OREGON 5-2-22

OREGON EDITION

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WAYS TO TRANSFORM RENTERS INTO OWNERS WHY MILLENNIALS ARE NOW THE

HOTTEST SEGMENT OF THE BUYERS MARKET FEATURED AGENT

ANDY HARRIS

EASY BLOG TOPICS FOR YOUR REAL ESTATE BLOG

COVER STORY

MICHAEL KAFOURY A STEP-BY-STEP GUIDE

TO CONVERTING INTERNET LEADS TO REAL LIFE SALES

OREGON EDITION

ANDY HARRIS

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There’s st ® lets his clients REALTOR $20.5 milli 4) 5 WAYS TO 19) EASY BLOG while still guiding RENTERS them in its his pers TRANSFORM TOPICS FOR YOUR INTO OWNERS REAL ESTATE BLOG on. ”I never try to push peoof repeat a ir comfort limit,” he says. ARE depend on 14) WHY MILLENNIALS 22) A STEP-BY-STEP GUIDE NOW THEthem HOTTEST SEGMENT TO CONVERTING INTERNET have to help get to writes the OF THE BUYERS MARKET LEADS TO REAL LIFE SALES d to be, but in a gentle way.” Each buyer, that he sends to his cu tion is different, but Andy adjusts, and their day with a surprise with patience and educates them along a flower delivery,” he sa Phone 310-734-1440 | Fax 310-734-1440 mag@topagentmagazine.com | www.topagentmagazine.com some will just trust his experience, others actually has a small flow No portion of this issue may be reproduced in any manner whatsoever without prior consent of the publisher. Top Agent Magazine -on. “Some justGA,have experifrommaterials, herTopand hav is publishedpeople

by Feature Publications Inc. Althoughto precautions are taken to ensureflowers the accuracy of published Agent Magazine cannot be held responsible for opinions expressed or facts supplied by its authors. subscribe or changetake address, send inquiryapproach to mag@topagentmagazine.com. selves. IToPublished let them that and in the U.S. with them.”

Andy never wants to los While he does have plans 2 Top Agent Magazine me stops on his way to real estate. As to keep it small. “I kind CONTENTS

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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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MICHAEL KAFOURY

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Top Agent Michael Kafoury works solo for Urban Nest Realty helping buyers and sellers in the Portland metro area as well as including Oregon City, Lake Oswego, Hillsboro and Tigard.

Even if you have never visited Portland, Oregon, fifteen minutes into a conversation with Michael Kafoury and you are likely going to want to pack your bags and move there. That’s because Michael, who grew up in the Irvington neighborhood of northeast Portland, paints a beautiful picture of life in an around the city. “I was born and raised here, went to college here and now I am 8Copyright Top Agent Magazine

building my business here,” said Michael.

“This is a great city – a great place to live and work – and there is simply no place I would rather be.”

Michael, a graduate of Portland State University, now lives in the Alberta Arts District with his two dogs, Coco and Webster. He got his start in the real estate business in October Top Agent Magazine

of 2018 when a friend recruited him onto his team. “That was a great learning experience for me but I outgrew the team structure and decided to venture out on my own,” explained Michael. “So in August of 2019 I joined Urban Nest Realty working solo…and things have Top Agent Magazine

pretty much taken off from there.” Since joining Urban Nest, Michael has completed over 45 transactions and reached sales volume in 2020 alone of more than $13 million. While his primary market is the Portland metro area, his business has taken him to a number of Copyright Top Agent Magazine9

According to Michael his business now consists 100% of referrals, “The power of home ownership is incredible and I feel like I am helping to make life better for my clients,” he says. outlying areas, including Oregon City, Lake Oswego, Hillsboro and Tigard.

How has Michael been able to ramp up his business so quickly in such a competitive market? It may be all that enthusiasm he has for the Portland market. Or perhaps it is the significant referral network he has managed to develop. According to Michael his business now consists 100% of referrals “I love Copyright Top Agent Magazine 10

to help people,” Michael said. “The power of home ownership is incredible and I feel like I am helping to make life better for my clients.

When you do that successfully, people tell their friends and family about you. A referral from a past client is the ultimate demonstration of trust and respect.”

To set himself apart from his colleagues, Michael provides a host of services to his Top Agent Magazine

clients, including professional photography and video, staging, home energy scores, Matterport and even home cleaning. His marketing efforts are heavily focused on social media, which is also how he prefers to stay in Top Agent Magazine

touch with his clients. In January Michael’s brother, a successful graphic novelist, joined Michael as a licensed assistant. “I am excited to be working with my brother,” Michael said. “From there I hope to eventually build a Copyright Top Agent Magazine 11

small team so that I can continue to grow my business,” he continued.

That idea of a small team may give Michael a bit more time to play golf, hit the gym and do more traveling. But most of Michael’s free time is devoted to coaching. He is the junior

varsity boys’ basketball coach as well as the assistant varsity coach at Grant High School, where he was named the 2020 Assistant Coach of the Year. “What a great life I have”, said Michael. I get to do two things I really love – coaching and real estate – and I get to do it in Portland!”

To learn more about Michael Kafoury please call 503-490-0344 or email michael@urbannestpdx.com Copyright Top Agent Magazine 12

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Why Millennials Are Now the Hottest Segment of the Buyers Market

and How You Can Attract Them to Your Home There are many factors when it comes to knowing how to sell your home to the Millennial generation. Millennials are becoming an important part of the buyer market, and to fail to cater to their needs will cut you off from a large and important segment. But, why have Millennials all of a sudden become interested in buying houses when they were perfectly content to rent for the rest of their lives?

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A number of factors contribute to what has recently made Millennials the hottest segment of the Buyers market. One factor is the improved job outlook for Millennials. Millennials took a serious blow during the recession.

Unemployment in this group soared to 14 percent, compared to the 9.6 percent for the population as a whole. But, in recent years that number has been decreasing, with unemployment for Millennials being 9.3 percent this past year.

Rising rents are also contributing to making Millennials more interested in purchasing homes now. Rents have risen so much that buying a home now just makes more sense. Half of all renters spend more than 30 percent of their income on housing. Millennials are becoming increasingly stressed over the constantly increasing financial obligation to something that isn’t even theirs to own.

The near-historic low mortgage rates are luring Millennials towards purchasing a home with their promise of affordability. When compared with the skyrocketing rental rates, buying a house looks even more enticing.

Another factor helping Millennials get over the hump of purchasing a house is the lower down payment requirements. Fannie Mae and Freddie Mac are now offering new loan programs that require as little as a 3 percent down payment. This may just be the last push the Millennials needed to turn toward buying a home rather than rent.

So, now that we’ve established that Millennials are finally joining the Buyers market, the next thing that it is important to understand is what exactly Millennials are looking for in a home. What kind of floorplans do they prefer? What locations are they interested in? Here are some of the essentials that Millennials are looking for in a home: • Updated Kitchens and Baths: Almost everyone wants to buy a

home with new kitchen and bath fixtures, but this is especially true for Millennials Buyers. Millennials are going to spend most of their savings on the down payment and furnishings, leaving little room to update the Kitchen and Bath, which are also the most expensive parts of a home to

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update. Millennials who are on a budget simply won’t have the money to sink into those areas. An updated Kitchen and Bath is sure to bring in a younger crowd.

• Big Kitchen with Open Floor Plan: For Millennials, the kitchen has

become the room where they hangout in addition to the family room. This is why having an open space that can transition easily from the kitchen to the TV room is high on the list of things Millennials are looking for in a home. Along a similar vein, Millennials are attracted to an open floor plan rather than one that compartmentalizes the home. This has to do with how Millennials entertain. Millennials want their guests to flow through the rooms and mingle together, rather than be sectioned off in different rooms.

• Home Office: More than 13 million Americans now work from home,

and if you look at the trend, that number is only going to increase as the time goes on. With technology steadily increasing, more Millennials than ever have the flexibility to work from home. But, the home office isn’t just for someone working from home full time. Having a separate space dedicated to work helps people concentrate and focus on work while they are at home. They can separate themselves from the activities going on around the house and have a quiet space where they can set up their workday, plan a presentation, hold a meeting on Skype, or even pay bills.

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• Less Maintenance: Many Millennials work different schedules that

don’t conform to the 9 to 5 workday, as well as full social calendars. This doesn’t leave them much time to clean a big house. Lawn services and low-maintenance front yards are particularly appealing, as they take less responsibility to still keep the curb appeal high.

• Energy-Efficient Appliances: Millennials have been educated on

keeping the Earth clean from the time they were born. They want to do their part to help the environment and appreciate the long-term cost savings that come with it. Energy-efficient appliances and greener ways to heat and cool the home might end up being the tipping point that makes them choose one house over another.

• Hardwood Floors: Millennials don’t have the time or patience to clean

dirty carpets, especially those that own pets. Hardwood and laminate flooring is easy to mop up if there’s been a mess. The more time they can conserve, the better.

• Good Location: Millennial buyers are looking for homes that are in

proximity to public transportation and have a good walking score. Young Millennial buyers without children are more likely to want a location closer to the action of the city, while Millennials with children would prefer more residential areas.

• Technology: Technology rules the Millennial’s life. They do work on

their computers through an Internet connection and solely use cellphones for communication. They are going to ask about how strong the cell service is and about the Internet service provider. While these amenities are out of the seller’s hands, Millennials are still going to ask these questions, and you will need to know how to answer them.

Knowing what Millennials are looking for in a home will ultimately help you make the necessary changes that will attract these buyers to your home.

Since they are the a serious segment of the market now, updating your home to fit their needs will lead to more buyers and better offers. So, get with the times and embrace the Millennial buyer.

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ANDY HARRIS Andy Harris has realized something in his over 13 years in real estate. It’s nice to be nice. He’s the one to keep a cool head in what can be a stressful experience. “Well, I just take good care of them. I’m serious,” he says, “but I’m nice and try to keep it as light as possible. I think kindness goes a long way – and also calm. A sense of calm can go a long way in this world.”

The Portland REALTOR lets his clients take the lead, while still guiding them in the right direction. ”I never try to push people beyond their comfort limit,” he says.

“Sometimes I have to help them get to where they need to be, but in a gentle way.” Each buyer, seller and situation is different, but Andy adjusts, and treats each one with patience and educates them along the way. While some will just trust his experience, others are more hands-on. “Some people just have to experience it for themselves. I let them take that approach and just be patient with them.” ®

Andy made some stops on his way to real estate. As an international MBA graduate in 2002, the Chicago native originally planned a career in international business. Instead, he took a job with Citibank as a mortgage banker. After three years, he decided to get his real estate license when a friend asked for his help in flipping houses. “(I) had a friend who was a contractor and wanted to do some rehab, flipping and stuff like that,” he says, “but found myself not too long into that, just really being a REALTOR® full time.” He still hadn’t settled on real estate, though, and after a few years left the field. “I basically just jumped around to different things to try different jobs out. And everything was good, but not totally the right fit for a career.” In 2014, he moved to Portland and decided to restart his real estate career.

“I guess the rest is history.”

He’s been serving the Portland metropolitan area ever since. “I’ve been doing it for about my seventh year in Portland, and about 13 years overall,” says Andy.

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Originally, he worked with a team, but in January 2020 he decided to launch his own business, in the midst of a pandemic.

“I was like, oh boy, this is not good timing to go off on my own business,” he says.

“But then, obviously, things kind of took off a couple months later, and it’s been really strong ever since.”

There’s strength in his numbers. With $20.5 million in sales last year, Andy credits his personal touch for nearly 60 percent of repeat and referral business. Not one to depend on stock emails, Andy personally writes the monthly and quarterly reports that he sends to his customers. He’ll even brighten their day with a surprise delivery. “Every summer I do a flower delivery,” he says. “(I have) a past client that actually has a small flower farm. So I just buy all my flowers from her and have them delivered to my clients.”

Andy never wants to lose sight of personalized service.

While he does have plans to grow the business, he wants to keep it small. “I kind of like the idea of a three-tofive-person team.” Even with growth, Andy wants to steady his focus on the altruistic side of the business, “I really am helping people everyday,” he says. “And I’m doing it in a way that I think is high quality and through treating people well.”

To learn more about Andy Harris, please call 503.504.2369 visit portlandreagent.com or email andy@portlandreagent.com www.

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Easy Blog Topics for Your Real Estate Blog Today, blogging looks a lot different than it did back in 2007, when the platform was just beginning to take off. Successful bloggers don’t choose blog topics on a whim. They think strategically and develop pillar content that their target audience will come back to again and again.

Real estate bloggers should be less concerned with whether the same post already exists (it does) Top Agent Magazine

than with how they can be more informative and helpful than their competition. Your personality is likely the thing that your clients connect with, and your blog is another place where you can let it shine.

Pillar content refers to those evergreen posts that never get old because they are always timely.

Think about those questions that you’ve had to

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answer a hundred, if not thousands of times— that’s your pillar content. Wouldn’t it be nice if you could direct your clients to a blog post or, better yet, they discovered the answer on your website rather than you having to constantly repeat yourself?

Or maybe you helped a client sell their house for much more than they were expecting by conducting a series of small and inexpensive renovations. Tell your readers how you did it.

Evergreen Content

Your clients are likely new to the area. Inform them about upcoming community events or mom-and-pop shops they may have never heard of. Are there hiking trails or parks nearby?

What’s the best place to grab a cup of coffee before work or a beer after? You can spotlight these places regularly as a monthly series.

This should really make up the bulk of your content. The possibilities are endless, and you could easily come up with an entire year’s worth of content with only a few hours of brainstorming.

Here are some examples: You could provide your readers with a list of questions they should ask when interviewing a realtor, the steps to becoming a real estate investor, real estate facts all first-time homeowners should know, steps new parents should take to prepare their home for a baby, recommended vendors for home maintenance, or common real estate terms defined.

You could explain to your readers what they need to know about home staging, which home renovations add the most value to their home, how to research schools or crime rates in specific neighborhoods, what a home association is, or how to start flipping houses and buying foreclosures.

Case Studies Sometimes realtors work with a client for years before they are ready to buy a home. Personal finance blogs are a thing for a reason. People want to see exactly how someone else achieved a shared goal. If you have a close relationship with a client who you helped become a homeowner, consider interviewing this client and writing up a case study that shows exactly how the two of you worked together to achieve this goal.

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Stay Local

There are plenty of real estate news outlets that will be posting about the state of the market—but they won’t be talking about your specific community, and that’s where your blog comes in.

Of course, if you only blog about community functions or properties on the market, then as soon as that event is over or that listing is sold, your content ceases being useful.

The best real estate blogs balance their content by posting a little about all the above. Maintaining a high-quality blog means your prospective clients don’t need to visit several websites to have their questions answered because you’ve done the work for them. It’s a tool that helps you make a great first impression.

If you still need help coming up with blog topics for your real estate blog, consider sending a survey out to your clients. You can send it via email and post it on social media. Ask your clients what real estate problems they need help solving and write your content with their responses in mind.

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Laughs!

Graham Harrop Graham Harrop Cartoons Cartoons

Putting the power of humour to work for you!

Putting the power of humour to work for you! grahamharrop.com

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A Step-by-Step Guide to

Converting Internet Leads to Real Life Sales In the era of apps, instantaneous social platforms, and text messaging, it’s little surprise that the modern homebuyer begins his or her search for real estate representation online.

Even if you’ve got a top-notch website or an influential social media presence, how do you connect with web surfers who have yet to commit to the services you offer? Take a look below to learn a few key techniques to bridge the gap between digital interest and real-world sales.

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RESPONSIVENESS IS KEY Like it or not, our digital culture relishes immediacy and instant gratification. With that in mind, be sure to stay on top of online interest forms, e-mails, or newsletter signups. Don’t let an online lead go to waste by taking too long to engage and follow-up.

Things move fast, and it’s easy for potential clientele to forget which websites they’ve visited. Even if your lead isn’t ready to commit then and there, you demonstrate your

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Mastering the fundamentals of digital communication is the first step to converting digital interest into concrete business. accessibility and attentiveness by following up swiftly—a characteristic anyone would seek in an agent or lender.

ENGAGE WITH OPEN-ENDED CONVERSATION When online back-and-forth goes stale, communication drops off quickly. If you’re following up via e-mail, social media, or text, be sure to keep topics focused squarely on the potential client. Ask open-ended questions to give your lead the opportunity to loosen up and engage on a personal level. There’s no better way to cement a digital lead than to take a pointed interest in the specifics of their situation. Doing so transforms the impersonal invisibility of the internet into a true connection.

GIVE ADDED VALUE Plenty of businesses send impersonal, automated messages in response to an online inquiry, but establishing a true connection may mean providing your lead with something of value. Perhaps you’re forwarding a property for sale that fits the interests of your lead, or a relevant article, or maybe you take the time to send a personal message—demonstrable value and a personal touch separate your follow-up response from spam. Other ideas to consider when Top Agent Magazine

adding value to your follow-up technique: incorporate area promotions and access to local events, make a date for coffee, or offer a brief consultation free of charge to make the first move.

DON’T STOP MAKING CONTACT If you don’t connect with your internet lead right off the bat—don’t be discouraged. It often takes multiple tries before a follow-up interaction sticks. Folks are busy and frequently flooded with e-mail blasts and junk mail. A lead may not engage without a little prodding that shows you’re committed to their business. Remember: it’s the squeaky wheel that gets the grease.

Digital leads don’t have to be difficult to capture. The internet plays a powerful role in funneling modern clientele your way, but in order to take full advantage of the web’s reach, you’ll need to tailor your follow-up technique. Mastering the fundamentals of digital communication is the first step to converting digital interest into concrete business. Keep these tips top-of-mind as you build your online presence and mine the vast world wide web for an endless wealth of clientele. Earning a command of digital lead conversion is the surest way to bolster your business in the ever-evolving digital era.

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