WASHINGTON 1-28-19

WASHINGTON EDITION

By the Numbers:

Understanding the True Value of Square Footage

Embracing Smart Homes: Does New Technology Really Increase Home Value?

Tips on Breaking into the Luxury Market FEATURED AGENT

ASHLEY SCRUPPS COVER STORY

OLGA DYCKMAN

WASHINGTON EDITION

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OLGA DYCKMAN

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ASHLEY SCRUPPS

CONTENTS 4) EMBRACING SMART HOMES: DOES NEW TECHNOLOGY REALLY INCREASE HOME VALUE? 13) BY THE NUMBERS: UNDERSTANDING THE TRUE VALUE OF SQUARE FOOTAGE

19) 9 THINGS THE BEST LEADERS NEVER SAY 22) TIPS ON BREAKING INTO THE LUXURY MARKET

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Embracing Smart Homes:

Does New Technology Really Increase Home Value?

Technology and innovation move at a lightning-fast clip, so it can be hard to keep up with all the smart-home trends sweeping the market at a given time. From smart thermostats to security systems accessed through an app on your phone—there are endless options to customize and update your home for the modern era. But which, if any, of these smart home products add 4

value to property in a significant, worthwhile capacity? Especially with new generations of the same products released in quick succession, it can be hard to determine whether it’s worth it to take the plunge. With that in mind, we’ve conducted a deep-dive into the smart home options out there that make the most sense for your bottom line and real estate investments.

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Smart home amenities range in price and return.

There are certain smart home products that won’t break the bank while still adding lovely touches and time-saving features to your space. For instance, a smart thermostat may not run more than a few hundred dollars, but it can take so much of the guesswork and analog nuisance out of programming your home’s internal environment. That said, buyers selling properties with mid-range amenities like this can’t expect a windfall in return. While smart home features can certainly lure buyers and give the sense that a home is attractively modern (and thus move-in ready), it doesn’t mean that you’ll be reaping a sizable monetary reward for your foresight. Conversely, this reality doesn’t mean those smart options

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are without value entirely; it just means that the value of smart home options may be apparent in a different capacity, like luring a particular buyer or creating a desirable, sleek image for a property headed to market.

On the other hand, larger scale smart home amenities that are being left behind for the buyer—like a smart refrigerator or wired sound throughout the property—may be able to lure particular buyers who value high-end details. While it can be difficult to state definitively the value of smart home options, the rule tends to be that the more you put in, the higher the likelihood you’ll reap the investment you sow. Focus your smart home options on home appliances first, then work your way toward security, thermostat, and entertainment options.

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Smart home amenities capture the attention of buyers

Agents must know how to pitch the value of smart home options

Even if you have mostly opted for small or mid-range smart home options, you can still benefit from their presence in a property—even if they don’t inflate your bottom line as a result. Smart home amenities have the power to focus the attention of buyers, sending a clear signal that the previous owners were tech-forward and made an effort to upgrade the property for the contemporary era. Millennial or Gen Z buyers especially value these up-to-date modifications, and the presence of these desirable gadgets can create added interest and drive up value naturally. Likewise, featuring these options in listing photography can also drive interest from younger or high-end buyers looking for move-in ready spaces.

Remember that smart home features are relatively fresh to the market. While some new construction properties are equipped with these smart amenities, just as many homes on the market don’t offer these upgrades and modern flairs. This means that many buyers, of all ages even, aren’t familiar with the benefits and perks of these options, let alone how they’re operated. Before you can derive value from a smart home or smart home features, you’ll need to understand a product’s proper usage, cost, and benefits. Do your homework regarding what smart home features can offer in terms time or cost savings, and be able to show prospective buyers how easy these objects are to use, as well. Do both, and you’ll be in proper command of what smart home features can offer buyers and pitch them accordingly.

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OLGA DYCKMAN

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“I serve an area in downtown Seattle called ‘701’ and I partner with a specialized marketing professional, professional photographer, two office assistants for transaction coordination and a title company that gets successful closings.”

Her clients call downtown Seattle REALTOR® Olga Dyckman a “standout professional” who works hard to understand people’s unique needs, tastes, priorities, and budgets. More than a real estate professional, they consider her a trusted advisor with no agenda to sell them anything.

Instead, she is an educator who wants people to make the best decisions for their financial situations and lifestyles.

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“I started with Windermere Builders Services Group 18 years ago after a decade in sales, management and as a corporate financial analyst for Nordstrom,” says Olga, who holds a BA Finance from Seattle Pacific University.

In 2005, she worked for Williams Marketing, collaborating with developers to market and sell new condominiums, working on many well-known high rises such as Olive 8, Fifth and Madison and Escala, known as the penthouse home in famous 50’s shades of Grey movie. Now, for two years straight, she has been Downtown Seattle’s #1 condo salesperson. “When Seattle started getting new high rises, I was fortunate to be a part of the sales and development team; over the past 10 years, I’ve built a lot of trust with the clients I sold at my projects and developers.”

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The people she helps purchase and sell condominiums appreciate Olga’s financial expertise.

To her, a condo is one element of someone’s greater financial picture. “I forecast and predict where the market will go and then share that advice,” she says. Her clients witness the Top Agent Magazine

accuracy of her predictions. “In each individual scenario, I explain what decision will help people with taxes, or if asset diversions into real estate are wise. I may even recommend they hold.” This honest approach is never more obvious than in the current market, 9 Copyright Top Agent Magazine

which she sees as changing. “I’m advising people to hold. The market is shifting down; from my analysis, if they are able to hold onto those assets, things will come back up in a few years.” For buyers, however she is advising that this is the time to buy, no bidding wars and price reductions.

Given her clients’ trust, Olga receives most of her business from referrals or repeat clients.

“I serve an area in downtown Seattle called ‘701’ and I partner with a specialized marketing professional, professional photographer, two office assistants for transaction coordinaCopyright Top Agent Magazine 10

tion and a title company that gets successful closings,” she says.

Her listings marketing goes far beyond campaigns that include networking with 7,000+ agents and providing individual websites for each property. Olga also provides a public service through www.theseattlecondogroup. com, a highly specialized website she created for identifying Seattle’s main condominiums by neighborhood and name. Any buyer or broker can learn more about each property through the map-based search engine with detailed descriptions. “It allows anyone to Top Agent Magazine

become an expert on the condo market like I am,” says Olga, who has sold more than $300 million in her niche.

“Condos that are priced right and desirable, with protected views, are currently going under contract within a week,” says Olga. “In Top Agent Magazine

18 years, we have never seen a market like this, but we also currently have 7,000 renters downtown.” Those renters, Olga knows, represent the future of condominium sales after the market turnaround she expects in a few years.

“My goal is to increase my communication with my database and my clients, to continue Copyright Top Agent Magazine 11

to monitor the market and to continue advising people on where I see value,” she says.

likes to shop. “And I like running, golfing and skiing, and we like to travel as a family.”

Olga also remains available for her community, not only as a wife and mother of two who is active with local schools and youth sports, but as a member of the Seattle Art Museum Supporters. “We raised $200,000 for the museum in a Nordstrom Designer Preview fashion show,” she says. Speaking of Nordstrom, Olga also

Adding still more excitement to her life and career, Olga has been a featured agent three times on HGTV’s “House Hunters,” and appeared on local television program for her listing of one of the Top 10 castles in the U.S. She moves through all this with ease, in equal measure enjoying life, real estate, finance, family and helping others.

To learn more about Olga Dychman , visit olgadyckman.com or theseattlecondogroup.com, go to her Facebook page, email olgad@windermere.com or call 206.818.2772 www.

www.

https://www.facebook.com/olga.dyckman https://business.facebook.com/brandiprattrealtor/

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By the Numbers:

Understanding the True Value of Square Footage Measuring the square footage of a property may seem like an objective and straightforward task, but you’d be surprised at how many agents and homebuyers misunderstand this pivotal figure.

True square footage provides homebuyers a concrete understanding of their prospective domain, but here’s the problem: the rules to determine a home’s square footage are not always uniform across the board. What’s more, much of Top Agent Magazine

a home’s value is determined by its size, so accuracy is certainly important. While many real estate agents have their own systems for determining or confirming a home’s true square footage, it doesn’t hurt to update your practices and become an expert on the subject. After all, you may learn a few techniques that could add value to a listing, or better prepare you in guiding house-hunters on the lookout.

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1. Do your due diligence Most towns and cities have a local records department where floorplans and blueprints are kept on file. It’s worth noting that these records don’t typically include any subsequent additions or remodels on a property, but they still give archive hunters a legal baseline when outlining a property’s square footage. Oftentimes, a straightforward online search of a city or county’s records office can pull the information necessary, or else agents can poke around in person to uncover informative blueprints at the records office. Either way, access to original blueprints or floorplans is a great tool for determining livable square footage. As a bonus,

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original blueprints and floorplans—especially in historic properties—can be intriguing visual aids for prospective buyers, as well.

2. Know the rules While there aren’t universal standards when it comes to measuring square footage, there are general guidelines that can help determine square footage in an authentic way. Per the American National Standards Institute (ANSI), here are the official recommendations for measuring a home’s real square footage: n

Called “below grade spaces,” basements and sunrooms beyond a home’s typical

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living quarters do not count toward a home’s true square footage. According to ANSI, even big draws like finished basements don’t count toward a property’s Gross Living Area. Of course, even below grade spaces have their own desirable value and should be outlined as such on listings. n

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Did you know the space inside closets and on stairways counts toward a home’s square footage? Even if these areas are relatively small, they still add to a property’s calculable square footage.

When recording square footage, ANSI actually suggests performing measurements from a property’s exterior—though this method does not account for the

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thickness of exterior walls, which could skew square footage numbers. n

Just like below grade spaces, a garage, a pool house, or even a guest house should not be included in a property’s Gross Living Area. The rationale at work here is this: if you must go outside to access additional living areas, then they are beyond the square footage scope of the primary dwelling and should not be included in a home’s Gross Living Area.

3. Double-check by doing the dirty work Buyers and sellers have or will make a sizable investment in a property, so isn’t it fair to double-check all the relevant facts and figures

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Smart home amenities capture the attention of buyers

Agents must know how to pitch the value of smart home options

Even if you have mostly opted for small or mid-range smart home options, you can still benefit from their presence in a property—even if they don’t inflate your bottom line as a result. Smart home amenities have the power to focus the attention of buyers, sending a clear signal that the previous owners were tech-forward and made an effort to upgrade the property for the contemporary era. Millennial or Gen Z buyers especially value these up-to-date modifications, and the presence of these desirable gadgets can create added interest and drive up value naturally. Likewise, featuring these options in listing photography can also drive interest from younger or high-end buyers looking for move-in ready spaces.

Remember that smart home features are relatively fresh to the market. While some new construction properties are equipped with these smart amenities, just as many homes on the market don’t offer these upgrades and modern flairs. This means that many buyers, of all ages even, aren’t familiar with the benefits and perks of these options, let alone how they’re operated. Before you can derive value from a smart home or smart home features, you’ll need to understand a product’s proper usage, cost, and benefits. Do your homework regarding what smart home features can offer in terms time or cost savings, and be able to show prospective buyers how easy these objects are to use, as well. Do both, and you’ll be in proper command of what smart home features can offer buyers and pitch them accordingly.

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Ashley Scrupps Top Agent Magazine

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ASHLEY SCRUPPS When speaking with Realtor Ashley Scrupps, perhaps the only thing more impressive than her natural ebullience and charm is her deep reservoir of real estate industry knowledge. Ashley – whose company Scrupps Estates works under the umbrella of Keller Williams Northwest in Bothell, Washington – is a dynamic go-getter who is quickly developing a reputation as an agent who will consistently go the extra mile for her many buyers and sellers. Her expert negotiating and marketing abilities, coupled with a solid work ethic, have all translated into Top Agent status.

job that I can.” Ashley’s honest approach is appreciated, though she admits some clients are initially taken aback when she challenges their decisions of selling or buying a home. “If I think someone is acting on emotion or making a bad decision, I will let them know,” she says. “I don’t want anyone to have buyer’s remorse or go backwards in their investment. I want them to have an amazing experience and have immediate equity if possible so we can go do it again. I do it right the first time and have clients for life. That’s the business model I’m following.”

Ashley was raised in a family that had a prior background in building and property management. “My knowledge base was there and the industry has always intrigued me.” Ashley began her own journey in real estate and investing while still in college and working toward her degree in Communications. “I purchased my first investment property when I was twenty-three years old, and rented it out to fellow students,” she recalls. “From there, I was hooked.” Upon graduation, Ashley initially pursued a career more directly related to her Communications degree, and was employed in various industries, including a stint as Marketing Director for an energy drink company and Sales Manager for Time, Inc. in Los Angeles. After a rapid ascent up the corporate ladder, Ashley ultimately found that world unsatisfying.

Her entrepreneurial spirit then manifested itself, and she created several moderately successful startup companies. Still certain she had not yet found her true calling, she embarked on a year-anda-half backpacking trip that began in Australia. Returning broke but spiritually rejuvenated, she finally dived into Real Estate, and found almost immediate success and career satisfaction.

Another significant factor in Ashley’s success story is her adept use of marketing strategy, which is not only highly effective, but decidedly egalitarian as well. “Whether the it’s a listing for 100k, or a million-dollar listing, I give the same service and attention to each client,” she says. Exclusive use of professional photography, drone videos, what she calls “mega open houses,” and targeted advertising are among the many things that ensure that Ashley’s listings are seen in their best light and by as many potential buyers as possible, and usually result in quick sales for top dollar.

“There really is no way my listings can be marketed more than we already do, we cover every possible angle” says Ashley.

Ashley, who has consistently received at least one referral from each transaction she has closed, is clearly inspiring trust and loyalty in her clients. “I think that’s because I treat my business very seriously,” says Ashley. “There are a lot of agents out there, but they chose me to handle what might be the biggest investment of their lifetime, so I’m going to do whatever it takes to do the best

When asked if she had any advice for those just entering the real estate business, Ashley grows thoughtful for a moment before replying. “Being successful in this industry has nothing to do with luck,” she says. “It has everything to do with working hard. It’s not rocket science, it’s literally about being motivated and having a good work ethic. That’s what it comes down to.”

On the rare occasion when she is able to find time away from her busy schedule, Ashley enjoys nothing more than spending time with her wife and her family, including her dog, whom she has nicknamed “Real Estate RUBY.” “My family is my motivation to succeed, I want to give my wife and parents the life they deserve” she says. Traveling, snowboarding, wakeboarding and boating are also favorite pastimes.

For more information about Ashley Scrupps, please call 425-345-7256 or email AshleyScrupps@kw.com 18

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Things the Best Leaders Never Say

As Spider-Man’s Uncle Ben said, “With great power, comes great responsibility.”

Being the boss is a great thing, but there’s a reason the ‘bad boss’ is common stereotype. Some people tend to use their power in destructive ways and that isn’t good for anyone. You might not even know you’re being a bad boss, it can be subtle sometimes.

There are common traits among great leaders, if you want to be a boss that operates with integrity and is respected by everyone

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you work with, make sure you don’t say any of the following things.

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I’M THE BOSS

Stating a fact that should be obvious is always a sign of weakness, and when you are the boss, strength of leadership is THE key component.

It also may indicates a stubbornness that is the death knell of a healthy work environment.

Your job as a leader is to bring everyone to your level of success, not to create a larger rift.

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I’LL DO IT MYSELF

Being a good leader is all about delegation. If you are hiring people who are professional and trustworthy, then this should be a no brainer. It is your job as a leader to get the right people for the job and then lead them in away that means success for everyone.

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THAT WASN’T MY FAULT

There’s an old saying “The Buck Stops Here.” and that is still true today. Good leaders take responsibility for what happens. They don’t blame others or make excuses. They take the hit for the team and then find the solution to make it better. Not only does it show they have integrity, but it also fosters a warm team environment that makes all players feel like their boss has their back.

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I’M SORRY TO ASK YOU TO DO THIS

Treating your employees with respect is mandatory, at the same time there is no reason to be sorry when you ask people to do their job. Leadership is strength and confidence. Expecting your employees to put in the same work ethic as you is your job.

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I ALREADY KNOW THAT

Having a ‘know-it-all’ attitude isn’t pleasant coming from anyone, but the last thing you need to do as a boss is shut down the people working for you. If you give them the impression that you’ve thought of everything, why should they bother giving potentially valuable contributions?

Make people feel good about all input, even if you don’t think it will work or have already thought of it. Open flow of communication and ideas is key to a successful team.

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THAT’S NOT THE WAY WE DO IT HERE

Well, why not? Being a successful leader means always being open to change and improvement.

No great leader is ever accepting of the status quo. It’s not only lazy, it’s uninspiring and usually leads to a work environment that is stagnate. Yes, keep things that work going, but nothing should ever be untouchable. Creative thinking should never be faced with constant roadblocks. A good option is to always ask for more information. Let your employee show you why they think their way might be better. This gets them energized and excited to approach you with more in the future.

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I’M NOT HERE TO MAKE FRIENDS

This is a workplace, not a reality show competition.

Good leaders know that building strong workplace relationships, with employees, vendors and peers, is the foundation of a successful business

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DON’T BRING ME BAD NEWS

No true leader avoids bad news. They confront everything head on because as we said above, they know that ultimately everything is their responsibility, and ignoring a potential problem will most likely end up being worse down the road. Good leaders want to know bad news right away, and the last thing you want is to foster a work environment where employees feel like they have to lie to you.

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YOU JUST DON’T GET IT.

You’re the boss. If someone who works under you is having trouble understanding something, it’s on you to make it clear to them. Getting frustrated makes them less likely to ask for help in the future.

Sharing your expertise and experience is not only generous, but a necessary tool in the success of your business.

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Tips on Breaking Into the Luxury Market So, you’ve been doing residential real estate for a while and you’re looking to up your game. A lot of people consider going into the luxury market at that point. Or, maybe you started in the business always intending to specialize in luxury properties and were just learning the ropes before you tackled one of the industry’s most lucrative specialties.

No matter the reason, the luxury market is a whole new ballgame and you don’t want to go into it unprepared. First impressions are everything in this business, especially when you’re dealing with wealthy clients and investors. Here are few things to consider if you’re thinking of going from starter homes to estates.

LEARN HOW THE LUXURY MARKET AND CLIENTELE ARE DIFFERENT As experienced as you might be in traditional real estate, the luxury market is almost like starting at ground zero. Everything from the buyers, to the sellers, and obviously, the properties themselves, will take a new approach.

One of the key ways it is different is that the feeling of exclusivity truly matters. You will be doing more targeted marketing through high-end networking groups as wealthier clients tend to be more comfortable when 22

you come recommended by people they trust to have the highest standards. There are no mass-marketed open houses. It’s all about private showings. Although professional, one-on-one service is key in this business no matter what the price point, wealthier buyers are accustomed to concierge-style service, and the way to stand out from the rest is to provide service that goes above and beyond what even they expect.

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LOOK THE PART If you’re thinking of going the luxury route, creating high-end branding and marketing yourself properly is of the utmost importance.

That includes your own personal look. You and your business will need a total makeover, or at least a major upgrade. It might even be time to buy that new car you’ve always wanted. It is also key that all of your marketing materials are high end. So start gathering a stable of highly-trained professionals,

photographers, and stagers as every aspect of the service network you’ll be providing complements the brand that you’re selling.

It’s well worth the time to get all of this nailed down and seamless before you even think of entering the luxury market. Another good investment? You want to have an indepth knowledge of all the latest real estate technologies and innovations. Don’t just look the part, actually be on the cutting edge.

SELL THE LIFESTYLE Yes, you’re selling a home, but you’re also selling a lifestyle, which in luxury is almost more important. When someone is spending millions of dollars on a home, they want to see the fabulous life they will be living in their new digs. Really highlight amazing party spaces, unique one of kind features,

and amenities. As with anything of value, things that make a property rare, will automatically make it more appealing to people who can afford the best. It also helps people connect more emotionally with a home, giving it even more value than if you just try and sell it as a good investment.

NETWORKING, NETWORKING, NETWORKING Networking is an important aspect of this business at every level, but it a vital tool in the luxury market. Most of your referrals and targeted marketing will be done through luxury agent exclusive networking groups. In addition to that, it is even more important in this segment of the business to be actively Top Agent Magazine

involved in your community through volunteering and supporting local charitable events. You will not only build a stellar reputation, but you’ll also be giving back to the community you represent, and ultimately, integrity is what it’s all about in this business.

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