Coldwell Banker Tops Area Firms

Each year, the Northwest Arkansas Business Journal publishes a list ranking the top-producing residential Realtors in the Northwest Arkansas market.

The method used to compile the list changed this year, but the familiar names still crowd the top and the industry’s upturn is evident.

To see the list of Top-Producing Realtors, click here. To see the the list of top real estate firms, click here.

Lindsey & Associates veterans Kendall Riggins ($32.04 million) and Meza Harris ($27.95 million) are at the top of the list, ranked by total sales volume, for a third consecutive year.

In total, six of last year’s top 10 agents appear in the top 10 again this year, and the top 10 producers combined for a total sales volume of $225 million.

In addition, Coldwell Banker Harris McHaney Faucette (Joseph Hayes, Toni Farmer, Sherry Hardie) and Crye-Leike Realtors (Doug Gibson, Linda Marquess) also have multiple agents included among the top 10.

Among all real estate firms in Benton and Washington counties, Coldwell Banker Harris McHaney Faucette, with more million-dollar producers (92) in 2012 than any other company, is ranked No. 1 with a sales volume of $423.8 million, up 30 percent from its 2011 sales volume of $325.15 million.

To put together this year’s list, the Northwest Arkansas Multiple Listing Service, with the permission of the Northwest Arkansas Board of Realtors, provided the data used to rank residential real estate firms and agents.

For an accurate comparison, MLS data from both 2011 and 2012 was used. The data reflects residential properties sold by agents of the NWA Board of Realtors.

In the past, the Business Journal solicited sales figures directly from the companies. Using a third party to supply the data this year will add some validity to the rankings, though critics of the listings suggest that — even though the MLS data is correct — they can be skewed because of reporting errors or homes sold that were not listed with the MLS.

Firms still, however, provided their own sales figures this year for team sales, as those transactions are not tracked separately by the MLS.

Because of the way the real estate industry calculates its numbers, the figures don’t actually reflect the value of properties sold.

For example, when a home is sold for $150,000, the listing agent and the selling agent both get to include the full price — $150,000 — in their totals.

Using the MLS data, there are 216 Realtors included in this year’s list, which begins on page 22. Agents had to have a total sales volume of $2.5 million or more in 2012.

Firms with $10 million or more in total sales volume are also ranked. The number of firms above that dollar amount in 2012 was 26. Combined, the companies had a 2012 total sales volume of $1.9 billion, a robust increase of 22 percent from a 2011 figure of $1.56 billion.

Synergy Realty Group LLC of Rogers showed the largest year-over-year increase, jumping from $2.18 million in 2011 total volume to $11.73 million.

Principal broker Gavin Edwards credited better marketing and lower inventory for the successful year. He said the company also nearly doubled its number of agents in 2012, from five to nine.

Among the top-producing Realtors, this year’s group combined for a total volume of $1.29 billion, a healthy increase of 33.2 percent from its 2011 total of $968.63 million.

In addition, 160 of the 216 ranked Realtors showed a positive increase in year-over-year comparison with their 2011 totals, and 50 Realtors showed an increase of 100 percent or more.

There were 29 Realtors who had a total volume of $10 million or more in 2012.

The strong numbers from 2012 paint a picture of an industry that has stabilized for the first time in a long time, Doug Gibson said.

“We’re to a point where we’ve worked through stabilization and reduced the inventory level,” said Gibson, an executive broker with Crye-Leike Realtors in Rogers. “That’s increased the demand. Once demand is increased, you start seeing a rise in prices. It’s very gradual, but it’s happening for the first time in about six years.”

Gibson’s year was one of his best ever, nearly doubling his sales volume to $24.27 million in 2012, ranking No. 3 on the list.

About 70 percent of his business is through the sale of newly constructed homes. Gibson represents Landmarc Custom Homes LLC, owned by Tim Boudrey and Chris Bradley, in a number of subdivisions including Silo Falls and Lexington in Rogers and White Oak Trails and Angel Falls in Bentonville.

The bulk of Landmarc’s inventory is in the $250,000 to $400,000 price range.

“They are probably building as many new construction homes at that price point in Northwest Arkansas as anyone,” Gibson said. “In this market, the people moving into this area can afford those types of homes.”

Gibson said Landmarc built 50 homes last year, and is planning between 60 and 70 this year.

“The increased activity, you know, it can be a little scary,” he joked. “But as long as the demand is there, that’s fine. Let’s just not get ourselves in the same situation we did before where there’s an oversupply.”