What’s going on in the world of distressed properties in the Chicago Market? John D’Ambrogio , CRP, discusses what occurred in 2011 and how it affects us in 2012.
Distressed Properties and Their Effect on the Market from Baird Warner on Vimeo.
These tips in from colleagues at New City Moving:
The purchase and sale of homes involves a great deal of uncertainty. There are countless points at
which the hard work of buyers, sellers, and their agents can be derailed, be it during the inspection,
closing or any other of the myriad obstacles that accompany the sale and purchase of property. While
many of these difficulties can be anticipated, something that is commonly overlooked is damage that
occurs during move in/move out. It is for this reason that the state of Illinois requires all movers to be
licensed by the Illinois Commerce Commission and insured against bodily injury and property damage.
What is the benefit of using a licensed and insured moving company?
As a real estate agent, helping your client find a reputable licensed mover can prevent delayed closings
and other issues that can arise from a home being damaged before it has legally changed hands. In the
event that damage is caused by uninsured movers, the liability lies with the homeowner alone rather
than with the moving company.
Another important fact to note is that, because Illinois requires movers to be licensed and insured, it is
illegal for your clients to use unlicensed companies. Should the Illinois Commerce Commission become
aware that an unlicensed move is taking place, they are required to come to the premises and stop
the move in progress until a licensed mover can be called to continue the work. Because of the time
constraints involved in home sales, people often choose to move into or out of their home on closing
date. On closing day, being forced to delay move out for several hours—or even days depending on the
availability of licensed companies—can be very costly to all parties.
How can I direct my clients to licensed moving companies?
In your search for a reputable and licensed company, it is always a good idea to consult the Illinois
Commerce Commission which is Illinois’ licensing authority for all household goods relocations. We
also suggest checking popular customer review websites like yelp.com to get an idea of the customer
satisfaction rates for each company you are considering.
Once you have established that the company is licensed, you will want to inquire about the insurance
policy of the carrier. Be sure to requested Certificates of Insurance for all high rise buildings and
Many realtors may choose to seek out a company or companies to use as “preferred movers”. Many
moving companies work to develop relationships with local realtors and building owners. They may
provide real estate agents and their companies with customer references for both commercial and
residential moves, free estimates from relocation consultants, and proof of insurance for high rise
buildings or commercial space. Some movers may also have incentive programs in place for agents who
frequently refer customers.
To whom should I direct my questions and the questions of my clients regarding preparation for their
In the state of Illinois, movers are regulated by the Illinois Commerce Commission. Questions regarding
moves occurring within the state can be directed to Tina Burgess at the ICC. Illinois is also fortunate to
have the Illinois Movers and Warehousemen’s Association to help monitor the moving industry. Patricia
McLaughlin, director of the IMAWA, is also an excellent resource. If your client is moving out of state,
questions can be directed to the US Department of Transportation.
New City Moving can be contacted at (773) 489-0600.
I hope you find this information helpful. It’s a comprehensive overview of what’s going on in the Chicago Market - Local stats, how to find a home, trends, etc. !
B&W State of the Market 2011 Review from Baird Warner on Vimeo.
Many of you in the Chicago relocation business know and respect Chip Wagner of Wagner Appraisal. You may also know about his quarterly reports on the state of the market, as well as his incredibly detailed absorption rate and inventory articles.
You can view his latest set of articles right here:
THE CHICAGOLAND QUARTERLY HOUSING REPORT
THE MONTHLY HOUSING PULSE
As Chip states – “It is hard to believe that our local real estate market is now in our 6th year of oversupply and 4th year of declining values. Could the end finally be near?”
Click on the graphs above or visit his website for complete information.