RIS Media’s recent post – click here brings up some great points when looking for a relocation agent to help you sell your home in Chicago - For each agent working the Chicago real estate market 2009 will be a year of self fulfilling prophecy. It will be what they make of it. As Mike Parker says “Your 2009 will be what YOU make it. The sky is not falling and you can be sure that many people will succeed in 2009, just as many continue to succeed, even now.”
So when choosing an agent, ask them what they think of the 2009 market and how, within the parameters of the market, they can sell your house. It’s ok if they’re “bearish” on the market, as long as they have a plan – aggressive pricing, online promotion, etc. – to counter it.
You can ask them some questions on how they will market your Chicago property – Do they have a personal website? Does their company aggressively invest the dollars (and more importantly – the time) in search engine optimization? Will your listing have its own personal landing page on the website? Is their site mobile-enabled?
An optimistic (or at least focused and realistic) agent is a valuable asset.
I try to draw this parallel: I’ve been skydiving a few times in my life – each time I’ve jumped “tandem” where you’re strapped to the instructor. I’ve always asked – “Are you optimistic about this jump? Are you and your girlfriend in a fight today?” If either answer is “no” I would suggest finding another instructor! You’re both in this together. So make sure your agent is optimistic about selling your home, or seek out a new one!
As reported in realtor magazine moderately priced upgrades STILL result in significant paybacks. So whether relocating to of from Chicago a little investment before selling your home can pay big dividends. And we ALL need dividends in today’s marketplace! It was noted that these improvements take away many of the tactics that buyers use in this market – nitpicking about small things. If you’ve already redone the kitchen cabinets or powder room, their reason for asking for a $10,000 bathroom redo credit mysteriously disappears.
The labor department estimates that today’s kids will have 10-14 jobs under their belt by the time they’re 38! Why? Technology’s growth, for one thing. Consider that for students enrolled in a four year tech school - a full half of their education will be outdated before they graduate!
In the five minutes it takes you to watch a video on mtv - 67 babies will be born in the US; 274 in China; 295 in India…and 700,000 songs were illegally downloaded.
I think it’s time to buy some investment property!
Chicago real estate agents and their customers (can you imagine a tougher crowd to impress?) have chosen Rubloff their favorite luxury real estate service. Chicago Agent magazine conducted the survey online and polled their readers.
Rubloff took the award for “favorite luxury real estate service.” Access the complete results here. Full Article
Technology and luxury. A great marriage when relocating to or from Chicago.
What should you look for when relocating? Obviously one of most important choices is your agent. A good “marriage” of client and agent is essential. But how do you do that? Most Chicago real estate companies have a relocation team that helps make that decision based on a phone or email consultation.
What about the back-end support that your agent will provide? Here are a few of the elements you should look for in your Chicago real estate company, whether you are looking for a home or selling your home
Consider their technology Find a leader in marketing technology. Here is a sample of programs and support systems that you should look for:
The website should also be able to viewed on mobile devices so you can call up listings while walking through the neighborhoods looking at properties. In addition, each listing should have its own website and has its own unique web address displayed on the ‘For Sale’ sign
All listings should be professionally photographed and quickly and automatically distributed to many different portal websites. Ask you agent if they employ a comprehensive Search Engine Optimization program including adwords, keywords, metatags, blogs, and social networking ensuring that your listings are coming up first in web searches
In addition, make sure you agent has access to an ecommerce manager who can work with them on social networking, “eblast” programs & blogging to help you promote your listing if you’re going to be selling your property.
In Chicago’s competitive real estate market, make sure you have a relocation deparemant and agent that work for you!
OK, you’ve listed you Chicago condo or home with an agent, you’re priced it right, and you’re going to be relocating soon. So now the agent comes by with the “for sale” sign which has THEIR name, THEIR number, and if you’re unlucky it may also have THEIR photo. What about your home? Where is a picture of YOUR home, pricing info on YOUR property, or photos of YOUR lovely interior?
Maybe they have a number where the consumer can text for more info — in which they’ll get a text or sms message returned to them with text on your home - probably not pictures. And of course it’s a great marketing tool for the listing agent b/c it gives them a consumer’s phone number who they can then pursue as a buyer’s agent (how this helps you I don’t know). I feel the development of Rubloff’s Individual Property Website ( IPW ) is the better solution for someone selling their property in Chicago. In essence, the consumer walking by with a handheld (and they still do walk the neighborhoods, and they all have handhelds) want info NOW. And if they’re standing in front of 123 Main Street they can plug that address, www.123main.rubloff.com (as opposed to a non-related “web id” number) and get relevant info (price, taxes etc.) and INTERIOR PHOTOS (consumers do love photos) without giving their info to an agent. Best of all it’s in a mobile-formatted design - pictures are sized correctly, it’s easily readable on the handheld, and INTERESTED agents can “click to call” the listing agent.
Think about that if you or your company is going to be listing a home in Chicago.
The “relocation business” may be down in Chicago - depending on how you spin the numbers. As a transferee moving into or out of The Windy City there may still be some cause for concern. Sellers wonder - “Will I sell my home in Lincoln Park?,” “Will foreclosures in The Gold Coast affect the appraisal on my home?” On the other hand, I’ve seen some buyers come in with an entirely different set of problems.
We’ve had buyers who are ready, willing and able to buy homes in some of Chicago’s most popular neighborhoods, Wrigleyville, Lincoln Square, Streeterville, affected by their homes “not appraising out.” As they say, it’s hard to catch a falling knife, so estimating the value of a home on a day to day basis in this market is a challenge for even the savviest appraisers. (Note to relocation companies - Please use a LOCAL appraiser - Most of my experience with homes not appraising out have been with appraisers from outside the immediate market - and Chicago real estate has many many microcosms).
But despite what you may hear, the economy, globally and locally, still has many strengths. This is NOT 1929 Ultimately, Free Market Capitalism will “save” Chicago relocation. For Rubloff Relocation, the actual number of people we’ve moved has remained quite stable. The difference is that this is the highest volume of renters we’ve experienced in recent history. So all that money is simply sitting on the sidelines, waiting for the right time. That’s a bitter pill for real estate agents, third party employees and the plethora of affiliated business to swallow — But the market will eventually straighten itself out in terms of supply and
demand, and as my friend and colleague Eric Bryn of Leading Real Estate Companies of the World told me - Get ready for a seat at the biggest real estate buffet in history — Of course the first reservation at that table might not be ‘til 2010!But all of these renters are prime candidates in 2010 (and yes some in 2009) to jump back into the game. If the Fed and the mortgage industry can keep rates modest, and if sellers and buyers can find a common ground, the market will return…..Like the phoenix from the flame.
Kate Santo, Relocation Coordinator of Rubloff, was a speaker at the Leading Real Estate Companies of the World Fall Workshop in Chicago, Sept. 30-Oct. 1. The meeting attracted brokers, managers and relocation professionals from LeadingRE member firms across the U.S., who gathered for educational sessions and networking opportunities.
Kate’s session addressed Referral Management, a topic of great interest in the real estate community. As a respected expert in this area, Santo shared insights to help educate fellow Leading Real Estate Companies of the World members. For the full article click here:
It looks like good old fashioned market economics has helped the real estate industry begin its crawl back to normalcy. NAR reported last week that existing home sales (which would include single family homes, townhomes, condos and co-ops) has risen to a seasonally adjusted rate of 5.18 million, up 5.5% from August and 1.3% from September.Home prices fell 9% in the last 12 months, according to the report. Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains.
“The sales turnaround which began in California several months ago is broadening now to Colorado,
Kansas, Minnesota, Missouri and Rhode Island.”
In addition, the average mortgage rate for a 30-year fixed rate was 6.04% in September ’08 v. 5.38% in September ’07. For our neck of the woods – The Midwest existing home sales went up 4.4%, although they still remain 2.5% below a year ago. Why is this relevant for our relocation market? By definition, relocating transferees are coming from “somewhere else” and that somewhere else is more likely to be domestic than international. Increased affordability is a good thing for all markets, and is one of the important factors in reviving the industry.
The optimists say 2009, the pessimists say 2013…..A moderate just came out with 2010. The National Multi Housing Council recently released numbers estimating approx 825,000 vacant SFHs and 125,000 vacant condos (in EXCESS of normal vacancy levels) in the US today. That’s an EXTRA 950,000 units to be absorbed. Unfortunately, that’s not the worst of it, this doesn’t factor in an add’l 2,000,000 in OCCUPIED homes on the market.
From a relocation point of view, what does that mean for Chicago real estate? No surprise, it means longer days on market and the need for more competitive pricing. Although Chicago is doing relatively well, transferees are (by definition) coming from/going to somewhere else. So when they’re coming from somewhere else there will be a lot of pressure for them to delay until they have secured a buyer at origination, or received a corporate buyout for their property.
Well, Arthur Rubloff was an optimist (as our ads point out) – Who wouldn’t be if they opened a real estate company in 1930 during the great depression!? Chicago’s relatively stable real estate market will help see us all through this situation as we take blows from the financial markets; credit markets; and areas harder hit by the housing meltdown.
Good thing we’re known as the city of broad shoulders!
