February 2022

February 2022

Top 10 Things every first-time

home buyer

should know

Christina kokologiannakis also featured:

Steve Halen

4 Techniques to

make the most of a seller’s market All about appraisals

What you need to know

contents

professionals 4

4 Techniques to make the most of a seller’s market

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Considering a real estate career?

Take our quiz to see if it’s right for you

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t featured cover agent

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Christina Kokologiannakis

t

featured agent

Steve Halen

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buyers &sellers 7

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All about appraisals— What you need to know Top 10 Things every first-time home buyer should know

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4 Techniques

to make the most of a seller’s market

These days, demand for homes seems at an all-time high. List prices are up, multiple bidders are the norm, and homes are flying off the market faster than they have in years. If you’re representing a buyer, it may appear that your work has already been done for you. However, don’t miss out on the opportunity to make the very most of today’s seller’s market and capitalize on this uncommon upswing.

A few words go a long way — As you craft a written description of a home for sale, you’ll want to keep in mind the key phrases that research tells us are among the most popular searches. For instance: fenced backyard, natural light, open concept, and updated kitchen, are all top-of-the-list descriptors that buyers desire most. On the other hand, consider a few phrases that are worth nixing as you compose a home’s details: custom-built, gourmet 4

kitchen, and golf course, surprisingly rank lower on search results. Why? While you might yield a specific type of buyer seeking these luxury amenities, the average buyer considers these features too overthe-top to be taken seriously as an affordable, bangfor-your-buck property. Other positive words and descriptions that go a long way are: well-maintained, renovated, move-in condition, landscaping, and beautiful. These may seem obvious, but parse your words carefully and you may source the ideal buyer in the process.

Be strategic in the showings you offer — While common knowledge dictates that agents should offer showing opportunities at every possible turn when a buyer is interested, it may actually behoove you to limit the number of showings you offer. The rationale behind this choice? In a seller’s market,

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Don’t make the mistake of assuming that a seller’s market means a home will sell itself. Take the proper time and steps to prepare a home for market. demand is already high. If you create limited showing times that cause potential buyers to overlap, you may inspire a sense of healthy competition that can boost the number of bids and up the price-point of offers.

The added upside is that potential buyers won’t be traipsing through your clients’ home at all hours of the day and evening.

Preparation is everything — Don’t make the mistake of assuming that a seller’s market means a home will sell itself. Take the proper time and steps to prepare a home for market. From staging and video, to virtual tours and professional photography, showcasing a home in its best light will directly impact the number and nature of the bids you receive. Selling a home is not an everyday occurrence, and a seller’s market isn’t an open-ended guarantee. To make the most of this limited window, do your homework, execute accordingly, Copyright Featured Agent Magazine

and you’ll exceed even your own expectations — while fetching top dollar.

Debut on a Friday — A good trick to boost your listing’s visibility is to debut it on a Friday. For ultimate placement in searches, set your listing to debut at midnight between Thursday and Friday — this will ensure top placement in new results. Interest in homes for sale will spike as the weekend draws closer, so set up your listing to shine and the momentum should carry you through to the next week as you reap interest and showing appointments.

Don’t rest on your laurels as a seller’s season blows by.

Once it’s gone, you’ll wish you had made the most of it in any way you could. Keep these tips in mind as you strategize in the current selling climate and your clients will be singing your praises in the seasons to come.

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featuredagent STeve HALen magazine

Steve Halen is dedicated to each and every client, but he especially loves working with veterans. It makes sense, considering he enlisted in the military as soon as he graduated from high school.

His service in the U.S. navy took him to Washington State for six years and gave him a strong foundation on which to build his career.

After leaving the military, Steve went on to work for, and later owned, a pest control business. At the same time, he also served as a firefighter and emT for 25 years. When he arrived in the Grand canyon state in 2012, he was ready for a new adventure. Real estate offered the flexibility to set his own hours and provided the opportunity for the rewards that come from hard work and experience. “I wanted to be able to come and go as I please without having to punch a time clock,” Steve says. “I worked my tail off my whole life. I still work very hard now, but I enjoy it a lot more.”

With a true passion for the industry, it didn’t take Steve long to excel in his new venture. He began serving clients throughout the metro Phoenix area with all of their residential real estate needs and in 2013, earned a Rookie of the Year award. Over the years, the accolades have kept coming.

Steve is well-respected and always honors his word, which is reflected in the many positive reviews (and zero complaints) that his clients consistently provide. This explains why an impressive 50% of his business comes from returning clients and referrals.

Providing stellar customer service throughout the entire home buying and selling process is paramount. With a thorough understanding of the local market, Steve is fully committed to his clients’ best interests and particularly loves making the dream of homeownership a reality for buyers who didn’t think it was possible. “It’s pretty cool

to put keys in the hands of buyers, especially first-time homebuyers who are so excited,” he says. Steve takes the time to work through all available options and, while it’s not always easy, he certainly has a great track record for making it happen.

Offering some less traditional paths to homeownership is key, and Steve has put together multiple options that aren’t one-size-fits-all. Flat fees, bidding platforms, reviews commission, and more are on the table to help get clients into their dream homes. Steve stresses that these alternative financing structures benefit buyers and sellers much more than they do the agent.

“my philosophy is that I’d rather make less money to help someone and do more business, than make a ton of money and do less business,” Steve explains. This is in line with his deep faith in God, as he believes in following the teachings of christ to always do what’s right.

In 2021, Steve launched his own brokerage R&S Premier Homes, an appealing broker destination which offers growth incentives and a wide array of benefits. “It’s just like what you’d see from one of the big franchises, but has more of a mom-and-pop feel with a local, independent broker.” There are currently eight agents working with the firm and an ambitious goal is in place to add more than 30 new agents this year. With lower monthly and transaction fees, a full suite of marketing tools, and complete back-office management systems, R&S Premier Homes is the perfect place for agents looking to expand their careers.

In his free time, Steve appreciates the fantastic weather and outdoor lifestyle the Phoenix area offers. When he’s not busy showing homes or negotiating offers, he devotes time to family, church activities and service, and stays fit through regular exercise.

Steve is of course focused on the future growth of his brokerage, but most of all, he looks forward to putting more house keys in the hands of his clients and fellow veterans.

STeve HALen

R&S PRemIeR HOmeS | PHOenIx, AZ 480.253.0071 | STeve@AZDReAmHOmeSeARcH.cOm 6

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All about appraisals— What you need to know There’s no disputing that appraisals carry a lot of weight when it comes to real estate. In general terms, an appraisal is the estimate of a property’s market value, in comparison to similar properties in the area.

This estimate is calculated through a painstaking process, and is conducted by licensed professionals who are deemed objective third parties (indicating they have no financial or other connection to the property).

Appraisals are not by any stretch of the imagination, “guesswork.”

A home’s appraisal will be influenced by numerous factors including:

• • • • • •

Recent sales of similar properties in the area Size of your lot and square footage of the house number of bedrooms and bathrooms Location of the home condition and aesthetics Upgrades and home improvements

Appraisals for Buyers — Appraisals are particularly important to buyers, as an appraisal is mandatory when securing home financing. This is because a real Copyright Featured Agent Magazine

estate appraisal serves as an assurance to the lender that the property is worth the amount they are lending. In other words, an appraisal is a safeguard against risk for a lender, in the event that you default on your mortgage.

Appraisals are incredibly detailed and based upon a licensed appraiser’s on-site evaluation of a home, along with their research and analysis of sales data in the same area. Appraisals include amongst other things: evaluation of the real estate market in the neighborhood, details about the property compared to other similar properties, and any issues that may lower the value of the property.

As a buyer, appraisals that come in lower than the sales price can create a headache. However, if you have your heart set on a home and the appraisal comes in too low, there are a few things you can do. You may be able to appeal the appraisal, working together with your mortgage professional, your ReALTOR,® and the seller, to seek out comparable values that may rebut the original appraisal. It should be noted that this process takes time, and it can be an uphill battle, but it’s worth a shot. Alternately, you could order a second 7

A real estate appraisal serves as an assurance to the lender that the property is worth the amount they are lending, and is a safeguard against their risk. appraisal, or try to negotiate with the seller to bring down the price of the home.

Keep in mind that an appraisal is not the same as a home inspection. A home inspection focuses on ensuring that mechanical systems in a home (HvAc, plumbing, electrical, etc.) are in good working condition. Therefore, a home inspection is highly suggested, but the results do not always directly affect the loan approval process. An appraisal on the other hand, is required and plays a significant role in obtaining financing for your home.

Appraisals for Sellers — Appraisals aren’t only important for buyers. For sellers, appraisals can mean the difference between selling your home quickly, or finding yourself with a property on the market for an extended period of time. That’s precisely why many sellers opt to have an appraisal conducted themselves before listing their home for sale. This provides homeowners with a credible idea of how to price their home accurately for a quicker sale.

If you’re planning to sell your home, make sure all renovations and upgrades that have been made to your 8

home are brought to the attention of your appraiser.

If you’ve installed new cabinetry, flooring, or countertops, make sure the appraiser knows about it. If you’ve recently replaced your windows or updated appliances, be sure to mention that too. However, keep in mind that the appraiser will need to verify your claims, so you may need copies of work orders or receipts to confirm the dates and costs of the upgrades.

Should the appraisal come in lower than you anticipated, steps to take include appealing the appraisal, reducing the sales price, or asking your buyer to bring in additional money to split the difference.

Appraisals for Homeowner Refinance — Homeowners who wish to refinance will find that appraisals can again make a world of difference. This is because you won’t be able to refinance your mortgage if your home’s value is less than the amount you owe on the property. Likewise, if your appraisal reveals that you have less than 20% equity in your home, you may be forced to refinance with additional costs of mortgage insurance, or you may not qualify for a refinance with a lower rate.

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Christina kokologiannakis

Christina kokologiannakis Sometimes, the path to your dream takes a detour, but it makes reaching your destination that much sweeter.

Such is the case for christina “Koko” Kokologiannakis, of Kokologiannakis Real estate.

earning an undergraduate’s degree in international business and a master’s degree in taxation, christina found success early on while working for a major corporate financial firm. However, she still found herself longing for something more. “I’m a very social person, and I didn’t really get to interact with anyone on a personal level doing taxes for corporations all day long,” christina recalls. So, she made a career change and shifted to outside sales. “I was a top producer for the company, but by this time, I had two children and was pregnant with another.”

Sadly, she suffered the tragic loss of that child and quickly realized she needed to make a change. With encouragement from her husband, christina decided

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to combine her expertise in business and sales with her lifelong love of homes to pursue a career in real estate. “I’ve always been fascinated with homes,” christina explains. “As a child, I wanted to go to friends’ houses — not so much for sleepovers — but to see what the houses looked like and how they were designed and lived in. I still feel that way today!”

Specializing in the luxury market of the South Bay Area from San Jose to Palo Alto, christina has found exactly what she was missing in helping her clients realize their dreams. “I truly love the day I get to hand over the keys to my clients,” says christina.

However, getting to that point is a process she wants her clients to completely understand and feel comfortable with. That makes education and communication the two most important factors when working with clients. “I want my clients to understand that I’m not selling them a home, I’m partnering with them to find

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PHOTOS BY ANNA T. NGUYEN PHOTOGRAPHY

solutions that work best for their family. Buying and selling a home is one of the biggest decisions in a person’s life, so I want them to understand every step of the process,” says christina. “If there’s ever a time when they don’t feel comfortable about something, then we stop and talk about it. We work together to figure it all out and get the best results.”

A lot of work goes into writing an offer, and knowing the trends along with the ins and outs of the market is what leads to christina’s excellent track record of getting offers accepted. “A listing agent may not know me or know my background, so when I write an offer, I have to find ways to stand out with that agent.” Luckily for her clients, christina has the expertise to do just that. “I never write more than two offers because I know exactly what it takes to get them accepted.”

In addition, christina’s background in design is a strength she relies on to assist clients in making renovations to their home before selling, which results in a higher profit. “There are many simple things you can do to a home to add a lot of value. I have my own contractors and can oversee an entire renovation process, from managing the crews and timeline to choosing designs and staging the home,” christina says. “I also have an effective marketing plan, which leads to getting higher offers for my clients than if they’d just gone with a standard real estate agent. This is what helps them pay for the home they want to buy!”

Although, it’s not just her level of knowledge and experience that make christina a success. It’s also her warm personality and genuine care for her clients that has led to nearly 75% of her business stemming from referrals. “It’s a big deal for me to make sure my clients are as stress-free as possible during the process. I take care of them and their needs by giving guidance and suggestions — never pushing them into a situation that may not be right for them,” says christina. “I give all my clients the luxury experience, no matter their price point, and that’s what keep them referring me to friends and family. It’s the whole package. I feel honored when someone refers me.”

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While proud of her numerous awards such as Rookie of the Year, Top Producer, and winning Google’s 2020 award for Best customer Service out of 60,000 agents, christina’s crowning achievement is her family. “my husband, nick, and I have four beautiful children, ages twelve, nine, five and two. I’ve built my career around them because I don’t want to one day find myself realizing I missed out on their important milestones,” she stated. “my family is my rock and my biggest priority and I want to spend as much time with them as possible, whether it’s having dinner together or going on vacation. As long as I’m around my them, I’m happy.”

Family and community are so important to christina, and she has several projects in the works that revolve

“at the end of it all, i feel like each client becomes a new member of my family. i’m filled with joy when they’re happy and in a home they truly love.”

around just that. She is currently putting together drives to benefit children in need, whether it’s with meals or school supplies. “I really want to create more events in my market where we can come together as a community to give back. That’s my mission this year.”

christina wants other agents to know they also can enjoy a successful career and their family all at the same time. Her future plans include expanding her coaching business to help newer agents understand how to achieve this goal, as well as how to get leads and find and maintain the business to be successful in real estate.

christina is also working on a book to help homeowners find solutions to buying a home before they’ve sold their current one. “many times people find themselves stuck in a home because their finances are tied up in it. I’ve crafted solutions to help people find the

means,” she noted. “If money is tied up in equity, I know a lot of ways to pull it out. The goal of the book is to reach a broader audience — whether you work with me or not — to share how you can avoid being stuck in a situation when it comes to buying or selling your home.”

Looking back on her journey, christina is thrilled she made the decision to jump into real estate head-on. “now that I’m in this business, I wish I would have done it many years ago,” she said. Finding utter happiness in working with families, christina relishes the role she gets to play in helping others realize their own dreams. “I get to check in a few months after they’re settled in to see what they’ve done with their new home and how they’re living in the space. At the end of it all, I feel like each client becomes a new member of my family. I’m filled with joy when they’re happy and in a home they truly love.”

christina kokologiannakis 408.838.7083 12

kokologiannakis real estate | san jose, ca | koko@kokologiannakis.com | www.kokologiannakis.com Copyright Featured Agent Magazine

Top 10 Things every first-time home buyer should know

Buying your first home is exciting, stressful and life-changing. You’re going to be faced with a lot of important decisions along the way, and you’ll often have to make them quickly, so the more information you have going into the process, the better. Here are the Top 10 things every first-time home buyer should know.

Mortgage Pre-Approval Isn’t a Guarantee — Getting pre-approved for a mortgage is an important step, but just because you’re pre-approved, doesn’t mean you’ll actually get the mortgage. Financial missteps following pre-approval could derail your chances.

Decide Location Versus Space — Figure out what’s most important to you. Is it the neighborhood you’ll live in, or the amount of square footage you’ll have? Once you decide that, you’ll be less likely to compromise one for the other and avoid being talked into something you don’t really want.

Understand the Total Cost — You’ve saved for a down payment, you can afford the mortgage payment, so that means you’re good to go, right? not necessarily. You have to take into account the total cost of home ownership, which includes insurance, HOA fees, property taxes, home maintenance & repairs and more.

Don’t Expect Perfection — very rarely does your dream home look like your dream home the moment you step through the door. You have to be able to envision the possibilities and be ready to transform it into your ideal space. Be sure you’re looking at homes with an open mind.

The School District Matters — even if you don’t have kids or aren’t planning to, the school district in which your home is located affects the property value.

Don’t Make Rushed Decisions — While it’s true that you may have to make some quick decisions during the bidding process, don’t commit to anything you feel you’re being forced into or aren’t ready for.

Understand the Time Commitment — As a renter, you come and go as you please, and if something breaks or needs to be repaired, you make a phone call and that’s that. As a homeowner, you’re responsible for maintenance and upkeep, both inside and out, which will likely take a bite out of your free time.

Research the HOA — If you’re looking at a home in a community with an HOA be sure you read and understand the covenants, conditions, and restrictions (cc&Rs) and talk with your potential new neighbors to get a feel for how the HOA performs.

Don’t Be Afraid to Ask Questions — You’re about to make a huge decision. It’s perfectly normal to have lots of questions for your lender, your ReALTOR®, the home inspector and anyone else involved in the transaction. most real estate pros enjoy working with and educating first-time buyers, so ask away.

It Should Be Fun! — The home buying process can definitely be stressful, but it should also be fun, too.

After all, you’re about to realize the American Dream of home ownership. enjoy the ride!

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Considering a real estate career?

Take our quiz to see if it’s right for you Unlike many careers, being a real estate agent really does provide you with unlimited possibilities. We’re not just talking about earning potential either, although that is certainly an appealing aspect. A career as a ReALTOR® provides an opportunity for growth, continuing education, and building more relationships than you’ve ever dreamed, not to mention the various fields within real estate that you can pursue, such as property management or development. In addition, real estate affords a great deal of autonomy, and even flexibility.

With all of this at your fingertips, it’s no wonder so many people decide to become licensed agents each year. However, the majority of those who start a career in real estate don’t remain in real estate. The reason?

Success in real estate requires a lot of hard work.

Though the rewards can be immense, both financially, and from a personal gratification perspective, building a robust, and lasting career is no easy task.

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Think you’ve got what it takes to succeed in real estate?

Take our quiz to help you find out: • Are you comfortable working on commission?

• Are you able to go without a paycheck for at least several weeks, if not months?

• Do you enjoy working with people?

• Do you like helping others?

• Are you willing to work long hours, including nights and weekends?

• Are you interested in continuing education for the rest of your career?

• Are you able to cope well and adapt when things don’t go as planned?

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A career as a REALTOR® provides an opportunity for growth, continuing education, and building more relationships than you’ve ever dreamed… In addition, real estate affords a great deal of autonomy, and even flexibility.

• Are you organized?

• challenge yourself to set and exceed goals

• can you handle rejection?

• Work hard

• Do you enjoy marketing?

• Do you enjoy challenges?

• Do you feel comfortable starting conversations with people you don’t know?

• Are you interested in networking and attending events?

• Do you work well under stress?

If the answer to any of these questions is no, you’re going to want to determine if you’re willing to change your position on those questions. If not, realize that real estate may not be the ideal fit for you.

All successful real estate agents will attest that sometimes things don’t go as planned. Sometimes, no matter how much you try to stick to a plan for the day, or even week, things come up. Financing can fall through, or appliances can break, or appraisals can come in lower than expected. Though it’s certainly natural to be temporarily irritated, or even flustered, if those types of obstacles seem overwhelming, real estate is probably not for you.

On the other hand, real estate may be a perfect career choice if you welcome the opportunity to:

• meet new people

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• Learn something new every day • Find solutions to problems

• Get to know others on a personal level • make other people happy

• Be responsible for your own success

If you’re unsure whether you have the right attitude, personality, and skill set to become a real estate agent, it’s a smart idea to take a test drive. Ask friends or family if they know of any local, successful real estate agents you may contact to “shadow.” ReALTORS® are by and large incredibly helpful people by nature, and they are typically eager to see other young agents develop and thrive.The chances you’ll find an amazing example to follow around for a few days is very high.

Despite being a competitive industry, real estate agents are known for serving as mentors, and wonderful guides to those new to the career. Almost all agents can cite the person who helped them the most as they were getting started, and they welcome the opportunity to pay that gratitude forward.

So, what are you waiting for? If you’re ready to see for yourself just how fun, challenging, and rewarding a career in real estate can be, reach out and talk to an agent.You’ll be glad you did.

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