In this interview, we are joined by Kim Parmon – Partner and Principal Realtor, with Kim and Beth Portland Real Estate. Their approach to real estate is to listen and protect their client’s best interests by implementing viable working solutions for their real estate deals in Portland, US.
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Who are Kim & Beth Portland Real Estate?
Hi, I’m Kim Parmon, one half of the Kim and Beth Portland Real Estate team at Living Room Realty. I am a Principal Real Estate Broker, licensed in Oregon.
How did you get interested in real estate?
On some level, I have always been interested in real estate. My parents really enjoyed touring open houses in my neighborhood growing up and I have fond memories of exploring different layouts at those tours and then going home and drawing floor plans of my future dream home.
I was interested in architecture and design right off the bat. I didn’t actually explore becoming a real estate agent until after I purchased my first home in 2011. I had a difficult experience with my first agent – because I did not have a large budget at the time I was treated like an afterthought and that really stuck with me.
I eventually found a fantastic agent who I worked with several times before getting my own license. He was fun and friendly and highly responsive despite our low budget at the time and the way he operated became the model for my own business.
What are the primary responsibilities for a realtor in 2022-2023?
The primary responsibility of a Realtor in any year is to take care of their clients. We are fiduciaries who should always live by the Realtor Code of Ethics and put our clients’ needs above our own!
Portland's real estate market - Is it a Hot Market defying all logic right now?
Portland is definitely a hot market, but I don’t think it defies logic. We have a strict Urban Growth Boundary, and it is difficult and expensive to build new homes here.
Portland is a fun and vibrant city with a lot to offer: lots of fantastic employers, incredible restaurants, and a diverse and gorgeous landscape. It’s also the least expensive big city on the west coast, and there are lots of folks who want to live here!
Because of both factors, we have a fundamental supply/demand problem that is driving the price of homes up. Covid didn’t help that at all: not a lot of folks wanted to sell during the initial quarantine period, which even further restricted supply.
What part of Portland is a property hotspot? What do you predict for the next year?
The suburbs of Portland have been hot over the last couple of years and I expect that to continue.
People have wanted more space and bigger yards since the start of the pandemic and you can get more for your money in places like Milwaukie, Gresham, Oregon City, and Beaverton while still being close to all of the fun in Portland proper.
What milestones you have set for the firm in the new 12 months?
I feel very fortunate that my business has doubled in the last year, but Beth and I aren’t agents that care deeply about growth. We do this job because we love to help people and as long as I am able to maintain the very high standards of care we have set for ourselves the growth will come naturally.
Tell us about your most recent encounter with obstacles selling real estate?
The fall market into the holidays tends to be more balanced than the rest of the year here and buyers have a lot more opportunity to get a better deal during this time.
Because the rest of this year has been so red hot some of my sellers were a bit shocked by the shift. I find that providing a lot of data about market conditions and feedback on my listings from other agents is really helpful to my folks.
When my sellers can see that the market is likely going to pick up again right after the holidays we can make informed choices together about our timing and market strategy.
Describe your sales approach in real estate?
I don’t really view what I do as sales. I’m more of a guide. I am here to help my clients navigate what is a complicated and sometimes overwhelming process in the smoothest way possible.
Sometimes this looks like pointing out concerns that I have about a house my folks are interested in and effectively talking them out of it.
Sometimes this looks like coordinating improvements prior to listing a property in order to maximize the profit for my client. This always looks like being a strong advocate for my clients’ needs.
I often spend a lot of time listening to my folks and really trying to understand why they are buying and/or selling and what they are really looking to accomplish in the end.
As a fiduciary, sometimes this results in me losing a sale, but if I believe it’s a better idea for my client to keep their home as a rental instead of list it with me then I’m absolutely going to say that to them.
What will be this one thing that boosts a property’s value?
Each and every property is different and sometimes, the biggest boost to a property’s value will be a key renovation project that I can identify.
But if we are talking in universal terms, I think staging is the most important thing that a seller can do to boost value. Having a design professional come in and highlight the home in the best possible way through their staging pieces and their keen eye has absolutely made my clients more money!
How to recognize Kim & Beth Real Estate signature?
Beth and I have a desire to do the best possible job for our clients at all times. This means that we don’t take on every single client that walks in our door and we aren’t focused on growing our business or hiring a big team.
We feel strongly that our experience and insight is invaluable and we work to keep our business focused on making sure we can deliver top-notch service. We are really lucky to have fun, sweet clients that make our jobs a dream!
On what listings do you work on at the moment?
I constantly have new listings in the works. Look for several coming in early 2022
What is your opinion about the BRRRR strategy? Do you work with investors?
I personally invest in real estate and have successfully completed the BRRR strategy personally several times. I think it’s difficult to pull off but it can be a fantastic tool when used correctly! I do work with investors on a regular basis.
What is the "secret sauce" of selling real estate?
The “secret sauce” is always and forever putting my clients first and taking care of them the way I would want to be taken care of. Everything else falls into place when I keep that at the core of my business.
What inspires you to keep doing what you do?
I love to help people. There is nothing better than handing someone the keys to their dream home!
Describe your marketing approach to promote properties?
Figuring out who the buyer for that property is the key. Then we work backwards and figure out how to market specifically to that buyer.
This always includes professional photography, preparing the listing to make it shine, and figuring out a pricing strategy that will position us properly amongst the competition.
I also utilize social media and my vast peer network to make sure my listings receive maximum exposure.
What is the right way of holding an "open house event"?
I have limited open houses quite a bit since the beginning of Covid. Instead, I am providing floor plans and 3D virtual tours for my listings so homebuyers can have a really good sense of them prior to viewing them in person to limit exposure between parties.
Do you use technology and how to sell real estate?
See above. 🙂
If you can change the estate agency industry in the US, what would you change?
I think there is a very low threshold for entry into this profession, and that should change. The coursework required to become a real estate agent doesn’t really teach you the job properly. Implementing a required mentorship program for the first two years an agent is licensed would be a big help in making sure that consumers are served properly by their agents
How do you organize your time around real estate and personal life? Any tips?
I set boundaries off the bat with my clients and let them know when they can expect to reach me. I have a family, and time with them is incredibly important to me. I make sure I am home every night for dinner, and I take Saturdays off each week.
Because Beth and I are partners, she makes sure my clients are taken care of on my day off, and I make sure hers are taken care of on her day off. It works out well, and my clients get my full attention during my workdays!
If you were advise your younger self, what would be?
I would tell my younger self to house hack! I would have purchased as many multifamily properties with owner-occupant loans as possible if I could do things over again.
Now that I have a kid it’s much harder to uproot my life and move all the time. Invest early and invest often!
That’s what I would tell my younger self.
I love what I do and I am so fortunate to have found this profession. If you want more information about me you can find it our website below.