Market heats up for RE/MAX
KINGMAN - Dwayne Patterson, local owner/broker of RE/MAX Prestige Properties in Kingman, recently relocated his office to accommodate his growing business.
"We've hired additional agents. We have 29 now, and we added about 2,000 square feet of office space," he said.
Patterson is planning a reopening on Feb. 21 at his new location at 2404 Stockton Hill Road. "Everyone in the office is really excited by the expansion and we're looking forward to hosting a grand reopening celebration. Depending upon the weather, we might get the RE/MAX hot air balloon to come."
Originally from Illinois, where he worked in insurance and investments for 22 years, Patterson moved to Kingman in 2002 because he had friends here and loved the area and climate. He began selling residential property in 2003, and opened an office of his own in 2004.
"We started out with three agents and 1,000 square feet of office space on Hualapai Mountain Road. August 1 will be our 10-year anniversary of doing business in Kingman."
After a few years of getting to know the area, he says he "pushed really hard" to get into commercial property and land development and was named the No. 1 RE/MAX office in the country for commercial sales in 2012.
"The difference is their training, name recognition and advertising. We've been the No. 1 agency since 2005 based on dollar volume sold, and that's reputation - we hold our agents to a higher standard."
When asked about the current status of home sales in Kingman, Patterson said he sees the market improving.
"We've still got a few foreclosures to absorb, but there's not many coming on the market like we had four to five years ago. We're selling existing homes now in 60 days or less, but the big factor is getting the home listed at the right price. It's still a buyer's market, but if it's priced correctly, it's going to sell."
Patterson said the bulk of his business is residential sales, but as a "full-service office" that includes property management, he's noticed an up-shift in the rental market.
"We've got a very strong rental market right now - a less than 3 percent vacancy rate, and we're seeing increased activity with leasing existing commercial properties."
According to Patterson, some of the commercial leases are new businesses coming into Kingman and some are existing businesses, like his, that are expanding.