Beacham celebrates 10th anniversary, record sales

Beacham & Company, REALTORS recently celebrated its 10th anniversary and another record sales year with a gala at one of Buckhead’s hottest party venues, The Stave Room at American Spirit Works. More than 250 revelers danced to the sounds of Atlanta’s hottest party band, Papa Sol. The short video above features sights and sounds from the event.

Beacham & Company was founded in 2006 by one of Atlanta’s most celebrated real estate agents, Glennis Beacham, and has grown in homes and dollar volume sold every year of its existence (more than 600%). The firm achieved an all time record in both homes sold and dollar volume sold in 2016 and exceeded all-time monthly sales records in 8 out of 12 months.

Ms. Beacham recalled what it was like after she made the decision to leave Atlanta’s largest real estate firm as its top selling selling agent for 13 consecutive years: “We started the company on my dining room table in my new home, which was still under construction. We had temporary power and heat but we were excited. Our company was tiny at first, and we were able to grow through the downturn.

“Our core group remains with us today, and we continue to enjoy the platform we built. It provides an incredible base for our agents to grow their business. Our primary objective has and always will be to help our agents become more successful.”

Since its inception, Beacham & Company agents have sold more by dollar volume than any other agents in Atlanta. The average sold per agent was nearly $6 million in 2016 while the top nine closest competitors averaged less than $2.5 million per agent. The firm’s office is the top selling in Atlanta by dollar volume of single family detached homes sold and has the highest average sales price in the state (nearly $750,000).

Dac Carver, Vice President and Managing Broker of Beacham, added, “we are extremely proud of what our agents have done but we are also looking ahead. We have very exciting things planned this year that will help us continue to grow the business.”

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When is a good time to list a home for sale? Now. Right now!

PHOTO CAPTION: This home at 8260 Riverbirch Drive in the Horseshoe Bend neighborhood of Roswell was on the market less than 48 hours and sold for 100% of list price ($425,000).

In retail sales, the day after Thanksgiving marks the start of the holiday shopping season. Real estate has no “day after Thanksgiving,” but it’s generally acknowledged that the peak season begins in the spring when families make plans for the upcoming school year.

We are often asked: when is the absolute best time to list a home for sale? The answer is now. Like, RIGHT NOW.

The top months for closings in real estate are consistently June, July and August (see chart at bottom). Home buyers who are moving for schools are out in force through the end of July and even into early August. In addition, home prices always peak in the summer months. In fact, statistically speaking, now is when you are likely to get the best price for a home for the next 10-12 months because demands drops off in September when families with kids leave the real estate market. Appraisals are generally more favorable this time of year because of peaking demand.

Not all segments of the real estate market adhere to this axiom. Condos are generally immune to seasonal demand fluctuation and the luxury real estate market moves to its own beat altogether. Elections, tax policy, corporate transfers, and perceived value opportunities can influence luxury real estate more so than school calendars.

For the broadest part of the market (below $500,000) however, this summer could be the best selling opportunity in decades. A recent article in The Beacham Insider highlighted the fact that Atlanta housing inventory is less than it was in the year 2000 when the city had two million fewer residents. And National Association of Realtors chief economist Lawrence Yun essentially begged builders to delivery more inventory in his most column in REALTOR Magazine. Yun thinks the nation’s home sales would be 15% higher if there was more homes on the market.

Sellers who put off selling during the Great Recession may “supply” the answer. The average home sales price in Atlanta has recovered from pre-recession levels and for many who were “underwater,” equity has been restored. With multiple offers, offers above list price, historically low interest rates, and a solid local economy that is creating more jobs than people moving to the city, now is clearly the time for sellers to capitalize.

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Atlanta home prices keep climbing but needed housing inventory remains elusive

PHOTO CAPTION: The Atlanta real estate market needs more homes on the market like this one at 2439 Lowe Street in the Riverside neighborhood of Atlanta. Located near the new Publix under construction at Moores Mill and Defoors Ferry Roads, it went on the market for $219,000 and was under contract within hours.

Editor’s Note: This story was first published April 29, 2016 but was updated on June 7, 2016.

Atlanta real estate picked up where it left off in 2015 with a strong start to 2016 according to the most recent issue of The Beacham Insider. Sales of single family detached homes and condos in the five county metropolitan area (Cobb, DeKalb, Forsyth, Fulton, Gwinnett) were up 10.6% in the first three months of the year while the average home sales price increased 6.6%.

Consistent with trends since the housing recovery began in 2011, the broader market led the way compared to the Beacham Bellwether index of Atlanta’s most desirable neighborhoods (page 4 of Insider). The Bellwethers are neighborhoods that have average sales prices far exceeding the city’s average sales price and are typically in top performing public school districts or close to job centers such as Buckhead, Perimeter, Midtown, Cumberland and Windward. The Bellwethers were up 7.9% but the broader market (excluding Bellwethers) was up 10.8%.HowToFixMarket

It is believed that lack of (desirable) housing inventory is holding back Bellwether neighborhoods from fostering a more robust sales environment. The months’ supply of inventory in Bellwether areas priced less than $500,000 is less than three months (see February issue of Beacham Bulletin). NAR says a healthy market is when there is a six months’ supply of inventory. The months’ supply of homes priced $500,000 to $750,000 is close to the NAR target balance, while there is an over-supply of homes priced more than $750,000. In fact, housing inventory is less than it was in 2000 when the city had two million fewer residents (see chart at bottom of article).

UPDATE: National Association of Realtors chief economist Lawrence Yun recently noted in an article for REALTOR Magazine that the number of home sales in the United States might be as much as 15% higher if home builders delivered the type of inventory the market needs (chiefly, product for first-time home buyers).

Demographic factors are having an effect on the Bellwether neighborhoods as well. Forbes recently ranked Atlanta as America’s most rapidly aging city. Atlanta’s senior population (age 65+) grew 20 percent between 2010 and 2014, well above the average 11.3 percent increase seen across the country’s 53 largest metropolitan areas. Top performing public schools are less important to Baby Boomers so declining demand from them may be exacerbated in the Bellwethers.

The Millenial generation (born after 1980 to 2000) became the largest segment of the home buying market last year according to the National Association of Realtors (NAR) and now they are the largest living generation in history. However, financial hardships (see Wall Street Journal article) and tougher lending standards since the Great Recession have combined to make the share of first-time home buyers the smallest in 30 years (NAR).

UPDATE: Yon also noted in his recent article that the average home sales price appreciation rate (5.7% over the last 12 months ending in April) is keeping many first-time home buyers out of the real estate market because wages only increased by 2% during that time. Traditionally, first-time home buyers make up 40% of all real estate transaction but currently they only comprise 30% of transactions.

Some question whether more inventory would make a difference right now. Millennials are more likely than any previous generations to postpone their first home purchase for their “forever house.” They also seem to prefer new to resale more than previous generations but delivery of new homes in Atlanta is not even halfway back to pre-bust (2005) levels and most of the multi-family under construction is apartments according to the U.S. Department of Commerce.

Generation X (born from the mid-1960s to early 1980s), is the tiny-by-comparison generation between the Baby Boomers and Millennials. Their smaller numbers and inability to absorb the volume of more expensive homes coming to market (and not coming to market) are making it more challenging for Baby Boomers to downsize. Also, many GenXers stayed put during the financial crisis and have either passed the point of trading up or simply can’t afford to trade up because they are carrying a higher debt load than traditional norms. Further complicating things are changes in buying tastes – huge homes with huge lots that were so popular with Baby Boomers are not as popular with GenXers and Millennials.

The good news is that in-migration to Atlanta remains strong although not as strong as job growth (nice problem to have) according to the Federal Reserve Bank of Atlanta. Also, there are some who see the maturing of Millennials as a coming sea change for the economy. Just as the Baby Boomer generation drove every economic cycle for the last several decades, Seattle-based investment fund manager William Smead believes in the irresistible force of Millennials’ sheer numbers.

Smead told The Wall Street Journal in an article published April 3: “In your life, you do four things that cause everyone else around you to do better economically, that are more impactful on the economy than anything else: you get married, have children, you buy bigger cars to accommodate the children and you buy a house. We’re about to have 86 million people do those things constantly for the next 10 years, and that’s why the U.S. economy will do extremely well.”

Let’s hope he’s right.

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Atlanta real estate builds on best year ever; Beacham up 24% in 2016

2016Atlanta’s real estate market steamed ahead during the first two months of 2016. The number of home sales in the five county metropolitan area was up 9.4% compared to January and February of 2015, while the average home sales price rose 6.8% to $276,356 according to the local MLS. The robust year-over-year comparisons come on the heels of the best year in the history of Atlanta real estate.

All the news wasn’t positive, however. The housing inventory stock took another big hit in February and is at its lowest level since April 2014 and just 20% higher than the all-time low set in early 2013. The National Association of REALTORS says a healthy market where supply and demand are in balance is when the months’ supply of homes is six months. Atlanta’s current months’ supply is less than three.

Many hot intown areas – Buckhead, Brookhaven and Morningside/Virginia Highlands – actually experienced a decline in sales during the first two months of the year due to a paucity of new inventory hitting the market. In those areas, multiple offers are common for many homes priced less than $1 million.

Beacham & Company continues to ride the edge of the housing wave. The firm’s sales were up 10.7% in the first two months of 2016, while dollar volume sold was up 23.9%.

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About Beacham & Company, REALTORS®

Beacham & Company is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. The firm’s office is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. With more than 100 licensed sales associates, Beacham is the top selling office in Atlanta by dollar volume of single family detached listings sold and its agents are the highest producing in the city by dollar volume sold.

Atlanta real estate market enjoys best year ever in 2015 but what’s next?

BI-chartAtlanta residential real estate enjoyed all-time highs in both number of sales and average sales price in 2015. The number of single family detached and condo home sales in the primary five county Atlanta metropolitan area (Cobb, DeKalb, Forsyth, Fulton and Gwinnett) rose 11.8% in 2015 from 2014 (53,801 to 48,104). The average sales price increased 6.2% to $284,644 compared to $267,952 in 2014. Both figures represent all-time highs for Atlanta, but will the good times continue in 2016?

The answer is heavily dependent on replenishment of the housing supply, which dropped to a two-year, near all-time low last month. The months’ supply of inventory was a mere 2.9 months in January, meaning it would take just three months to sell all the homes currently on the market in Atlanta. The National Association of Realtors says a healthy market where supply and demand are in balance is a six months’ supply.

Meanwhile, buyer demand is surging according to Dac Carver, Vice President and Managing Broker BI-chart2for Beacham & Company. “We had more traffic on our website last year than any year in our history and traffic is already up 53% in 2016,” Carver said. “The selling season started two weeks earlier than it did last year or most years. Multiple offers are common again, as they were last winter. The market needs new inventory.”

The type of inventory needed gets tricky for homes priced more than $1 million. said the divergence between the market above and below $1 million has a lot to do with demographics.

“The Baby Boomer generation wants to downsize, but the generation behind them is not large enough to absorb the number of big homes coming on the market. Atlanta’s population growth and strong economy are mitigating factors but what we really need are new homes for the first-time homebuyer and move-up markets. For Atlanta Intown, more investor renovations and new entry-level condos are needed.”

Beacham & Company outperformed the market 2015. Company sales (including off market) were up 34% while dollar volume sold was up 38%. The company sold 200 more homes than it did in 2014 and $150 million more in dollar volume. The company has the highest average sales price of any firm in Atlanta and has the most productive agents by dollar volume sold per agent.

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About Beacham & Company, REALTORS®

Beacham & Company is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. The firm’s office is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. With more than 100 licensed sales associates, Beacham is the top selling office in Atlanta by dollar volume of single family detached listings sold and its agents are the highest producing in the city by dollar volume sold.

Growth in Atlanta home sales and prices robust again this fall but prices above $1 million soften

imageSales of Atlanta single family detached homes and condominiums moderated a bit this fall on the heels of the best summer market in a decade but continued at a brisk pace. The number of homes sales in the five county metro (Cobb, DeKalb, Forsyth, Fulton and Gwinnett) increased 8.6% from August to October compared to the same three months a year ago. Sales were up 13% this summer.

The strong summer and fall market was bad news for housing inventory, however. Unable to keep pace with buyer demand, the inventory of homes for sale in Atlanta dropped below the level from a year ago. Some areas had a three months’ supply or less at the end of October (six months is considered a market in balance between supply and demand by the National Association of Realtors). Lack of adequate housing inventory is expected to cause a continued slowdown in the housing market in the final two months of the year, although 2015 is still on pace to be the best year ever for the Atlanta real estate market.

Areas of Atlanta where sales outperformed the overall market included East Cobb, Midtown (on the strength of condo sales), Alpharetta West-Milton-Roswell, and Smyrna/Vinings. All of those areas had an average home sales price (when single family detached and condo sales are combined) that was close to the average for the five-county metro ($285,475), which increased 6% from the third quarter of 2014.

The high-end market performed better than the overall market in terms of sales growth but it was often at the expense of sales prices. From $1 million to $1.5 million, the number of home sales was up 30.5%% but the average home sales price decreased 7.1%. From $1.5 million to $2 million, sales rose 27.5% but prices were flat. Sales of homes for $2 million or more (35 total sales) increased 94% but the average home sales price fell 1.9%.

Areas where home sales of $1 million or more increased the most included Atlanta Intown (Morningside and Virginia-Highland), East Cobb, Alpharetta West-Milton-Roswell, and Sandy Springs inside I-285. Sales of $1 million-plus homes in Buckhead were flat although Buckhead represented more than half of the overall market.

The inventory situation for homes priced more than $1 million sharply contrasted with the rest of the market at the end of October. The number of $1 million-plus homes on the market increased from 2014 and in some cases substantially. In Buckhead, single family detached inventory rose 24.1% although new home inventory in that price range declined. In Alpharetta West-Milton-Roswell, $1 million-plus inventory jumped 35.2%.

Dac Carver, Vice President and Managing Broker of Beacham & Company, said the divergence between the market above and below $1 million has a lot to do with demographics.

“The Baby Boomer generation wants to downsize, but the generation behind them is not large enough to absorb the number of big homes coming on the market,” Carver said. “Atlanta’s population growth and strong economy are mitigating factors but it won’t be enough until the Millennials start buying those homes.”

Beacham & Company, REALTORS continued to outperform the market in the third quarter. Company sales were up 21.8% while dollar volume sold was up 26.1%. The company exceeded sales and dollar volume sold for all of 2014 in mid-September of this year.

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Beacham’s Kathy Rubenstein closes Atlanta’s seventh highest sale of 2015

PHOTO CAPTION: The sale of an unfinished shell at The Residences at The St. Regis Atlanta in July was the seventh highest residential sale in Atlanta this year. Kathy Rubenstein of Beacham & Company represented the buyer

ATLANTA — Kathy Rubenstein of Beacham & Company, REALTORS® represented the buyer on the purchase this month of an unfinished shell at The Residences at The St. Regis Atlanta that was listed for $3,850,000. The sale is the second highest condominium purchase of 2015 after another sale at the St. Regis earlier this year and the seventh highest overall for the Atlanta residential real estate market in 2015. Of the seven homes that have closed for more than $3.85 million in 2015, Beacham & Company agents were involved in four of them – two by Kathy Rubenstein.

The Residences at The St Regis Atlanta are 53 private residences of which 10 remain, set atop the award-winning St Regis Atlanta Hotel. Comprised of two to five bedroom homes, the Residences provide commanding views of Buckhead or downtown Atlanta and combine the finest in design and appointment with the modern luxuries and services of The St. Regis. The unit sold last month does not come with any details because it will be finished to the new owner’s tastes, but it is a corner unit as are all St. Regis Atlanta condominiums and comes with two parking spaces and a private elevator.

Sales of luxury residential properties in 2015 are more than double compared to 2014. The number of homes sold for more than $3 million this year is 19 compared to just seven through the first seven months of 2014. One of the significant differences between this year and last is the decline in the average sales price of homes sold for more than $3 million. The average sales price of homes sold for more than $3 million in 2014 was $4,323,286. This year, the average is $3,804,952, or a difference of 12%. As it did last year, Buckhead leads the way with 16 of the 19 sales this year.

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About Beacham & Company, REALTORS®

Beacham & Company, REALTORS® is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. Since its inception in 2006, Beacham & Company has the top producing agents in Atlanta by dollar volume of real estate sold and the highest average sales price of any firm in Atlanta. The firm is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. The firm has more than 90 full-time licensed sales associates.

June was Atlanta real estate market’s best closing month since 2011

PHOTO CAPTION: The sale of this home at 1460 Garmon Ferry Road in June was part of the best month for Atlanta real estate in years and the best-ever month for Beacham & Company, REALTORS®. Wendy Petersen represented the seller on the closing of Garmon Ferry, which was on the market for $1,249,000. 

ATLANTA — The Atlanta real estate market clocked its best showing of the year in June and best month-over-month performance since 2011. The number of homes sold in Atlanta rose by 15.8% in June from June a year ago. Previous month-over-month increases this year have been in the single digits except when a late winter inventory surge led to a 12.9% increase in March.

According to the local MLS, there were 5,647 home sales in the five-county metro (Cobb, DeKalb, Forsyth, Fulton and Gwinnett) last month compared to 4,878 a year ago, or a difference of 769 sales. Some June closings have yet to reported to the MLS, so the numbers have room to go higher. Total dollar volume sold increased from $1,385,196,854 to $1,718,685,751, a difference of $333,488,897 or 24.1%. Both homes sold and dollar volume sold figures include sales of single family detached homes as well as condos and townhomes.

The average home sales price remained strong, rising 7.2% from the same month a year ago. The average was $304,354 last month compared to $283,908 a year ago. It was the second month in a row that the average was more than $300,000 – a mark that was established only last month.

In Buckhead, the number of homes sold increased 11.8% in June. There were 218 home sales in Buckhead compared to 195 a year ago. The average sales price of single family detached home sales in Buckhead climbed to what is believed to be a monthly record ($1,132,040) and was up 13% from a year ago ($1,001,894).

Sales of Atlanta luxury properties were robust again in June. There were 16 sales of $2 million or more last month compared to just 8 in June 2014. Of the 16 sales, all but two were in Buckhead. The average sales price last month was $2,591,188 compared to $2,383,000 in June 2014, or a difference of 8.7%.

Beacham & Company set company records for closings and dollar volume sold in June and has already closed 74.3% of the business it did in all of 2014. Company dollar volume sold was nearly $80 million in June which surpassed the previous company high by 32.1%. The number of homes sold by the firm was up 56.3% from June 2014.

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About Beacham & Company, REALTORS®

Beacham & Company, REALTORS® is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. Since its inception in 2006, Beacham & Company has the top producing agents in Atlanta by dollar volume of real estate sold and the highest average sales price of any firm in Atlanta. The firm is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. The firm has more than 90 full-time licensed sales associates.

Beacham & Company agent Kathy Rubenstein closes top five Atlanta sale of 2015

PHOTO CAPTION: Kathy Rubenstein of Beacham & Company, REALTORS® represented the buyer on the purchase this month of 3560 Ridgewood Road which was listed for $5,150,000. 

ATLANTA — Kathy Rubenstein of Beacham & Company, REALTORS® represented the buyer on the purchase this month of 3560 Ridgewood Road which was listed for $5,150,000. The sale was Beacham & Company’s third of more than $4 million this year and is among an elite group of eight homes to sell north of the $4 million mark in 2015 according to the local MLS.

The home at 3560 Ridgewood Road was built in 2003 and designed in classic Regency style by the architectural firm Harrison Design.  The seven bedroom, nine bath gated estate features numerous superlatives such as a kosher chef’s kitchen and serving kitchen, terrace level spa, five-car garage, au-pair or nanny quarters, home theater, atrium and English bar, three verandas and pool with bluestone terrace surround.

Sales of luxury residential properties are way up in 2015 compared to 2014. The number of homes sold for more than $3 million this year is 18 compared to just six in 2014. Much of the reason for the renewed strength in Atlanta’s luxury home market has to do with pricing. Many sales such as 3560 Ridgewood Road have been on the market for years and significantly reduced. The average sales price of homes sold for more than $3 million in 2014 was $4,168,833. This year, the average is $3,836,248, or a difference of 8%. As it did last year, Buckhead leads the way with 14 of the 18 sales this year.

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About Beacham & Company, REALTORS®

Beacham & Company, REALTORS® is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. Since its inception in 2006, Beacham & Company has the top producing agents in Atlanta by dollar volume of real estate sold and the highest average sales price of any firm in Atlanta. The firm is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. The firm has more than 90 full-time licensed sales associates.

 

Atlanta home sales up marginally in May but prices continue to surge

PHOTO CAPTION: The sale of 8 Harris Glen in Buckhead – on the market for $2.395 million – was part of a record sales month in May for Beacham & Company, REALTORS®.

ATLANTA — The dollar volume of Atlanta residential real estate sold continued its torrid pace in May with another double digit gain from the previous year, while growth in the number of home sales remained sluggish with a 3% increase from May 2014.

According to the local MLS, there were 5,130 home sales in the five-county metro (Cobb, DeKalb, Forsyth, Fulton and Gwinnett) last month compared to 4,949 a year ago, or a difference of 181 sales. Total dollar volume sold was another story. The combined sales price of all homes sold increased from $1,395,025,082 to $1,541,100,824, or a difference of $146,075,742. Both homes sold and dollar volume sold figures include sales of single family detached homes as well as condos and townhomes.

The average home sales price increased 6.6% percent in May to $300,410 from $281,880. It is believed to be the first time ever that the average home sales price in Atlanta exceeded $300,000. Home prices typically peak in June or July every year.

The number of home sales in Buckhead increased 11.8% in May. There were 218 home sales in Buckhead compared to 195 a year ago. The average sales price of single family detached home sales in Buckhead was $1,067,838 last month compared to $949,321 a year ago, or a difference of 12.5%.

Sales of luxury properties were particularly strong in May, although the average sales price declined. There were 15 sales of $2 million or more in May compared to 10 in May 2014. The average sales price last month was $2,996,012 compared to $3,217,000 in May 2014, or a decline of 6.9%.

Beacham & Company agents again outperformed the market in May with a 63.2% increase in number of homes sold compared to a year ago and a 37.1% increase in company dollar volume sold. In doing so, the firm obliterated its previous sales records for May in both categories. The number of homes sold in May was an all-time company record and company dollar volume fell just short of an all-time record set in July 2014. In the first five months of 2015, Beacham has already done more than half the business it did in all of 2014.

 

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About Beacham & Company, REALTORS®

Beacham & Company, REALTORS® is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. Since its inception in 2006, Beacham & Company has the top producing agents in Atlanta by dollar volume of real estate sold and the highest average sales price of any firm in Atlanta. The firm is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. The firm has more than 90 full-time licensed sales associates.