KENMORE QUARTERLY 2022 | Q 1

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KENMORE quarterly

Q4 | 2022
DIGITAL MAGAZINE TRI-CITIES KENMORE TEAM, LLC RESIDENTIAL | PROPERTY MANAGEMENT | CONSTRUCTION SERVICES

WE’RE PREPARED FOR THIS .

KENMORE QUARTERLY • 2022 | QUARTER 4 The Kenmore Team • Real Estate • Property Management • Construction Services 509.735.1025 • sold@kenmoreteam.com • www.kenmoreteam.com ADDRESS: 9025 W. Tucannon Avenue, Kennewick, WA 99336 KENMORE QUARTERLY | 3
10
14 KENMORE QUARTERLY 2022 Q4
HAPPY TO HAVE YOU HERE!
DIVISION
WHAT BROUGHT US HERE
WELCOME
RESIDENTIAL

2022 QUARTER 4

RESIDENTIAL

RESIDENTIAL

38
// CURTIS
42 PROPERTY MANAGEMENT DIVISION
AGENT CHATS
DAHL
2
5
6
WELCOME
CONTENTS
8
10
12
LETTERS FROM LANCE
FEATURE: WOULD YOU EAT THESE TOGETHER?
FEATURE: HISTORY
14
VENDOR SPOT: TOP TREE
16
RESIDENTIAL DIVISION
18
20 BUILDER
22 BUILDER SPOT:
24
STATISTICS
BUILDER SPOT: AMBIENCE
SPOT: RAMGAR
TITAN
FEATURED LISTINGS 32 RESIDENTIAL:
34
38
SPOT: NANA’S
40
MANAGEMENT DIVISION 42
UNEXPECTED 44 ACTIVE RENTAL LISTINGS 48
YOU CAN MOVE
AGENT TALK: CURTIS DAHL
VENDOR
HOUSE CLEANING
PROPERTY
KTPM: SAVING FOR THE
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KENMORE TEAM DIRECTORY

LETTERS FROM LANCE

Well – we made it through 2022! I was so excited when the team brought to me the idea of “We got this!” for the theme of this Quarter’s magazine. It really resonates because when you look back over the entirety of the year, it was a lot to take in. Every year for my podcast and radio show, I do a predictions show in January –I went back and reviewed those predictions from the beginning of 2022. If you look at just interest rates by themselves, every single expert and economist that I referenced and material I used to prepare for that show was dead wrong! No one thought we could go from 3% mortgage rates to 8% mortgage rates in one year! The rise was unprecedented and we have not seen anything like it in the last 20 years.

If Covid taught us anything, it was that you have to be prepared for the unexpected. It is a mindset that keeps you sharp and keeps you learning. The interest rate rise was bad, but it didn’t scare me like it did a lot of the market. I have operated in markets with those rates and we know how to get the job done in both cases. You do, however, have to be willing to adapt and change what you are doing quickly and effectively.

Reporting of data is always a few months behind what is actually happening in the market. We are just now starting to see the hard data come out about the lower number of transactions in the 4th quarter. The good news is that prices and owners’ equity are holding steady. As we see national data showing inflation easing and the economy cooling, we will look for interest rates to ease and help give us a quick start to the spring market here locally.

As always, we are here to talk our clients, family, and friends through these situations. Please enjoy the articles and information presented this quarter.

KENMORE

509.727.8977

LANCE@KENMORETEAM.COM

WELCOME TO THE TEAM

JULIO HERNANDEZ He’s been around a while, but we are excited to welcome Julio Hernandez into a new roll with the Kenmore Team as a Project Manager in the Kenmore Team Construction Division!

Here’s a little from Julio - Before coming to Kenmore Team, I had a background in agriculture. I drove combines, tractors, bailers, swathers as a ranch hand at different farms. I also worked for FirstFruits Farms for some time running their palletizer robotics on the maintenance team and did mechanics for farms as well.

I’m excited to be in this new role because I like fixing things and every day is different. I also love having weekends off with my family.

My favorite part of the Tri-Cities area is that it has a small town vibe where everyone knows each other but it’s also big compared to other areas. I also like that everyone is festive and we go big on holidays.

KENMORE
LANCE
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COOK OFF

TEAM CHALLENGE - CHILI & CINNAMON ROLLS

Outside of real estate, there are a few things that our team takes very seriously. 1. Competitions and 2. Eating.

Lance was reminiscing about one of his Richland School District lunchtime favorites, Chili and Cinnamon Roll Day. While there was much debate if those foods actually deserve to be together, it also proved to be a great team challenge. Five teams worked together and our esteemed panel of judges (Lance, RJ, and Stephanie) thoroughly enjoyed their role of taste testing the entries. We loved the variety the team brought in and highly suggest a chili and cinnamon roll meal so you can decide if they belong together!

KENMORE
residential | property management | FEATURE
QUARTERLY
Ryan Rose nicole DegRaaf TeRRa Dye foRResT BoTkin BReTT PaTRick gaBi Benson DaviD PRice Tyson Jones
TEAM WINNERS BEST OF SHOW CINNAMON ROLL GABI! BEST OF SHOW CHILI
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kimBeRly Rose cinDy PaTRick
- RYAN

WHAT BROUGHT US

I guess I’m officially old – when the staff comes to me and says, “Lance, you have seen a lot of markets in Tri-Cities. Can you explain what is going on?” I had to laugh because even though I have been doing this for 23 years, I still feel like I am learning new things every day. Historically, though I can take a shot at this!

What this boils down to is that for the last 10 years 2012-2022, we have been on a very steady increase in housing prices along with the rest of the country. Prior to those ten years, it was really interesting in Tri-Cities because before this time period Tri-Cities would in many cases be doing the opposite of the rest of the country. Why is this? Prior to the 2012, we had not reached a population size that statistically would follow national trends. We had so much money going into this community from Hanford and cleanup, that when those budgets changed, you would immediately feel it in the community. Take, for instance, the housing crisis of 2009-2011 – even though the rest of the country was reeling, we had

VIT plant construction and funding increasing, employment increasing, and it carried us through that recession. I believe that around 2012, as we came out of that cycle, Tri-Cities really hit critical mass with employment and industry diversification. We started attracting larger corporations, more retirees, a more substantial medical industry etc. For the first time in 20 years, we started trending WITH the rest of the country in terms of property values, etc. Then to throw gasoline on the fire, as the rest of the country appreciated ultra-fast and rebounded, investors started to look for communities where the cost of living was lower, and rates of return were higher. Many investors sold at record equity levels as values returned in 2015-2017. They poured that money into medium-sized communities like ours – further increasing demand and accelerating appreciation.

As you can see, we were not firing on only 2-3 cylinders as the saying goes – we were firing on all cylinders! Employment, Government funding,

AN INSIGHT INTO THE CHANGES IN TRI-CITIES REAL ESTATE.

US TO THIS POINT

low cost of living, interest rates trending down, quality builders, availability of land – everything was lined up perfectly. To keep the car analogy going – what happened next was similar to using Nitrous boost in a car. Covid was to real estate what Nitrous is to cars. Out of nowhere, we keep demand high (and actually increase it with remote workers) and limit supply. Tri-Cities, which had historically appreciated at a pace of 3-5% goes to 10-12% and gives those investors exactly what they had been looking for. We were already running at a tight supply, and Covid only made it tighter. Low interest rates kept the party going as long as it could, but inflation just became too much. Now what happens is that you start to lose some of the cylinders – Interest rates rise, fewer people can afford to buy, so demand starts to drop, employment has a hiccup, you start to hear of a few projects being put on hold, and the next thing you know, the number of transactions start to fall.

It's a cycle – we have been through a number of them and the best part of this one so far is that we have not seen an eroding of equity or massive defaults on mortgages. The positive side of having a tight supply going into this is that we do not have a glut of overbuilt homes in our area. What I do think will happen is that you will see Tri-Cities normalize to a standard rate of appreciation of 3-5% a year again. For some people who are reading this and got used to 1012% a year, that might not sound great, but in the long run this is more of a sustainable market for our local economy.

Experience and planning is key in those markets, it’s not the same game as it has been the last 5 years. We have shifted gears and continue to use our experience during those markets to give insight and advice to our clients to set them up for future success.

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TRUSTED VENDOR SPOTLIGHT

TOP TREE SERVICE, LLC

Ryan Hone and Top Tree have been serving Tri-Cities and surrounding areas since 2004. We have been using them personally and to support our customers for over 10 years. We love using Ryan and his crew because they always communicate so quickly, leave their job sites clean and make good decisions about the plants and how to properly prune them. The fact that if you are lucky enough to see his twin girls around is just a bonus!

PHONE: 509.943.7032 CONTACT WEBSITE: WWW.TOPTREELLC.COM
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RESIDENTIAL DIVISION

KENMORE QUARTERLY 2022 Q4
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ACTIVE LISTINGS 751 728 616 517 LISTINGS SOLD 268 221 175 272 AVERAGE SOLD PRICE $470,663 $425,065 $475,375 $469,799 LISTINGS UNDER CONTRACT 181 155 122 268 AVERAGE DAYS ON MARKET 27 36 37 29 SOLD Q4 $00,000 - $99,999 4% (10 sold) 4% (9 sold) 2% (3 sold) 22 $100,000 - $149,999 2% (6 sold) 2% (4 sold) 0% (0 sold) 10 $150,000 - $199,999 1% (3 sold) 2% (4 sold) 3% (5 sold) 12 $200,000 - $249,999 2% (6 sold) 4% (8 sold) 4% (7 sold) 21 $250,000 - $299,999 6% (16 sold) 9% (19 sold) 7% (13 sold) 48 $300,000 - $349,999 10% (28 sold) 13% (29 sold) 10% (17 sold) 74 $350,000 - $399,999 17% (45 sold) 19% (42 sold) 19% (33 sold) 120 $400,000 - $449,999 15% (40 sold) 11% (25 sold) 15% (26 sold) 91 $450,000 - $499,999 9% (23 sold) 8% (18 sold) 6% (10 sold) 51 $500,000 - $549,999 9% (24 sold) 7% (16 sold) 6% (11 sold) 51 $550,000 - $599,999 6% (15 sold) 6% (14 sold) 9% (15 sold) 44 $600,000 - $649,999 4% (11 sold) 5% (10 sold) 2% (4 sold) 25 $650,000 - $699,999 3% (8 sold) 4% (8 sold) 5% (9 sold) 25 $700,000 - $749,999 3% (7 sold) 2% (4 sold) 2% (3 sold) 14 $750,000 - $799,999 3% (7 sold) 1% (2 sold) 2% (4 sold) 13 $800,000+ 8% (19 sold) 4% (9 sold) 9% (14 sold) 42 Q
OCTOBER
NOVEMBER
DECEMBER 2022 Q4 - 663 2022 Q4 AVERAGES RESIDENTIAL | property management | feature
4
Q4
Q4
428 402 396 429 $437,209 $361,084 340 343 17 27 SOLD 2021 Q4 SOLD 2020 Q4 20 25 14 20 26 32 34 119 116 222 181 300 220 202 151 128 101 71 67 53 73 42 43 34 31 17 30 10 32 7 48 18 2021 Q4 - 1,187 2020 Q4 - 1,300 Q4 AVERAGES BY YEAR 2021 Q4 2020 Q4 517 304 487 272 388 379 $469,799 $407,940 $344,397 268 380 403 29 20 32 SOLD 2022 SOLD 2021 SOLD 2020 74 79 91 49 51 56 48 83 174 65 271 531 210 479 916 380 786 935 613 862 706 565 586 397 428 423 239 309 299 192 251 197 108 179 156 81 130 108 56 122 83 26 62 69 22 216 123 48 2021 - 3,701 2020 - 4,655 2020 - 4,578 ANNUAL
2022 2021 2020 KENMORE QUARTERLY | 17
AVERAGES
PRICES STARTING AT $239,900! MODEL 1065 NE EMERALD, HERMISTON JASPER PLAN 1348 - TWO STORY TOWNHOME 1348 SQFT PLAN • 3 BED • 2.5 BATH DIAMOND RUN, HERMISTON • AMBIENCE HOMES JADE PLAN 1163 - ONE STORY TOWNHOME 1163 SQFT PLAN • 3 BED • 2 BATH
BLACKTOP ESTATES, BENTON CITY • AMBIENCE HOMES BLACKTOP ESTATES STARTING AT $297,900 BENTON CITY THE MAPLE PLAN THE OAK PLAN THE COTTONWOOD PLAN THE BIRCH PLAN THE EVERGREEN PLAN THE TAMARACK PLAN SARAH MACHIELA 509.591.2026 SARAH@KENMORETEAM.COM KIMBERLY ROSE 509.212.5570 KIM@KENMORETEAM.COM KENMORE TEAM NEW CONSTRUCTION SPECIALISTS KENMORE QUARTERLY | 19
• RAMGAR
EAST FRANKLIN RAMGAR HOMES PASCO EAST FRANKLIN, PASCO
HOMES

Contemporary designs with modern touches, the East Franklin neighborhood by Ramgar Homes, is the turn key and ready to go! Floor plans feature an open concept design, stucco, wood accents, landscaping, and energy efficiency all in a growing area in Pasco. Near parks and schools with easy access to the highway.

KIMBERLY ROSE REALTOR® Cell: 509.212.5570 kim@kenmoreteam.com KENMORE
TEAM NEW CONSTRUCTION SPECIALIST
LA PINTA RAMGAR PLAN # 1 LA NINA RAMGAR PLAN # 2 SANTA MARIA RAMGAR PLAN # 3
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JERICHO RIDGE, RICHLAND

TITAN HOMES HOMES

JERICHO RIDGE

• RAMGAR HOMES
RICHLAND

LOCATION, LOCATION, LOCATION! The Jericho Ridge development master community has been designed around view maximization for each lot. Also featuring private cul-de-sac living, and larger lots with unobstructed views. Call New Construction Specialist David Price or Tyson Jones for more information.

509.845.0856 TYSON@KENMORETEAM.COM

PRICE
JONES
DAVID
509.820.5538 DAVID@KENMORETEAM.COM TYSON
KENMORE TEAM NEW CONSTRUCTION SPECIALISTS
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5830 GRAY STEET, WEST RICHLAND

ABOUT THE LISTING

Lovingly maintained 3 BR 2 BA rambler on 1/3 acre corner lot in West Richland! Easy maintenance vinyl siding, newer roof, new water heater, new heat pump, and new furnace! Well-designed layout includes formal living room, family room with wood stove, split-bedroom design, and laundry room with extra storage. Spacious kitchen with ample counter space, breakfast bar, and adjacent dining room. Private primary bedroom with

walk-in closet, generous secondary bedrooms and two full hall baths! You will love the large, fully-fenced backyard with covered patio, two storage sheds, space for toy/RV parking, separately fenced garden space, and detached 2-car garage with workshop area! Quiet neighborhood located close to Tapteal Elementary, community park, and amenities.

• 3 BED • 2 BATH • 1,734 SQFT • MLS # 266393
$350,000
CURTIS DAHL • LISTING SPECIALIST | REALTOR® Cell: 509.531.2729 • curtis@kenmoreteam.com RESIDENTIAL | property management | feature
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407 E 23RD AVENUE, KENNEWICK

ABOUT THE LISTING

Beautifully updated 3 BR 2 BA home on ONE ACRE with large shop/outbuildings--country feel on edge of city for ultimate convenience! Open layout, easy care laminate floors throughout, dining area with built-in storage, and split-bedroom design! Light and bright NEW kitchen with plenty of storage, ample counter space, stylish shiplap walls, butcher block counter tops, and dining bar. Spacious primary suite with walk-in closet and

private full bath. Large secondary bedrooms as well as separate family room. Fully-fenced backyard area, front deck, large two-bay shop, storage shed, and loafing shed for animals! Conveniently located to schools and amenities--schedule your private showing today! Home has possibly been moved twice--contact your agent for lender options.

$375,000 • 3 BED • 2 BATH • 1,980 SQFT • MLS # 266303
TYSON JONES • REALTOR® Cell: 509.845.0856 • tyson@kenmoreteam.com RESIDENTIAL | property management | feature
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3115 WILLOW POINTE DRIVE, RICHLAND

ABOUT THE LISTING

Move-in ready 3 BD 3 BA townhouse in the desirable TriCities Research District in North Richland close to the river! Spacious open great room concept on main level. Living room features vaulted ceilings, large bay window and balcony patio over looking view of Columbia River! Kitchen offers quartz counters, subway tiled backsplash, island with breakfast bar, soft close cabinetry, large pantry closet with built-in shelving and dining area with slider to back patio. Generously sized primary suite has

full bath with quartz counters, dual sink vanity, custom tiled shower, separate water closet and huge walk-in closet! Lower-level provides secondary bedrooms with large closets, full bath and laundry room with built in cabinetry for extra storage and organization. Great location for an easy commute to Hanford, WSU TriCities, PNNL and all of North Richland!

$449,000 • 3 BED • 2.25 BATH • 1,880 SQFT • MLS # 266161
KIMBERLY ROSE • REALTOR® Cell: 509.212.5570 • kim@kenmoreteam.com RESIDENTIAL | property management | feature
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835 NE 2ND STEET, PENDLETON, OR

ABOUT THE LISTING

Your dream home awaits! Custom-built 5 BR 3 BA rambler w/basement on 1.01 professionally landscaped acres w/panoramic view of Pendleton and beyond! Work from home? You’ll love the executive office off entry w/custom built-in desk/cabinetry! Formal dining, 3 fireplaces, gourmet kitchen, private primary suite w/

dream walk-in closet & bath. Rec room, full 2nd kitchen, extra storage, 3/4 bath & two bedrooms--ideal for multigen living. Covered deck, huge patio, and lush yard for enjoyment!

$950,000 • 5 BED • 3 BATH • 4,192 SQFT • RMLS # 22584156
DAVID PRICE • REALTOR® Cell: 509.820.5538 • david@kenmoreteam.com RESIDENTIAL | property management | feature
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YOU CAN MOVE

NEW YEAR, CHANGING SEASONS, FRESH STARTS!

The new year is a popular time for people to think about moving. Although, this usually involves moving more to get into better shape, it can also include buying a new home. The new year provides a fresh start as the days start to get longer. Putting away holiday décor offers a great chance to freshen up your home’s interior if you have a home to sell. The combination of longer days and warmer weather provides an opportunity for those outdoor projects as well. Whether that is gardening, painting, or staining the deck. When you consider the real estate timeline (preparing to list your home, listing, contract to closing), the beginning warmer weather will quickly turn to spring or summer. Is there an ideal time to set a goal

related to moving? Or any goal for that matter? In an interview, Dr. Katy Milkman discussed the Fresh Start Effect. The start of a new year offers everyone a chance to do something they’ve been putting off, or to turn the page on the last chapter and begin a new one. There are other new beginnings throughout the year: the start of a new week, birthdays, the start of spring, etc. According to Dr. Milkman, a new beginning allows us to harness that fresh start energy to achieve the goals we’ve made.

Homeowners can also take advantage of the equity they have in their homes. The last six or seven years have seen significant appreciation in home values in the Tri-Cities. If you’ve owned a home during

that time, you likely have gained significant value. This allows you to sell and upgrade, or use some of that equity to make renovations to add even more value.

Sellers with equity are in a great position. The prices of homes you may want to purchase have gone up, but the equity in your home has helped to keep pace with that. With the market slowing down a bit, we are seeing fewer occurrences of multiple offers, and new construction build times are picking back up. This could be the best time to move that we’ve seen in quite a while. Stable interest rates will make this fresh start a great time to harness the power of a new beginning.

RESIDENTIAL | property management | feature
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AGENT CURTIS DAHL

This month’s spotlight Agent is a man who generally prefers to be the cheering fan behind the spotlight, instead of in it, Curtis Dahl. While he is also our millennial employees “work grandpa” (a role he invests in every time he walks through our doors), he really comes to the office to be one our Seller’s Agents. Perhaps you’ve worked with Curtis before? If your property was located outside the city, I’m sure you did as Curtis is always ready for a long drive to view special or rural areas. But if not, we can confirm that Curtis truly is the kindest heart, most committed supporter, and invested conversationalist who frequently drops unexpected humor in your lap to enjoy.

Read on to get to know Curtis better and then call him just to say Hi. He’ll answer and talk with you!

How did you get your start in Real Estate?

In the early 2000’s, my wife and I decided to sell our home, and then later our business, in North Franklin county. Both times it was a struggle to find a real estate professional from the TriCities who would help us as we were so far out of the city. After that process I knew there was a need for someone committed to servicing these areas and that I

could help fill that void. Now I’m routinely helping our neighbors in rural Franklin, Benton, Walla Walla, Yakima and Grant county and I love it. These are such beautiful areas with so much to offer. I’m lucky to get this opportunity.

So how did you come to work at Kenmore Team?

I met Lance Kenmore and Jeremy Asmus at a round table group, like a business networking group for real estate professionals. I kept my eye on their business while continuing to grow my own with competing firms. But I told my wife that if I ever decided to switch firms, I wanted it to be for Kenmore Team. I ended up making that decision and I can’t say enough how much I respect and appreciate the dedication Lance & Karen Kenmore have to this business and industry. They work so hard to keep the entire team happy, engaged, and successful. The thing I like most is the true team model of this company where all of us can be highly trained specialists in our specialties.

What is your spirit animal?

Well, I would say it used to be a Cheetah. You know – quick, flexible, powerful with sleek grace. But as I’ve gained more

experience in life, I think it’s now a Blue Bird. Another very flexible creature but soaring to greater heights with an air of hope, joy, extreme friendship, and new beginnings. I think that’s how I want to feel daily in my life and what I’d like to show my clients in their real estate experience.

If I was new to Tri-Cities, what would you recommend I go experience?

Go explore our highly diversified rural farming community. On a lovely summer evening or weekend, drive out to our farming country, pull over and enjoy a picnic in the back of your truck or SUV just taking in the sounds of the farms, animals, smells and skies. It’s a very special experience. Most people don’t know that our local farmers grow over 300 different crops for our tables, so there is much to see in these areas.

What is the most interesting request you’ve had from a client?

I was asked for a sales valuation for a “very unique, income producing, irrigated 15 acre farm.” Not so unusual for rural areas, except the uniqueness of this one was in addition to the fruit trees and residence, it had an entire community of travel trailers and tenants living there.

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It was an interesting property to tour.

** from the author: I’m pretty sure Curtis is trying to say he was asked to sell a compound/cult.

You’re going on a month-long trip to another planet (because space travel is possible), what’s the 1 comfort from home you must pack?

My wife, Susan.

* Ok, round 2 – Susan is of course coming with you and she’s not “something you’d pack” so what comfort from home do you need to take with you?

Oh, my toothbrush. I’m sure these planets have lots of cool stuff to see, but I still need to brush my teeth.

Why do you think it’s so important for Seller’s to have professional representation?

Sellers need an experienced, respected, kind individual looking after their best interest and

protecting them from the many potholes that arise in the road from deciding to sell, funding, recording, and closing the transaction. It can be rocky and uncharted territory to explore on your own, best to hire a tour guide and get to your destination safely.

What side do you land on in this debate: is a hotdog a sandwich?

My short answer is Yes. Any food surrounded by bread is a sandwich. But my long answer is No. I mean, a hotdog is so unique that it just has to have its own name, “Hot Dog.”

What does the future hold for Curtis?

Inspired by my Blue Bird spirit animal, I think I’ll be soaring and seeing new adventures and challenges with both my families – my Family and my Kenmore family. I look to sharing kindness, gratitude, cooperation, and new experiences. Overall, joy throughout the entire journey.

CURTIS DAHL 509.531.2729 CURTIS@KENMORETEAM.COM KENMORE QUARTERLY | 37

TRUSTED VENDOR SPOTLIGHT

NANA’S HOUSE CLEANING, LLC

We recently had a need to bring on a new cleaner to property management – and we do a lot of cleaning! Nana’s House Cleaning came into our path and we were excited to give their company a try. We could not be any happier with the services we received, and they are now our number 1 house cleaner! The attention to detail they provide is fantastic and they are always responding so quickly to our needs, it’s been an excellent relationship. We recently had an extremely dirty move out and they rolled up their sleeves, brought in special equipment, and returned this property like a new house; it was impressive! On the rare occasions that something isn’t as expected, Nana’s has always immediately gone out and made it right. We recommend them to anyone looking for cleaning services for their home or office!

PHONE: 509.975.0702 CONTACT WEBSITE: WWW.NANASHOUSECLEANINGLLC.COM
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KENMORE QUARTERLY 2022 Q4

PROPERTY MANAGEMENT DIVISION

residential | PROPERTY MANAGEMENT | feature

PROPERTY MANAGEMENT BY NUMBERS

KTPM RENTAL UNITS

530 DOORS

AVERAGE APPS PER PROPERTY 4

DAYS ON THE MARKET 28

AVERAGE TURN OVER 17 MONTHS KENMORE QUARTERLY | 41

SAVING FOR THE UNEXPECTED

SAVING FOR THE UNEXPECTED WHAT’S THE NUMBER ONE WORD THAT MOST LANDLORDS FEAR? REPAIRS.

That’s right - you can hope, wish, chant, beg, and throw coins in a fountain, but eventually your rental property is going to need repairs. The only unknown is how major those repairs are going to be.

From new kitchen faucets to replacing the roof and everything in between, Landlord’s need to be prepared to cover repair expenses and to do so quickly as Landlord Tenant Laws have limitations on how long you have to take remedy action on the issue. It’s likely a $300 bill to replace a kitchen faucet sounds manageable and not concerning, but what happens when the issue is replacing a refrigerator or an HVAC system? Are you prepared for that?

Kenmore Team Property Management has some expert advice for all Landlords: keep 2 separate maintenance bank accounts and commit to making 15% a month contributions to them.

Here’s what we mean.

1. Start a Maintenance account. We highly recommend adding at least 1 months’ rent to this account to begin with. After that, contribute 5% of your monthly rent earning to this account.

If your property rents for $1,800 a month you would put $90 a month into your maintenance account. In 4 months, you’ll have saved $360 and when the air conditioner goes out from a bad capacitor, you have no problem covering the $175 repair bill.

2. Create a Capital Expenditures (CapX) account. In this account contribute 10% of your monthly rent earnings.

At $1,800 rent, you’ll contribute $180 each month and over the course of a year you’ll have reserved $2,160. Over 3 years, $6,480 and over 5 years, $10,800.

Capital Expenditures are large costs for longlasting items you will encounter at some point. Routine maintenance plans are great for things like HVAC systems, but at some point it will go out for good.

AVERAGE LIFESPAN AND REPLACEMENT COSTS:

Water Heater: 10 years / Cost: $1,600 - $1,800

Tankless Water Heater: 20 years / Cost: $4,500

Refrigerator: 13 years / Cost: $1,700

Carpet: 5 - 6 years / Cost: $2,500

Exterior Paint: 10 – 12 years / Cost: $3,000

HVAC system: 15 – 20 years / Cost: $7,000

Roof: 20-25 years / Cost: $14,000

If you plan for the “expected unexpected” you are always prepared to respond when your tenant and your investment property need you the most.

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PROPERTY MANAGEMENT DIVISION KQ / 2022

1010 CATSKILL STREET, UNIT #3, RICHLAND

$1,195 • 2 BED • 1 BATH • 1,000 SQFT

Interior:

* Entry level living space is tiled with large windows for natural light

* Kitchen has plenty of cabinet space and appliances include a dishwasher

* Upstairs has 2 bedrooms, 1 full bath

* Central heating & air!

* Shared laundry room with coin-operated machines (uses phone app to pay!)

* Water/sewer/garbage included in rent

* Unique layout of this 4-plex means no upstairs or downstairs neighbors

Exterior:

* Small private entry space

* (1) assigned space in the covered carport

* Locking storage closet in carport also!

R.J. LANGE • PROPERTY MANAGER | REALTOR® Cell: 509.420.3137 • rj@kenmoreteam.com www.kenmoreteampropertymanagement.com residential | PROPERTY MANAGEMENT | feature

214 ARMISTEAD AVENUE, RICHLAND

$1,550 • 3 BED • 1.5 BATH • 1,760 SQFT

Interior:

* updated kitchen features quartz counter tops, fully tiled backsplash, lots of cabinet & counter space

* Hard surface flooring on the main floor

* Half bath on the main floor

* All 3 bedrooms located upstairs

* Full Bathroom is updated & has a fully tiled shower and newer vanity

* Basement has lots of storage space and washer/dryer hookups

* Central hvac

Exterior:

* Bigger concrete patio and shed in back yard

* Off-street parking

* Under ground sprinkler system, fully fenced yard

R.J. LANGE • PROPERTY MANAGER | REALTOR® Cell: 509.420.3137 • rj@kenmoreteam.com www.kenmoreteampropertymanagement.com
KENMORE QUARTERLY | 45

5501 REMINGTON DRIVE, PASCO

$1,795 • 3 BED • 2.5 BATH • 1,316 SQFT

Interior:

* Newer Construction

* Open concept main living space with hard surface flooring.

* Eat at island in kitchen and good sized pantry

* Stainless steel appliances

* Half bath on main floor

* Sizeable master bedroom, master bath has attached large walk-in closet

* Jack & Jill bathroom between 2 other bedrooms

* Lots of natural light throughout * Washer & dryer provided

Exterior:

* Fully fenced backyard

* Concrete patio

* Attached 2-car garage

R.J. LANGE • PROPERTY MANAGER | REALTOR® Cell: 509.420.3137 • rj@kenmoreteam.com www.kenmoreteampropertymanagement.com

residential | PROPERTY MANAGEMENT | feature

2809 CHELAN LOOP, RICHLAND

$2,595 • 4 BED • 3 BATH • 2,258 SQFT

Interior:

* Large open living space with vaulted ceilings & gas fireplace in living room

* Kitchen has stainless steel appliances, including a gas range. Under-cabinet lighting, stone counter tops & an eatat bar.

* Walk-in pantry

* Primary bedroom has attached bath with soaker tub, standing shower, double vanity & a walk-in closet

* 2 other bedrooms & bath on the main level

* Front room over the garage (F.R.O.G.) is a Junior Suite with walk-in closet & attached bath

Exterior:

* Attached 2 car garage

* Covered front porch

* Covered back patio

* Fully fenced back yard

www.kenmoreteampropertymanagement.com

• BUSINESS DEVELOPMENT
REALTOR®
BRETT PATRICK
MANAGER |
Cell: 509.947.0242 • brett@kenmoreteam.com
KENMORE QUARTERLY | 47

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

CONSTRUCTION

LORI THOMPSON EXECUTIVE ASSISTANT Cell: 509.539.6715 lori@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

NICOLE DEGRAAF FRONT DESK RECEPTIONIST Cell: 509.551.2923 nicole@kenmoreteam.com

JOHN THOMPSON PROJECT MANAGER Licensed Contractor Cell: 509.551.2505 john@kenmoreteam.com

JULIO HERNANDEZ PROJECT MANAGER Licensed Contractor Cell: 509.460.8386 julio@kenmoreteam.com

PROPERTY MANAGEMENT DIVISION

R.J. LANGE PROPERTY MANAGER MANAGING BROKER REALTOR® Cell: 509.420.3137 rj@kenmoreteam.com

BRETT PATRICK BUSINESS DEVELOPMENT MANAGER REALTOR® Cell: 509.947.0242 brett@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

REALTORS

JEREMY ASMUS REALTOR® MANAGING BROKER Cell: 509.551.7940 jeremy@kenmoreteam.com

CINDY PATRICK REALTOR® Cell: 509.430.2121 cindy@kenmoreteam.com

ALEX BURDEN REALTOR® MANAGING BROKER Cell: 509.438.7414 alex@kenmoreteam.com

SARAH MACHIELA REALTOR® New Construction Specialist Cell: 509.591.2026 sarah@kenmoreteam.com

KIMBERLY ROSE REALTOR® New Construction Specialist Cell: 509.212.5570 kim@kenmoreteam.com

TYSON JONES REALTOR® Cell: 509.845.0856 tyson@kenmoreteam.com

CURTIS DAHL REALTOR® Cell: 509.531.2729 curtis@kenmoreteam.com

DAVID PRICE REALTOR® Licensed WA & OR Cell: 509.820.5538 david@kenmoreteam.com

LISTING COORDINATORS

FORREST BOTKIN BUYER SPECIALIST REALTOR® Cell: 509.627.9527 forrest@kenmoreteam.com

ANDREA CABALLERO REALTOR® HABLO ESPAÑOL Cell: 509.551.8922 andrea@kenmoreteam.com

SHOWING PARTNER & INSIDE SALES CLOSING COORDINATORS

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

KEGAN BALLARD CLOSING COORDINATOR REALTOR® Cell: 509.627.9266 kegan@kenmoreteam.com

STEPHANIE MYERS CLOSING COORDINATOR

REALTOR® Cell: 509.627.8961 stephanie@kenmoreteam.com

KELSEY MANVILLE SHOWING PARTNER REALTOR® Cell: 509.518.7303 kelsey@kenmoreteam.com

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

KENMORE QUARTERLY | 49

KQ / 2022

QUARTER: FOUR

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