BRITISH COLUMBIA 5-9-22

BRITISH COLUMBIA EDITION

ADDING VALUE TO LISTINGS COVER STORY

CAROLYN POGUE FEATURED AGENT

SAMMY TSENG

5 Ways to

TRANSFORM RENTERS INTO OWNERS KEEPING IN TOUCH –

HOW TO STAY IN YOUR CLIENTS’ LIVES FOR THE LONG HAUL

BRITISH COLUMBIA EDITION

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CAROLYN POGUE CAROLYN POGUE

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SAMMY TSENG

CONTENTS 4) 5 WAYS TO TRANSFORM RENTERS INTO OWNERS 13) KEEPING IN TOUCH – HOW TO STAY IN YOUR CLIENTS’ LIVES FOR THE LONG HAUL

20) ADDING VALUE TO LISTINGS & THE ADVANTAGE OF IDENTIFYING NEIGHBORHOOD AMENITIES 22) UNTANGLING THE BIDDING WAR: A BUYER’S & SELLER’S PERSPECTIVES

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5 Ways to Transform

Renters into Owners Perhaps the largest demographic of untapped business lies in the rental market. From major cities and suburbs to rural communities—renters across generations are opting to rent rather than own. The question is: why? For starters, many Americans are undereducated about the inventory and financing options available that might suit their budget and lifestyle. Secondly, many would-be homeowners have difficulty 4

visualizing the potential investment of purchasing property, and how homeownership can build wealth and security in the long-term.

As an agent, you’re always on the lookout for potential clientele. Now, to guide renters toward the real estate market, keep a few of these strategies in mind as you meet and greet this untapped demographic.

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Show renters that purchasing a home isn’t impossible

Possibly the biggest hurdle for renters is believing homeownership is possible. Beyond saving for a down payment and boosting credit scores, there are dozen more factors to consider: affording utilities, homeowner’s insurance, renovations, property taxes, and more. Besides that, assembling pay stubs, finding an agent, arranging house tours, negotiating a price, and timing the transition are all major considerations to surmount.

One way to combat this thinking is to make the process transparent and demystified. Find examples of past clients who made the leap successfully, or profile the average buyer in your marketplace and see how that renter compares. Provide evidence that it’s been done before and can be done again, then build a game plan from there.

into play. Consider making a checklist, or step-by-step road-map, that guides clients through the process from start to finish. This way, you’ll manage expectations and create a path to ownership that’s specific, instead of abstract. They won’t have to wonder what goes into buying a home when they can look at an interactive site or read a document and see the steps outlined before them, with you there to guide the way.

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Collaborate with mortgage professionals to find the right financing opportunities

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Help would-be homebuyers create a road-map to ownership

It’s no secret that buying a home can feel overwhelming. Compared to signing a yearlong lease on an apartment, taking on the house-hunting process is a daunting affair.

That’s where your expertise as an agent comes Top Agent Magazine

Many renters aren’t aware of the variety of mortgage financing options out there that cater to first-timers, offer low down payments, or down payment assistance. Most buyers believe that the standard 20% down is a hard and fast rule, when in reality, there’s far more flexibility out there to cater to renters where they are. There are even loan options catering to freelance workers, renovation options, and other unconventional routes to ownership.

Work with a mortgage pro and find the route that suits your renter best.

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pay monthly in a mortgage—while building a lasting asset.

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Compare and contrast rental rates with monthly mortgage payments One way to convince renters to make the shift is to demonstrate the savings potential of paying into a monthly mortgage, rather than throwing away rent on a property they don’t own. To do this, draw up the average rental rates in your area, then find some potential listings that would demand a similar amount in monthly mortgage payments. Sometimes placing these numbers and images sideby-side can prove to renters that what they manage to pay monthly in rent, they can

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Paint the big picture

For most, renting isn’t the most sustainable financial option when it comes to housing.

Rents rise, families grow, and retirement looms.

Building a financial future and homeownership go hand-in-hand. When planned appropriately, buying a home can create a path toward retirement and position homeowners in a better place for further investment in the future. A rental has little security or investment returns to offer, while owning a home makes a renter king or queen of the castle.

Prospecting renters as potential homebuyers may seem like a time-intensive way to cultivate new clients, but logic is on your side.

Keep these tips in mind as you broach the conversation with renters in your hometown.

All it takes is clear-cut value proposition and a listening ear.

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CAROLYN POGUE Top Agent Magazine

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“Our team works very well together; each agent has their specialty, and we work collaboratively to ensure every client is provided a higher level of real estate service.”

Navigating through the real estate market is a complicated process, where several factors must be taken into consideration. That’s 8

where Carolyn Pogue, team lead of Pogue Homes Group, shines. Carolyn’s combined experience and broad knowledge of the Top Agent Magazine

market is unmatched in the industry, particularly within her focus area of Coquitlam and the Tri-Cities, just east of Vancouver in British Columbia, Canada.

Carolyn and her team are partnered with the prestigious, luxury brokerage, Angell Hasman & Associates Realty out of West Vancouver, as their Tri-Cities specialists. Angell Hasman, an independent, boutique firm comprised of award-winning, accomplished, elite real Top Agent Magazine

estate professionals, has set the standard in residential real estate.

“Entering my seventh year of real estate, I find myself enjoying my career path more each day. Every transaction is unique, which is both challenging and motivating. One of my favorite parts of being a Realtor®, is I get to help numerous families achieve their real estate dreams,” Carolyn explained. “Our team works very well together; each agent has 9

their specialty, and we work collaboratively to ensure every client is provided a higher level of real estate service.”

Carolyn specializes in residential real estate, and her sophisticated, state-of-the-art marketing techniques and extraordinary level of customer service is what sets Carolyn and her team apart. The majority of Carolyn’s business comes from referrals and past clients; however, she also reaches new clients through her social media and marketing campaigns. And it sure doesn’t hurt to have the endorsement of a wellknown Canadian television personality

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– HGTV star Scott McGillivray, host of popular shows such as ‘Income Property,’ ‘Moving the McGillivrays,’ ‘Buyers Bootcamp’ and most recently, ‘Scott’s Vacation House Rules.’

“Selling a home can be a complex process, so it’s important to use an experienced real estate agent that knows your market – an agent with a strong marketing strategy that creates demand and gets your home sold for top dollar!”

Scott wrote on Carolyn’s website. “In the Tri-Cities, I trust Carolyn Pogue and her team. Combining years of real estate expertise with extensive marketing knowledge and personalized service, Top Agent Magazine

they deliver the ultimate in client satisfaction. If you’re looking to buy or sell your home, give Carolyn a call today!”

In 2021, Carolyn and her team successfully sold 73 homes, exceeding $76 Million in sales. She was named one of the top Realtors® to look out for in 2021 by Yahoo! Finance and was featured in the Tri-City News’ Profiles in Real Estate Excellence – “Tri-Cities Realtor® Nationally Recognized as a Leading Agent Specializing in Luxury Homes”.

Carolyn has also achieved Medallion Club status, which recognizes the Top 10% of Realtors® in Greater Vancouver, for the past five years.

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When Carolyn is not working, she enjoys spending time with her husband and business partner Brian, their two daughters and two Havanese dogs. She loves music, keeping active and exploring local cafes. Carolyn is excited to grow her business and prides herself on being recognized as of one of the top listing agents in Coquitlam and the Tri-Cities.

“The current market is very competitive, with low inventory and record-breaking sale prices. We walk our clients through every step of the real estate transaction and ensure all their questions are thoroughly answered. We strive to always provide an exceptional client experience, from the very first meeting to the final closing and beyond,” Carolyn said.

For more information about Carolyn Pogue, visit poguehomes.com and follow Carolyn on Instagram @carolyn.pogue www.

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HOW TO STAY IN YOUR CLIENTS LIVES FOR THE LONG HAUL

One sign of a great real estate agent is there long list of loyal client following. Part of achieving a great referral base is being a great realtor during the transaction. But, that’s only half of the work. To truly be your client’s realtor for life and keep them coming back to you as well as referring others to you, you have to stay in their lives past the transaction. Keeping in touch with your past clients can be one of the most important parts of your business, and one that many realtors tend to push to the wayside.

Do you stay in your client’s lives, or do you disappear? People refer people that they feel they know well and that they trust, people they consider friends. However, earning and keeping your client’s trust involves maintaining a delicate balance with how much you contact them. Experts recommend reaching out to your clients at least quarterly. But, it’s not just about how often you stay in touch. You also need to be mindful about how you are reaching out to them. Here are some tips on how to keep in touch with your clients for the long haul: Top Agent Magazine

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INDIVIDUAL PERSONAL CONTACT One of the best ways to keep in touch with your clients is to simply give them a call every once in a while. Follow up and see how your clients are doing. Offer them assistance if they need it. Personalized contact helps to ensure that you remain as important to your clients long after the sale as you were during the transaction. Giving your clients a call on special occasions such as birthdays or holidays also makes for a great personal touch.

Of course, nothing beats face-to-face contact. Stopping by to say hello can be a great way to keep in contact. An even better way to catch up and maintain that friendship is to set up a lunch or coffee date with past clients. Giving individual clients your undivided attention goes a long way towards maintaining that bond you formed during the transaction and earning your client’s loyalty and trust. Interactions like this make a lasting impression on your clients.

Of course, many busy REALTORS® may not have time to follow up with every client oneon-one. A great way to still give personal attention to your clients without meeting each and every one for lunch is to throw a client appreciation party. This allows you to get in some face-to-face time with each client and make sure they all get your undivided attention and quality time to catch up with you, even if it’s only for a short time.

Now, if you have a lot of past clients, this can be difficult to manage during one party. One way to get around the numbers problem is to organize smaller events based on client’s interests. Instead of throwing one giant party, host a pool party for the families with kids or a wine and cheese get together for single clients. Hosting special events like these ones goes a long way towards keeping your contact with past clients more personalized and setting you apart from those businesses that simply send them a calendar once a year.

PROVIDE CLIENTS WITH USEFUL NEWS PROVIDE CLIENTS WITH USEFUL NEWS One way that many REALTORS® keep in touch with their clients is by sending them newsletters. This form of contact can be a double-edged sword. You want to make sure you provide them with useful information that reminds them of your value as a real estate professional.

Otherwise your communication will amount to nothing more than spam, and clients will think of you less as a trusted friend and more as a nuisance salesperson.

Clients react much more positively to communication containing information that is pertinent to their lives. Update your clients on what is going on in their local community and 14

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housing market. Demonstrate your knowledge about the community and the things that are important to your clients. Include information about local cultural events, community news, housing statistics, information on the mortgage market, home maintenance advice, home design tips, and anything else that your clients will find personally useful. Your clients will always be interested in value.

SEND CLIENTS MEMORABLE AND PERSONAL CARDS Sending your clients cards related to important events in their lives and letting them know that you remember those events and care will go a long way towards building and maintaining a close personal relationship with them. You want to make sure your cards stand out, though. Sending popular holiday cards can be a mistake, as they will most likely get lost amongst all of your clients other holiday cards and will be quickly forgotten. Instead send something more personal such as: HOME ANNIVERSARY CARDS: Send cards to each client on the anniversary of the closing of their home.

CONGRATULATORY CARDS: Remember important events such as wedding anniversaries, graduations, new babies, etc.

SPECIAL BIRTHDAY CARDS: Instead of just sending your typical birthday card, add something special to yours that will stand out. Include a $1 scratch off ticket or a $5 gift certificate to Starbucks. Make sure to include a handwritten personal note.

GIVE CLIENTS AN UNUSUAL GIFT Make sure the gifts you send your past clients stand out. Send your past clients an odd gift at the beginning of the year or on a holiday. Think outside the box and send things like funny magnets, customized mugs, a personalized piece of wall décor, and other fun and unusual items. A great way to make your gift stand out even more is to include a funny note with it that will catch their attention as well as make them think of you. For example, one cute idea is to send clients a bag of popcorn with the note, “Real estate is popping, give me a call.” You could send a bag of goldfish with a note attached that says, “I’m fishing for your referrals.” Get creative and have a little fun with it, your clients will notice and remember you for it.

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TAKE ADVANTAGE OF SOCIAL NETWORKS

Social networking sites make staying in contact with past clients in a more informal and friendly basis much easier. Connect with your past clients on Facebook. This will help you stay up to date on the important things happening in your pact clients’ lives. In return, it provides you a great platform for keeping those past clients up to date with what is going on in your business as well as keep in contact in a more informal manner. Use Facebook to remind past clients to check their basement after a heavy rain or that they can contact you for help during tax time.

You can even organize your contacts on Facebook into customized lists such as “past clients,” “industry contacts,” etc. This will help you better manage your Facebook contacts.

This will also allow you to view specific news feeds based on these lists and send messages to a particular list of contacts. Don’t forget about the many other social networking sites such as Twitter or LinkedIn either. Utilize this technology to drive personal contact with your clients.

STAY ORGANIZED No matter how you choose to keep in contact with past clients, make sure to be consistent.

Consistency will help you stay organized and diligent about reaching out to your past clients regularly. A tool used by many real estate professionals to stay organized is a customer relationship management solution. Whether you use one that is online or a computer software program, this will help you stay organized when managing your contacts and allow you to set notifications to alert you when you need to contact certain clients, send out gifts, plan a client appreciation event, and many other things throughout the year.

Staying organized and consistent in your contact with past clients will help you continue to build and manage your referral base, as well as open the door to repeat and referral business.

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SAMMY TSENG

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SAMMY TSENG

Top Agent Sammy Tseng is a solo agent representing buyers and sellers in downtown Vancouver as well as the outskirts like the Tri-Cities. His business is based on 100% repeat and referral clients.

After growing up in a family of REALTORs®, you could say that Sammy Tseng has a lifetime of experience in the industry. From a very young age, he would attend open houses rather than going to after school care, absorbing the ins and outs of the business long before he was old enough to work in it. As soon as he was able, he got licensed and after twenty-two years as a REALTOR®, he still loves real estate with a passion. “This is what I was born to do,” he says.

While Sammy is a solo agent, he frequently works with big developers on communities, which requires a lot of teamwork. Primarily, 18

he represents buyers and sellers in downtown Vancouver as well as the outskirts like the TriCities. Of his business, he says, “This is not a mundane 9 to 5. There’s always something different and I get to work with people at different places in their lives, which is really exciting.”

He stresses the importance of focusing on the emotional side of a sale, rather than the monetary side. “People buy based on how they feel, not always affordability. It’s up to me to paint a picture and help them visualize their life in a space and what that can look like,” he says.

After so many years building his practice, Sammy’s business is based on 100% repeat and Copyright Top Agent Magazine

referral clients. He’s known for spending a lot of time getting to his clients on a personal basis. “Before we look at houses, I take two or three hours to have lunch with my clients. I ask about their lives, how they met and what their future goals are. I want to make sure I find the perfect home for their tastes and lifestyle,” he says. His clients not only get to experience his work ethic and negotiation skills, but they also get treated to fun gifts and surprises. “I make sure that they know I care,” Sammy explains. In addition, when they put in an offer, Sammy always writes a heartfelt letter to the listing agent outlining the family’s background and why they deserve their dream home.

Needless to say, Sammy is very busy handling close to 100 clients per year. Still, he believes strongly in making time for the ones he loves and visits with his parents and niece a few times each week. He’s very involved with the local ASPCA and recently adopted a puppy. Formerly a symphony musician, Sammy also runs a small music studio where he teaches kids how to play instruments. He also has a green thumb and loves to garden.

Looking to the future, Sammy plans to expand internationally, particularly into the United States. As one of his specialties is luxury homes, he is interested in the luxury condo market and believes there to be a lot of potential there. No matter what he tackles next, Sammy promises an open door to anyone with questions. “Even if they are not my clients, they are welcome to contact me. I want people to know that I’m only a phone call away.”

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For more about Sammy Tseng,*PREC please call 778-321-5838 or email sammytrealtor@gmail.com https://www.instagram.com/melinaalexandraphotography/ *Personal Real Estate Corporation | Photography: @melinaalexandraphotography

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Adding Value to Listings & the Advantage of Identifying Neighborhood Amenities Everyone knows the famous real estate phrase: location, location, location. In fact, it is hard to underestimate the pivotal role that a region can play when it comes to determining a home’s value. In today’s competitive market, the littlest things can truly add up—especially when it comes to neighborhood amenities. While most savvy agents know the figures regarding school 20

district ranking and local property taxes, have you ever considered the under-the-radar amenities that drive buyers and bidding wars? To derive the highest value from a listed home, you need to paint a complete picture of the area in which you’re selling. With that guiding principle in mind, let’s consider a few modern amenities and how they add drastically to your bottom line.

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Walking a fifteen-minute radius of the area or performing a deep-dive into customer review sites or food blogs can help you identify hidden gems or local favorites.

A little can go a long way: restaurants, coffee shops, and entertainment

Know thy history: creating a narrative of the neighborhood

Everyone has a favorite take-out spot, coffee shop, or neighborhood watering hole. Identifying the key players in an area—such as restaurants, nightlife, and entertainment hotspots—will create a livable picture that prospective buyers can latch onto. Walking a fifteen-minute radius of the area or performing a deep-dive into customer review sites or food blogs can help you identify hidden gems or local favorites. While a cute coffee shop down the street may seem like a bonus instead of a foundational amenity, you never know what kind of homebuyer you might net if you include the cozy characteristics that make a house a home.

As humans, we’re drawn to narratives. Sales pitches and marketing campaigns hinge on an alluring storyline. That’s why understanding a neighborhood’s history can frame and contextualize a property to great effect. After all, buyers aren’t just drawn to sturdy foundations and bedroom counts; they like to imagine their lives unfolding inside those four walls.

Get a sense of the area’s historical timeline, architectural style, noteworthy community members, and the like. Conveying this intriguing information to buyers helps them connect more personally with a property, while understanding the holistic picture of their potential new home.

From here to there: public transportation and commuter access While this rule may not apply to all properties, considering access to public transportation is a major draw for today’s buyers. Especially amidst the more eco-conscious Millennial segment eager to buy within city limits—knowing public transportation access points and schedules can add serious value to listed properties. Also, think outside the box: do nearby thoroughfares boast dedicated bike lanes? Are there plans to expand rail lines to the area in the future? Deliver a confidant picture of the area’s public transportation access and prospective buyers will trust your expertise.

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While it is always good to cover the basics of school districts and property values, it is even more useful to expand your knowledge base and bring a warm, human element to locational knowledge. Not only will you appeal to a younger demographic of homebuyers who values this strategic information, but you will also broaden your understanding of your service area at large. Think of it this way: a neighborhood is far more than a collection of homes on a block. A neighborhood is about atmosphere, access, and a sense of community. If you authentically appeal to this guiding truth, and buyers will surely rise to the occasion.

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Untangling the Bidding War: A Buyer’s & Seller’s Perspectives In a competitive marketplace, bidding wars become the norm. While this may put sellers in an excellent position to recoup on their investment, it can push buyers beyond their budgets and test their temperaments in the process. As an agent, how do you navigate both sides of the coin? After all, you want to net the best results for your client—regardless of which side of the closing table they’re on. To fortify your approach to a heated bidding war, here are a few ideas and insights to better clue you in on the perspectives of buyers and sellers alike.

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Buyer’s Perspective: Emotions Running High?

Channel it.

When the market is booming, buyers feel the pressure—especially when affordable inventory is limited. This can create stress, feelings of hopelessness, and impulsivity. As an agent, how do you channel this emotional energy into something positive? Consider asking buyers to put those anxieties and high hopes onto paper. Have buyers outline

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who they are, why they’re inspired to buy a home at this juncture in their lives, and how they see their lives unfolding once they become a homeowner (or repeat homeowner). Think of it as a letter of intent.

Buyers benefit from taking abstract fears and dreams and articulating them on paper. Likewise, this document can serve as a valuable tool during a bidding war. Letters like these can help sellers with multiple offers make a personal, emotional connection with a particular buyer.

Sellers Perspective: Manage expectations.

When multiple offers are rolling in on a property, it’s easy for sellers to get carried away. Numbers are flying, expectations are heightened, and sellers may become hypnotized by higher and higher offers and ideal outcomes. While it’s good to celebrate prime market positioning, it’s also important to maintain an even keel so that your seller’s mind is clear and they’re thinking rationally through their options.

Sometimes the highest offer isn’t necessarily the sure thing. Manage your clients’ expectations by leading by example, offering a balanced perspective, and talking them through all potential outcomes so that they don’t only hone in on the best-case scenario.

During a bidding war, tensions are running high for seller’s too, who will soon begin their next chapter in another home. Keep a cool head and remind your client to see the big picture, recognize that it’s possible for some offers to fall through, and to sit tight until the closing table has been successfully reached.

Buyer’s Perspective: How do you authentically and convincingly convey your interest?

When ten or so offers are in the mix, it can be hard to differentiate your buyer from the next. While numbers will obviously do a lot of the talking, you’d be surprised how much of a difference a Top Agent Magazine

personal touch can make. Some popular approaches to standing out include personal letters—as mentioned above—tailored to the property. Was the property in question a family home for years? You might have clients detail their dreams of raising a family inside those walls, rather than tear the property down and rebuild something to boost the lot’s value. Including a family photo is also a good tact for personalizing letters in a bidding war. Likewise, little gifts included with your offer can speak volumes about your personality and due diligence as an agent. It may seem a little cheesy, but when sellers are looking at ten near-identical offers, those personal touches can really paint a compelling, personalized picture.

Seller’s Perspective: How powerful is cash?

Data shows that cash offers—typical of investor clientele—double the chances of having an offer accepted. This goes hand in hand with waiving a financing contingency, which also helped boost the probability of an accepted offer, according to research. Cash is king, however, since offers that aren’t completely reliant on comprehensive financing seem to minimize risk for sellers, who are already eager to see a deal go through. Cash deals also tend to go through quickly, freeing sellers up to pursue their next property and move on to new horizons. While not every buyer has the ability to operate in cash, it’s a worthwhile consideration for those in ultra-competitive markets and with liquid capital.

While the bidding process can be stressful for agents and clients alike, it’s important to remember that it’s a time of opportunity, too. If you want to make the most of it as a seller, data shows that a personal touch can endear buyers to their seller counterparts. For sellers navigating a competitive process, it’s important to keep a balanced perspective. For agents, here’s the bottom line: get creative, be resourceful, and use all the tools in your arsenal to achieve the best result for the clients you serve.

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