Corey Hasting, CEO, Engel & Völkers First Coast
In an interview with Invest:, Corey Hasting, CEO of Engel & V¶lkers First Coast, talked about the firm’s growth. Despite market challenges, the company saw a 27% increase in sales year over year. Hasting emphasized the luxury market’s resilience and the region’s appeal due to its lower cost of living.
What have been some of the main highlights and key milestones for Engel & V¶lkers First Coast in the last 12 months?
Some of the highlights for us is being listed as the 42nd fastest-growing company in the entire Northeast Florida region by the Jacksonville Business Journal, and that was across all industries. We finished fourth in total sales volume out of 1,700 brokerages in the region for calendar year 2023, and our company grew about 27% in sales volume year over year in what a lot of people would consider a down market. The last 12 months have been exciting with a lot of new talent and, of course, challenges, but at the same time, opportunity for a lot of people as well.
What is your overview of the high-end residential real estate market in the region?
The Wall Street Journal posted an article about the luxury market in Northeast Florida and it’s interesting because the luxury market above $2 million is in some cases moving faster than the $300,000 – $400,000 price point. The luxury market really hasn’t dipped. Prices are still going up steadily, but there is more inventory now. Interest rates have been high and there are a lot of economic factors that have slowed things a bit overall, but I see that picking up again in the next few months.
What makes Northeast Florida a great place to live, work and travel to?
If you look at the cost of living in Jacksonville versus Miami or Tampa, for example, it is really pennies on the dollar, so your money goes a much longer way here. There is also so much to do in terms of great restaurants, beaches and schools. It is a much slower lifestyle and not a tourist destination, so the people here are calmer and family-oriented.
What do you consider to be the main opportunities for growth in the region?
There is so much new development coming to the area because there is so much land still available, and there are opportunities for pockets like downtown and St. Johns County. The thing that makes Jacksonville great is that we are still years away from being overpopulated when compared to places like Orlando that are landlocked and don’t have as many expansion opportunities. Our company is really set up to be at the forefront to sell and list these Jacksonville properties.
What types of premium residential real estate properties have seen the largest uptick in demand?
Anytime you can be on or around water you are going to have a significant surplus when it comes to price. Things like being on the beach or having a boat dock, for example, are always going to be sought after, and there are still opportunities to do that. People are also able to afford it more here compared to Tampa or around the Gulf.
What differentiates your company from other real estate businesses operating in the region?
We are the only brokerage in the entire city that has a sales criteria for people to come on board, so we are the only brokerage that doesn’t have a revolving door. The criteria our advisers must meet include culture, first, and the second is sales history, which means you need to sell $3 million or more to be part of the firm. What we really care about is our per advisor averages, so each of our advisors are averaging almost $9 million in sales per year and over 14 closed transactions per year, which is by far the best in the city. We are really built for the top performer.
We only have full-time experienced real estate advisers working for us, often with four to 25 years of experience, and no part-time agents. They understand there are levels to the industry and we want to be held at a high standard.
How are you capitalizing on corporate expansions, business relocations, and overall population growth?
We are at the forefront of it because we are a huge, global company that has been around since 1977. We are global and we are basically everywhere and anywhere our clients need us to be. They may not be coming to Jacksonville, but our network can still be of assistance.
What are some of the primary challenges you are facing?
Everything starts and stops with the global economic market. We have wars going on in different countries, the presidential election, inflation – all these things impact the buying power of the purchaser, which probably has not been lower than it is today. That is a huge issue that anyone who sells a product is facing because buyers don’t have the money they used to have.
What is your outlook for Engel & V¶lkers First Coast in Northeast Florida in the next two to three years?
We want to continue to do the things we do well and better understand where we can improve. I pride my company on being able to pivot quickly in response to the economy, so we need to be at the forefront of that change to allow us to better take care of the customer. We are going to continuously do what we can to be at the forefront and grow through business relationships and retention.
