. If you’re planning on buying a home, here are some tips to help you prepare.

Get Your Finances in Order Ahead of Time

Before you begin looking for houses, make sure you’re financially prepared to be a homeowner. This includes doing a credit check, gathering your employment and salary history, getting a current bank statement that shows savings and checking balances, making a list of your debts and anything else that could contribute to your net worth.

Be Prepared for High Prices

If you see a house you love, chances are someone else loves it too. Many sellers are receiving multiple offers and will often receive offers close to their asking price. Be prepared for firm prices and difficult negotiations. Determine your needs vs. wants when it comes to selecting a home and be willing to compromise so you can act and make an offer quickly.

Work with a Professional Real Estate Agent

Having a real estate agent on your team can make a big difference. An experienced agent can recognize what might make or break a deal. Your agent will offer the sellers your whole package and not just an offer number, making your offer more appealing to the seller. Your agent’s ability to negotiate on your behalf gives you peace of mind that you’re getting the most out of the deal.

To contact a Mel Foster Co. agent today visit our website.

Mulching Tips to Make Your Yard Look Great

Mulching Tips

If you want your yard to look its best, mulch is a great way to highlight various parts of your landscaping. These basics will help you get started.

  1. When to Mulch

When the weather starts to warm up it’s tempting to get started right away on landscaping. But don’t put mulch down too early in the spring. Give the soil a chance to warm up. Mulching too early will slow down the warming process and may cover up perennials that have not popped up from the ground. Normally, mid to late spring is the best time to put down mulch.

  1. How Much Mulch

The exact amount of mulch to place depends on the type you’re using, but generally you want about one or two inches of mulch. The main reason to apply mulch is to prevent weed growth, but too much mulch may stunt your plant growth. If you’re trying to keep a particular area free from any plant life, you can use as much mulch as you like.

  1. Choosing the Right Mulch

Choosing the right mulch material is your choice. Mulch’s purpose is to prevent weed growth, retain water, keep temperatures consistent and beautify the landscape. The color of the mulch is usually personal preference, but recycled mulch will break down more quickly and add nutrients to the soil. Rubber mulch is more expensive initially, but does not decompose.

Want more tips for caring for the outside of your home? The Mel Foster Co. blog has hundreds of articles for homeowners.

 

Fresh Spring Cleaning Tips

Think Spring!

Spring is finally here and that means it’s once again time to do a deep clean throughout your house. Here are some ways to freshen up your home in time for summer.

  1. Declutter Every Room

Take an empty laundry basket from room to room and gather items that are out of place and return them to their correct location. If there’s anything you no longer need, this is a great opportunity to get rid of it.

  1. Put a Recycle Basket Near the Front Door

Having a place you can immediately get rid of unwanted mail, fliers or packaging will prevent this clutter from entering your home. If you’re able to keep the bin by a frequently used side entrance to your home, it’s even better because guests won’t see it.

  1. Cleaning Ceiling Fans

One of the easiest and fastest ways to clean a ceiling fan is with an old pillowcase. You place the pillowcase over the blade and slide it off. The dust will collect inside the pillowcase and you can empty it outside.

  1. Open the Windows

One of the biggest perks of spring is the warm fresh air! Don’t forget to open your windows while doing all your cleaning to get some fresh air flowing through your house. It’ll keep you energized and make your home smell great.

Spring is also the season when homes are listed for sale. If you’re ready to list, or find an agent to sell your home, now’s the time to find a Mel Foster Co. agent.

Mel Foster Co. Celebrates 2017 Achievements

Mel Foster Co. held its annual awards reception last night at the Rhythm City Casino Resort in Davenport, Iowa. Rob Fick, president and CEO, Lynsey Engels, president real estate brokerage and Marc Engels, president of Mel Foster Insurance, honored and recognized 130 award winners within the organization for their 2017 achievements.

Fick congratulated sales associates and staff on a strong year and shared with them, “Our agents and staff are some of the best in the industry and the reason for our success. We’ve just finished a very successful year and indications show 2018 will follow many of the same market trends. The economy is still robust, low interest rates continue to make home buying very affordable by historical standards, and more people are employed and in a financial position to buy a home or business.”

The commercial division, led by Thad DenHartog, continued to dominate the market. Their sales volume continued to reach record-breaking levels with a five percent increase in 2017. Mel Foster Commercial Real Estate Services was ranked number one in the Quad Cities Commercial MLS with over 42 percent of the market share volume in 2017, up 16 percent from 2016.  The next competitor had 28 percent of the commercial sales volume. Three of the company’s commercial brokers ranked in the top 5 in the Quad Cities Commercial MLS.  “We are thrilled to see our commercial division continue to hold such a strong position in the Quad City market,” said Engels.

Mel Foster Insurance continued to grow its footprint in the region and acquired Frazier & Associates of LeClaire, Iowa in 2017. The insurance division increased both total premiums written and policy count over five percent from 2016 and client base increased by 14%.  Marc Engels, president of Mel Foster Insurance, said, “We are uniquely positioned in the market as a local full-service, independent agency with specialized professionals focused on serving our clients with business risk management, employee benefits, individual/group retirement planning, and personal insurance solutions. We are proud that we added 1,283 policies in 2017 exclusive of our acquisition of Frazier & Associates. We have a 95.4% client retention rate agency-wide, which is a testament to the exceptional service we provide to our personal and business clients. We expect our growth and retention to reach new heights in 2018 in part due to the strengthening economy.”

The residential real estate sales team gave another remarkable performance in 2017 with a nine percent increase company-wide in sales volume and number of transaction sides (either listings or selling) over the previous year. All nine office locations reported an increase in sales volume with the Galesburg office leading the way with a 34 percent increase from last year. Company-wide, residential agents averaged 17 transactions in 2017, an increase of at least one per agent. The average time to get homes sold was successfully lowered from 61 days to 55 days in 2017.  In the metro Quad Cities, sale prices rose five percent in 2017 for an average sales price of $191,349 per the Quad Cities Area Realtor Association.  Eleven residential agents were in the top 10 of their respective MLS compared to nine last year.

Construction of new homes surged in 2017 as Mel Foster Co., who is the largest land developer in the Quad Cities continued to develop neighborhoods on both sides of the river. The company developed more than 165 residential lots in six different subdivisions in both Iowa and Illinois in 2017 with plans to develop over 500 lots in future additions.  Lynsey Engels, president, real estate brokerage said, “The increased demand for new construction lots is a great indicator for a strong market in 2018.  We are pleased to be positioned to meet this higher demand with a wide range of neighborhoods offering lots in multiple price ranges.”

The high numbers across all the division are the result of the tireless efforts of a dedicated team of professionals and a focused strategy to provide the best real estate and insurance experience. “This is an exciting time for everybody within Mel Foster Co. We posted the best year since the housing bubble peaked in 2008. Our success would not be possible without the hard work of every single person within each of our divisions,” Fick concluded.

In addition to another impressive year of sales growth, Mel Foster Co. welcomed 26 new agents and staff into the company in 2017. Mel Foster Co. has residential offices in Bettendorf, Clinton and Davenport, Iowa and Galesburg, Geneseo, Kewanee, Moline and Savanna, Illinois.


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