KENMORE QUARTERLY 2022 | Q 2

KENMORE quarterly

2022 QUARTER 2

MAGAZINE CONTRIBUTIONS

LANCE KENMORE: Letters from Lance

KAREN KENMORE: Operations Director & Food

JORDAN DE GROOT: Magazine designer and photo

BUYER SPECIALISTS: residential article

JULIE COLLINS: Agent chats article & Property Management article

When the team brought me the theme for this quarter’s magazine they wanted to focus on growth. At first, I wasn’t sure – growth can be messy, chaotic, exciting, and rewarding all at the same time. The more I thought about it, the more I thought this was the perfect time to tackle that topic because we just might be in that chaotic part! As I sit here writing this introduction it is hard to imagine all that has happened in the span of one quarter. We have seen record-setting interest rate hikes, consumer anxiety, and yet at the same time record-setting price increases. It leaves many in the market with a feeling of uncertainty and a constant stream of questions. Your brain tells you to be careful, and remember what happened in 2008, but then you look around and see growth everywhere. The news doesn’t always tell you the whole story, and many times ignores the local market for the sake of clickbait national headlines.

It was shocking this quarter when MoneyTalksNews released an article titled “10 Housing Markets That Are Most Likely to Keep Their Value” and there were 6 cities in Texas, 2 in Colorado and then you had Tri-Cities!! The only metro area on the WEST COAST listed. The article actually stated the following:

“Probability of experiencing a 5% or greater price decline within 10 years of purchasing a home: 0%, based on historical data”

I had to read it twice the first time – 0%. We are very lucky to be where we are at. Our area, the leaders, and the economic model have us in a place that not a lot of the country is in. It appears that we will have sustainable growth and price stabilization in the near future. More so than any time in the last few years we are here to guide our customers and community through that growth with real estate, support, and guidance. We hope this issue answers some of the questions you may have, and if it does not please reach out and ask us directly. Enjoy the issue!

-Lance Kenmore

MOVIE NIGHT

ADDING PIZZAZZ TO YOUR MOVIE NIGHT SNACKS!

The food doesn’t have to be fancy, but that doesn’t mean the presentation can’t be fun! We hit a few favorite stores to score fun ways to display your movie night feast!

1. Paper boats! Will you fill yours up with dinner or sweet treats?

2. A smorgasbord of candy options!

3. Popcorn, or kettle corn, or caramel corn, or all three!

4. Drinks in jars with fun straws. We can’t pass up the chance to make a beverage more exciting with a colorful straw!

5. Set all of the food choices out charcuterie style

Working with the Gales was a fantastic experience. They moved to the Tri-Cities from Utah for a new job. Luckily we were able to utilize technology to assist with the initial meetings about the new build process. The Gales were able to visit the area a couple of times during the build before making the

move and finding a short term rental. The process of moving long distances can be quite stressful, but I was happy to assist every step of the way and help them move into their brand new beautiful home.

509.820.5538 davidprice@kenmoreteam.com

TRUSTED VENDOR SPOTLIGHT

PRECISION PLUMBING & SUPPLY

Working with Sean at Precision Plumbing is always fantastic. Having contractors that will respond quickly and that you can trust are hard to come by. Sean is quick to respond and is great to talk to. He doesn’t just send quotes, he thoroughly explains the work that would need to be done to fix the problem as well as possible outcomes that could affect the future use of the plumbing. His customer service and honesty speak for themselves. I will continue to recommend him and Precision Plumbing whenever asked.

-Kenzie Koon, Kenmore Team ClOsing Coordinator

CONTACT

PHONE: 509.521.3422

WEBSITE: PRECISIONPLUMBINGANDSUPPLY.COM

RESIDENTIAL DIVISION

AVERAGES BY YEAR

GROWTH WHAT’S IT GOING TO TAKE?

There are a lot of ways I can attack this subject but here are a few key takeaways. I was very lucky to attend a four-year university that taught me one very key core value: “Become a Lifelong Learner.” I can’t remember every detail from my business classes, or exactly reciting every statistics principle, but I will never forget the core mantra of continuous learning. In a world that moves quicker and quicker, this can serve you well.

The market will shift, and the business will change but if you follow some of the core principles you will continue to thrive. I don’t care if it is in your business world, personal, physical, or spiritual world here are a few thoughts about growth:

1. It will be harder than you think: Growth is not easy and there are always unexpected setbacks, if you don’t have a plan for those, then you can get de-railed early.

2. “Everybody has a plan until they get punched in the mouth” – Mike Tyson: Even with a plan as described above, you have to be able to take a few punches and continue the fight. Most people stop after the first obstacle, this takes Grit.

3. This is not Instagram or Youtube – it won’t happen right away: Too many people want immediate results. They want to work out for 30 days and be in perfect shape. It doesn’t work that way, we are talking years of sacrifice in certain cases to get what you want. Expertise in certain activities doesen’t come until 10,000 hours of practice. In a 40-hour work week that is 250 weeks, or 5 years if that is all you did.

4. The results are worth the effort: In general most people I coach and work with agree in the end that growth is worth the effort. The feeling of accomplishment, personal achievement, and organizational health reward growth.

AS AN EXAMPLE, WE DECIDED AT THE BEGINNING OF THE YEAR TO GROW WITH 2 MAJOR CHANGES IN OUR BUSINESS:

Open an office in Oregon

Grow Property Management by 30%

I am proud to announce that both have been accomplished. All four principles described above were true and acted as a guiding light for us during that achievement. I encourage you to look at an area of growth that you want to achieve and go for it!

-Lance Kenmore

5308 W 15TH AVE., KENNEWICK

ABOUT THE LISTING

Bright and spacious 4 BR 3 BA + an office home in West Kennewick’s beautiful Creekstone neighborhood! Durable LVP flooring throughout main areas, office with French doors off entry, half bath on main-level, formal dining room, and great room layout with gas warming fireplace. Island kitchen is open to great room and features tile counters, prep island, corner pantry, stainless steel appliances, and secondary dining area with slider to patio. Don’t miss checking out the convenient sliding barn door in family room---

perfect pet access with pet doors to storage room AND exterior/dog house. Upper-level master suite complete with walk-in closet, dual sink vanity, large shower, and separate soaking tub! Three secondary bedrooms (two with walk-in closets), laundry room, and large landing/ loft space on upper-level. Fully-fenced backyard, storage shed, large patio, and extra off-street parking. All conveniently located parks, walking trails, and all amenities.

144 SELL LN., RICHLAND

ABOUT THE LISTING

No Worries...Come home to the welcoming comfort and relaxing space of this 3 BR 2 BA rambler with a large (.30 acre) lot on a quiet cul-de-sac in South Richland’s desirable Willowbrook Heights! New exterior paint. New carpet throughout, raised ceilings, and beautiful tile floors through entry, kitchen, and main traffic area. Plenty of space for big, comfortable chairs and sofas in your great room featuring a cozy warming fireplace. Great formal dining room! For breakfast or dinner party... enjoy casual dining off the kitchen with easy access to large covered patio. This gourmet kitchen

comes with beautiful granite counters, breakfast bar for busy mornings, stainless steel appliances, gas range, plenty of cabinet space, and corner pantry. Oversize master suite with 10x6 walk-in closet, dual sink vanity, jetted tub, and separate shower. Two roomy secondary bedrooms, large hall bath, and laundry room with sink. Walk-out the patio door and enjoy the large, covered space and quiet surroundings--including a private, terraced garden! Large lot with mature landscaping provides even more enjoyment. Perfect South Richland location close to recreation and all amenities.

215 E 45TH AVE., KENNEWICK

ABOUT THE LISTING

Located on 1.03 beautifully manicured acres, this is the perfect home for a lifetime of new memories. Offering 4 BR 3 BA plus an office and bonus room, this beautiful home is the entertainer’s dream with a large, welcoming foyer, formal dining room, formal living room, and an expansive country kitchen perfect for the chef! The lower-level provides a large family room with cozy wood fireplace for chilly evenings, large rec room perfect for game tables (billiard tables stays!), big office with built-in organization, and a spare room. After a long day, retreat to the upper-level primary suite with slider to a private 11x6.5 balcony deck overlooking yard and pool. Primary suite also features en suite bath with tiled walk-in shower, and a spacious walk-in closet.

Three additional secondary bedrooms and large hall bath on upper-level as well! Large main-level laundry room with pantry space, full bath on main-level, and generous storage throughout home. Host all the family get-togethers and summer events in your beautiful yard with separately fenced 42x20 Roman End in ground swimming pool. Fully-fenced property, garden area, circular driveway, plenty of extra parking, oversize attached 2-car garage, fenced dog run with garage access, covered firewood storage, two hot water tanks, two HVAC systems, 2 electrical panel locations, 2 septic systems. Sound nice? It is!

3603 W 48TH AVE., KENNEWICK

ABOUT THE LISTING

Gorgeous and contemporary 4 BR 4 BA + an office rambler with stunning panoramic views in The Heights at Canyon Lakes! This custom built home captures amazing views and features hardwood flooring throughout, split-bedroom design plus soaring coffered ceilings with a great room layout ideal for entertaining! Living room features breathtaking floor to ceiling fireplace. Formal dining area overlooking the panoramic views. Dream kitchen boasts granite island, premium stainless steel appliances and huge walk-in pantry.

Private master retreat with luxury bath offering dual sink vanity, free-standing soaking tub, oversize walkin shower, and dual walk-in closets! Second master provides a walk-in closet plus private bath. Spacious secondary bedrooms, office/library, beautiful half and 3/4 baths for guests, large laundry room, and an oversize 3-car garage round out this amazing rambler. Highly desirable location and views for miles

RES ARTICLE

RES ARTICLE

GROWTH IN THE RESIDENTIAL MARKET

Talk to anyone in the Tri-Cities and they’ll tell you about the growth here. From Employment growth via new facilities and expansions, to housing and development. If it seems like the Tri-Cities is expanding in every direction, that’s because it is. There are new developments on the outskirts of every city, as well as some infill projects.

Real Estate is always growing, even though the pace may change. Our population is continuing to increase, so more homes will be needed to meet demand. After coming out of the last recession, we jumped into a seller’s market where demand outpaced supply, leaving buyers with fewer options. As we look to the future, some of that growth will slow down and bring some balance to the Real Estate market, but it will take a while for supply to catch up to demand. The average time on market may start to increase, but an easing on the demand side of the equation does not mean our market won’t be growing. In a balanced home market in the Tri-Cities (6 months supply) we would have about 1,400 available homes. As we get closer to that level of inventory, the pace of growth may change, but the Tri-Cities population is still increasing, and there are companies still investing, so Tri-Citians will continue to see our communities grow.

Realtors must grow as well. The only constant in life is change, and no other industry will give you faster feedback than sales. If we are not constantly improving ourselves and the way we do business, we will not be around very long. One of the reasons we enjoy the culture we have is that the Kenmore Team

heavily invests in cultivating personal growth as well as professional growth. We must be quick to adapt to changes in the market. The focus for buyers has been putting themselves into a position to compete against other buyers for a home. With rising interest rates, there may be less competition for homes, but buyers will need to be able to make up the difference in affordability as interest rates go up. Buyer Agents are constantly talking to different lenders about new programs to stay ahead of changing market conditions. Technology is ever changing, the real estate forms are regularly updated, we must invest in ourselves and stay ahead of changes in our industry if we are truly going to do the best by our clients.

One of Buyer Specialist, Jeremy’s favorite quotes is from Marine Corps General Oliver P. Smith of the 1st Marine Division during the Battle of the Chosin Reservoir when they were surrounded on all sides. He said, “We’re not retreating, we’re just advancing in a different direction.”

With growth comes responsibility. The cities in our region have growth plans that shape the future of development. They have to think decades into the future about traffic and best use, and those plans have to be updated regularly as technology changes the way we work and live. They have to walk a line between encouraging affordable housing and private investment, as well as protecting home values by deciding whether to allow new developments that change densities.

PROPERTY MANAGEMENT DIVISION

PROPERTY MANAGEMENT BY NUMBERS

TRUSTED VENDOR SPOTLIGHT

L&C ALL SHINE CLEANING SERVICE

This quarter’s spotlight is very well deserved and goes out to Ricky with L&C All Shine Cleaning Service. While we primarily contract All Shine for carpet cleaning for all of our rental home flips (and that’s a lot, let me tell ya!), Ricky’s expertise doesn’t stop there. All Shine also offers tile, janitorial, upholstery, mobile car detailing, and more! Ricky is a breeze to work with, and I am always met with a kind smile and a genuine “How’s it going?” when I happen to run into him in the field. He is very accommodating and flexible with our team and our rental home timelines, which is incredibly important for us to meet deadlines with so many moving parts. If you are still doubting this great vendor, I would highly recommend taking a peek at All Shine’s Facebook page for some crazy Before & After photos/videos of the work he’s done… You won’t be disappointed!

-Sierra Jones, Assistant Property Manager

PHONE: 509.591.2653

WEBSITE: WWW.LCALLSHINE.COM

GROWTH IN KENMORE TEAM PROPERTY MANAGEMENT GROWTH

Investors, or potential Investors, might think this is not a good time to buy rental properties.

But growth can be many things. Growing in value, growing in years, growing in height, or growing your knowledge in the diverse studies of existential concepts of modern day poetry. (boom!)

But what about growth in Property Management? I have 3 perspectives for you…please read on!

First is simply our company growth. We’ve been very fortunate to have so many great Investors trust us with their rental properties to manage. So much so, that this year we added two new members to the Operations Team of KTPM! Jordan joined us as Property Manager and Gabi as Operations Assistant. Both have been welcomed additions and are helping to better streamline workflow.

Also growth related is growing an investment property portfolio. We have been in a “Seller’s Market” for some time with home prices continuing to drive up. Some

I asked Managing Broker, RJ, about this. And his advice is to remember that you can’t time the market. TriCities hasn’t seen a major property market crash since the early 90s. Even in 2009, values were steady in our community. That’s because TriCities really is an “insulated market” from the amount of large industry business and agriculture present here.

Rental properties are a longterm investment where proceeds should continue to grow over time. Even if you buy “high” today when compared to last year’s prices, the likelihood is this time next year, your market value will have increased. Basically, you should invest when you have the opportunity instead of waiting for a market downturn. Or as RJ says, “Now is the best time to invest. Today is always going to be better than tomorrow.”

This time of year, Property Management is also looking at the growth of trees. Literal trees! (RJ’s favorite nemesis). Although they

can be described as pretty, stately, or shading, trees are also continued sources of maintenance costs on a rental property. Branches stretch out to scrape shingles off your roof. Roots rise-up from the ground and break concrete paths or push right through your plumbing causing the kinds of issues no one wants to deal with.

While your next visit to the garden center might tempt you into planting trees, if the property you want to plant them on is now or could be an investment property in the future –save yourself the money now and later – just get some day lilies which are also beautiful and survive cars running them over!

Article: Julie Collins Operations Manager

THIS ISSUE OF KENMORE QUARTERLY IS FOCUSED ON GROWTH WHICH IS APPLICABLE AS EVERYTHING WE CAN SEE OUTSIDE IS GROWING.

KQ / 2022

PROPERTY MANAGEMENT DIVISION

3 S. EDISON ST., #A, KENNEWICK

$1,195 • 2 BED • 1 BATH • 875 SQFT

Interior:

* LVP/hard surface flooring throughout the apartment

* Updated bathroom

* Updated kitchen with plenty of cabinet/counter space, & a dishwasher!

* Open concept main living area

* Lots of natural light

* In-Unit Laundry Hookups

Exterior:

* Private patio space

* 1 covered parking space in the carport plus additional uncovered lot space

Additional Lease Information:

12 month lease term

Water, sewer & garbage included - tenant is responsible for power. No pets

6026 W. 32ND AVE., KENNEWICK

$2,195 • 3 BED • 2 BATH • 1,403 SQFT

Interior:

* Brand new construction!

* Large main living space, open-concept with vaulted ceilings

* Kitchen has center island, stone countertops, stainless steel appliances, & pantry

* Master bedroom is located away from other bedrooms has walk in closet. Attached bath has standing shower & double vanity

* 2 other bedrooms & 1 full bath

Exterior:

* 3-car attached garage

* Concrete back patio

* Fully fenced yard

Additional Lease Information:

12 month lease term

Dog friendly with approval & fee

R.J. LANGE • PROPERTY MANAGER | REALTOR®

Cell: 509.420.3137 • rj@kenmoreteam.com

www.kenmoreteampropertymanagement.com

715 PIKES PEAK DR., WEST RICHLAND

$3,195 • 5 BED • 3.5 BATH • 3,299 SQFT

Interior:

* Massive living space on the main includes formal dining room, living room and kitchen

* Chef’s kitchen with stone counter tops, stainless appliances, oversized fridge and walk-in pantry

* Eat-at kitchen counter plus dining area.

* Junior suite on the main floor with walk-in closed and attached bath: double vanity, standing shower & soaker tub

* Upstairs Master Bedroom has walk-in closet and attached bath: double vanity, standing glass shower & soaker tub

* Additional 3 bedrooms & 1 full bath upstairs

* Bonus room upstairs perfect as play room, office, studio or den

* Laundry room conveniently located upstairs with provided

washer/dryer

Exterior:

* Attached 4-car garage!

* Large driveway with room for additional rv/boat parking

* Fully fenced backyard

* Garden area with drip lines connected to irrigation system

* Covered back patio

Additional Lease Information: 12 month lease term

Possible to allow for 1 dog with pet fee, case by case approval

425 RIVERWOOD ST., RICHLAND

$3,995 • 3 BR • 2.5 BA • 2795 SQFT

Interior:

* Kitchen features stone countertops, eat-at island, stainless steel appliances, lots of cabinet/counterspace, & huge walkin pantry

* Main living space is open & bright, with lots of natural light from the large bay windows, built-in display and a gas fireplace

* Hard surface flooring in main living spaces

* Office on main floor has a reading nook with a built-in bench & shelving

* Master bedroom attributes a large walk-through closet

* Master bath has a double vanity, sizeable soaking tub, & lavish walk-in shower

* Other 2 bedrooms exhibit views of the Tri-Cities

* Lofty bonus area at the top of the stairs

Exterior:

* Massive 3 car garage, all bays are extended under the length of the house

* Deck on the front of the home has views of the river

* Big concrete back patio

Additional Lease Information: 12 month lease

Cell: 509.947.0242 • brett@kenmoreteam.com

www.kenmoreteampropertymanagement.com

THE KENMORE TEAM

LANCE KENMORE DESIGNATED BROKER REALTOR® CELL: 509.727.8977 lance@kenmoreteam.com

KAREN KENMORE OPERATIONS DIRECTOR REALTOR® CELL: 509.727.8979 karen@kenmoreteam.com

KENMORE TEAM / 509.735.1025 9025 W Tucannon Avenue, Kennewick 99336

SUPPORT TEAM

LORI THOMPSON EXECUTIVE ASSISTANT

Cell: 509.539.6715 lori@kenmoreteam.com

RYAN ROSE INSIDE SALES AGENT REALTOR® Cell: 509.987.4544 ryan@kenmoreteam.com

JORDAN DE GROOT MARKETING SPECIALIST

Office: 509.735.1025 jordan@kenmoreteam.com

STACEY HALL SUPPORT COORDINATOR

Cell: 509.551.5040 stacey@kenmoreteam.com

CONSTRUCTION

NICOLE DEGRAAF FRONT DESK RECEPTIONIST

Cell: 509.551.2923 nicole@kenmoreteam.com

PROPERTY MANAGEMENT DIVISION

JOHN THOMPSON PROJECT MANAGER Licensed Contractor

Cell: 509.551.2505 john@kenmoreteam.com

R.J. LANGE PROPERTY MANAGER MANAGING BROKER

Cell: 509.420.3137 rj@kenmoreteam.com

BRETT PATRICK BUSINESS DEVELOPMENT MANAGER Cell: 509.947.0242 brett@kenmoreteam.com

JULIE COLLINS OPERATIONS MANAGER Office: 509.820.3637

julie@kenmoreteam.com

SIERRA JONES ASSISTANT PROPERTY MANAGER Cell: 509.581.9899 sierra@kenmoreteam.com

JORDAN ANGELO PROPERTY MANAGER Cell: 509.518.7178 jordana@kenmoreteam.com

GABI BENSON OPERATIONS ASSISTANT Office: 509.820.3637 gabi@kenmoreteam.com

RESIDENTIAL DIVISION

BUYER TEAM

JEREMY ASMUS BUYER SPECIALIST Managing broker

REALTOR®

Cell: 509.551.7940 jeremy@kenmoreteam.com

CINDY PATRICK BUYER SPECIALIST REALTOR®

Cell: 509.430.2121 cindy@kenmoreteam.com

LISTING TEAM

JESSICA HOLLANDSWORTH BUYER SPECIALIST

REALTOR®

Cell: 509.460.8077 jessica@kenmoreteam.com

TYSON JONES BUYER SPECIALIST

REALTOR®

Cell: 509.845.0856 tyson@kenmoreteam.com

DAVID PRICE BUYER SPECIALIST REALTOR®

Cell: 509.820.5538 davidprice@kenmoreteam.com

KELSEY BEAM SHOWING PARTNER REALTOR®

Cell: 509.518.7303 kelsey@kenmoreteam.com

ALEX BURDEN LISTING SPECIALIST

MANAGING BROKER

REALTOR®

Cell: 509.438.7414 alex@kenmoreteam.com

CURTIS DAHL LISTING SPECIALIST REALTOR®

Cell: 509.531.2729 curtis@kenmoreteam.com

SARAH MACHIELA CONSTRUCTION SPECIALIST

REALTOR®

Cell: 509.591.2026 sarah@kenmoreteam.com

LISTING & CLOSING COORDINATORS 006

TERRA DYE LISTING COORDINATOR

REALTOR®

Cell: 509.378.6668 terra@kenmoreteam.com

HEATHER BANNING LISTING COORDINATOR

REALTOR® Cell: 509.627.9095 heather@kenmoreteam.com

MCKENZIE KOON CLOSING COORDINATOR

REALTOR®

Cell: 509.627.8393 mckenzie@kenmoreteam.com

KIMBERLY ROSE LISTING & CONSTRUCTION SPECIALIST REALTOR®

Cell: 509.212.5570 kim@kenmoreteam.com

ANDREA CABALLERO CLOSING COORDINATOR REALTOR®

Cell: 509.627.9266 andrea@kenmoreteam.com

KQ / 2022 QUARTER:

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