EvoReal Talks

What’s going on in Spokane? Catch a show! Our upcoming recommendations: Paul McCartney, Wicked, and Shen Yun. Matt discusses three strategies to get more money out of your home even in a seller’s market. 

1. Pricing & Preparation- it pays to be competitive in your pricing (overpricing can bite you in this market), you are still competing against your neighboring homes (even in a seller’s market) and want to stand out. Update fixtures, reduce clutter, paint where needed, and do a lot of cleaning. Promotion: make sure your Realtor® has a well-designed plan for online advertising, photo and video presentation of your home, and in-person marketing strategy such as an open house to aid with showing volume. Negotiation: make sure your agent is 100% ready and available to be active in reviewing offers and negotiating with buyer’s agents once you are listed. 

2. Downside insurance: Will the house appraise? If not, consider your offers with an additional down payment or cash offers. 

3. Active Participation in Evaluation: Actively engage the appraiser, create touchpoints with the appraiser, and include details over the offers that came in, reasons for list price, repairs that may not be factored in without a close eye, and any other requests they may have. Be a resource, personalize yourself and the house in question.

If you are considering listing your home always work with a real estate professional, we would love to help guide you call us or visit us online for more details 509-624-6873 | https://www.evoreal.net/sell.php

It’s Black History month and the dynamic duo reflects on the uncomfortable history of Spokane’s zoning laws. As Spokane grows higher density housing and zoning changes add to NIMBY sentiment. Will we continue to feed into the problem or be a part of the solution?

Book Recommendations:

1. The Color of Law | Richard Rothstein

2. A Raisin in the Sun | Lorraine Hansberry

Multifamily investing, what’s the deal? Did you know you can still get a low-down payment loan on a 2-4 plex? Jessica breaks down the top three reasons to purchase a multi-unit property. #3. The one roof factor, for exterior maintenance you have economies of scale by only having to maintain one roof, that goes for painting and yard work as well. #2. Monthly mortgage money! If you live in one of the units you are supplementing your living expenses. #1 Purchase power plus hack, purchasing a multi-unit building allows you to use the monthly income of a rental unit as income. Matt breaks down the costs and benefits associated with getting into the investment market and how you could supplement your living and build equity.

This week we feature the South Perry District of Spokane. We have a featured property: 1829 E 14th ave, an updated bungalow home priced in the lower 200’s! Jessica gives us some historical insights into the Perry District and how it became such a wonderful community. A few of our favorite restaurants and shops: Wisconsin Burger, South Perry Pizza, Casper Fry, The Lantern, Perry Street Brewing, Meeting House Café, The Grain Shed, The Shop, The Bike Hub, Wishing Tree Books, Title Nine, Liberty Park Florist and Roots Salon. You won’t want to miss the amazing Grant Park and the Thursday Farmers Market in the summer which is growing each year!

More info on South Perry here- https://www.visitspokane.com/about/districts/south-perry-district/

Check out the Thursday Market- https://www.thursdaymarket.org/

Matt and Jess breakdowns the Spokane Market with insights from 2021 and they even have some predictions for this year’s real estate run.

Home sales continue to hold steady but inventory is shockingly low. Move up and move down buyers are having issues finding replacement homes compounding the issue. Spokane’s affordability gap grows as local housing prices increase only 15% of our workforce can actually afford the median-priced home.

Affordable options and legislation are on the way, it’s not all bad news for buyers. Middle housing incentives and infill projects are a big push for solutions to more affordable housing.

Learn more about Spokane's affordable housing plans here- https://my.spokanecity.org/projects/shaping-spokane-housing/

In our final short-term investment series episode: Jessica talks about creating a special guest book to give your property that extra oomph.   

Commit some time and resources into making a quality leatherbound booklet. Visit Etsy.com, search for a guest book template, there you will find great digital templates for download that integrate with Canva.com for design. In the guest book: Start with an inviting photo for your cover page, include a TOC, emergency contacts, WiFi password, house rules, instructions for appliances (and tech), resort amenities, recommendations and special local finds, best modes of transportation (walking routes as well), check out instructions, ask for a review, include your contact information.   

Matt discusses self-management. Make sure you fully understand your maintenance items and create a maintenance schedule. The Top Tech Tools: Get a Google voice number, use a calendar reservation manager (we use Guesty), automate your reminders with a system like Guesty (worth every penny), get a smart door lock that changes code, smart thermostat, motion sensor camera in supply cabinet and exterior.

We continue the discussion on the physical setup of a short-term rental with specific tips to enhance the experience. Here are a few bites out of this episode: Make cleaning supplies available for guest use (not just MGMT), consider robust and easy cleanup flooring in your unit such as luxury planked vinyl, warm things up with a nice area rug, invest in high-quality rollaway beds if you are providing them (don’t go cheap!), place cameras in storage areas and on the exterior to monitor your guest count and arrival time, invest in a smart thermostat, for shampoos consider a locking dispenser over small plastic bottles, install night lights in hallways, liven things up with nice looking faux plants, have three sets of bedding for each of your beds. Choose your art and design pieces, create design boards, collect your items and get everything together, plan and execute! Use a label maker and signs to help guide guests. Include special instructions for all appliances, WiFi code, tricky light switches, and any reminders.

Jessica talks physical setup of a short-term rental including how you can optimize for better reviews and repeat stays. Become the area expert (parking, walking routes, things to do), create maps, and provide materials that will help your guests form a unique experience. Make things easy for your guests by enhancing your access to power outlets (USB hubs or smart lamps), internet access, TV, and technology. Consider labeling instructions on devices themselves as well as your provided guest books. Get feedback and find out what is most important for your guests and tailor your amenities to meet their needs. Join a Facebook group or community that you can bounce ideas off. 

 Next week we will talk about how to create a really detailed welcome book.

Research the community calendars for your draw area, many will have a visit XYZ area website, for instance ‘visitspokane.com’ as an example, set your rates and know your market. Policies: Set your rules and hold people accountable. Cancellations- Don’t be too strict you may turn people away from booking. Instant book- you can limit this down, we chose those that have reviews, ID, phone, and email. Rules: Think of the likely potential damages that could be done and be specific for instance; wet clothes on leather furniture, no pets, hot items on the table, etc…

Roll out the red carpet, Jessica starts the chat about the design and setup of your short-term rental. Determine your ownership style and start there. Ask yourself: What type of property do you have? How many people will stay there? Where will they eat? Where will they watch TV as a group? Measure your rooms so you can make sure to get appropriately sized furniture, be mindful of configuration and open space. Will the item need to be moved? Consider a lighter piece of furniture if so. Cube stools are perfect for adding modular seating and functionality. Will people cook at your place? Think of appliances that can be used in a dual scenario (Instapot instead of a rice cooker). Where will they sleep? Add quick capacity with a rollaway bed or a sofa bed (include instructions).

Catch us next week for more great tips on design choices!

What is the liability of adding special and personal items to your short-term rental? Make sure your manager takes special note of items that may inadvertently get taken or damaged. Try not to be accusatory if something happens, chalk some of it to the cost of doing business, things will happen. Purchase extra items that may wear over time or break easily (dishes, towels, linens). Matt talks about the major platforms and some tips on how to optimize them. Airbnb- Lower fees than most, good protections, flexible scheduling, streamlined platform. VRBO/Find Home Away- Not as many protections, good visibility, well known, more expensive than others, different audience (Gen X or older). Consider using both and be as detailed in your setup, include all the amenities that you have, and check every box that applies! Re-visit the platforms every few weeks to make sure there are no new options or changes to optimize your listing. Get great photos, pay a photographer, it will be one of your best investments. Get some video and show off all the amenities available. Highlight showpieces of your property and focus on lifestyle, what is your ‘X factor’? Get photos of amenities, appliances, special features, details, details, details! Consider adding specifics of your unit title use keywords such as; pool, ground floor, king bed, 10 minutes to the ski resort, etc… Pricing: Know your market, price high for 1–2-night stays, discount for multiple nights stay. Drop pricing, change pricing, and experiment (track the info).

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