“As an entrepreneur, I felt the calling to open my own company with the simple idea that if I could provide all the behind-the-scenes support to my agents that they needed in a collaborative atmosphere, everyone would be more successful in their careers and in their lives,” says O’Connor. “And it has worked. In our 26-year history, Terrie O’Connor REALTORS® has grown from a one-office boutique to nine locations and approximately 400 sales associates.”
The firm’s local markets reflect what’s happening nationally. Throughout Northern New Jersey, single-family residential homes below $1 million have only 3.5 months supply of inventory, whereas properties above $1.5 million have 22 months of supply.
“This dichotomous market has challenges and is forcing a pricing compression; that is, upward pressure on lower-end and moderately-priced homes, and downward pressure in the upper-end market,” explains O’Connor. “Affordability and inventory challenges are dimming first-time buyer optimism in our region. With inventory very low and mortgage rates on an uphill climb, renter households are concerned this may not be the best time to buy, even if their job prospects and wages are improving. At the same time, the dilemma of annually rising rents makes it difficult to save for a down payment.”
While the firm continually grows through increasing agent count, they’ve also experienced great success through the opening of new offices. In fact, in January, Terrie O’Connor REALTORS® acquired the highly-respected and well-known McBride Agency in Franklin Lakes, an independent real estate company with long family ties and a tradition of service dating back to its founder, J. Nevins McBride, in 1960.
“This acquisition has been the perfect blend of two independent, family-oriented companies,” says O’Connor. “We will continue to review similar opportunities as they arise, keeping foremost the importance of having similar cultures in these situations to ensure success.”
O’Connor feels she is very fortunate to work alongside her son, Matthew, the company’s COO.
“Having previously worked as a technology consultant, Matthew’s experience in building tools and systems combined with his real estate decision prowess have been invaluable to continuing the company’s philosophy of service and support in the digital age,” says O’Connor. “Our slogan, ‘More Than Real Estate Brokers…Friends You Can Trust,’ is something we take to heart every day. Our mission is to develop long-term relationships with our customers. Through the years, I’ve seen customers come back to us time and again, bringing family and friends.”
The firm is passionate about the ability the internet gives them to market properties to the world, reaching thousands of consumers every day thanks to the dedication of its tech team, which is always improving the responsive website and social media platforms, and monitoring ways to take advantage of third-party and affiliation sites, MLS integration and digital advertising venues.
“We envision becoming the leading real estate company from Manhattan through Northern New Jersey and Southern New York, always exceeding our customers’ expectations by providing accurate and up-to-date information, skilled analysis, and sound real estate advice,” says O’Connor. “We believe the quality of our services, which are based on strong values, integrity and honesty, allow our committed sales specialists to work for our clients not only as talented professionals, but also as friends.”
Vitals: Terrie O’Connor REALTORS®
Years in Business: 26
Size: 9 offices; approximately 400 sales associates
Regions Served: Northern New Jersey and Southern New York
2016 Sales Volume: $556,142,424
2016 Transactions: 1,064
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