About My Fee…

It would seem, in this age of vigilant frugality, that your Realtor’s commission should also be a negotiating point when listing your home.  You’re probably not surprised to learn that I disagree!  My position is based on some observations about how the real estate listing & negotiating process works.

It’s a fact:  the real estate boom is O-V-E-R. The days of listing a property, getting multiple offers and closing within weeks?  O-V-E-R.  Your Realtor is likely going to work for several months to get your home sold.  The longer it takes, the more your Realtor spends on internet ads, brochures, post cards, flyers, updating photographs for the listing, providing open house refreshments and gas money to get to/from showings.

Time is money, too. Your Realtor invests a considerable amount of time into getting your home sold:  Setting up and hosting open houses; scheduling showings; staying in touch with open house attendees; staying in touch with agents who have shown your home to interested buyers.  Once an offer has been presented and accepted, a good Realtor stays in constant touch with lenders/attorneys/buyers’ agents to make sure the deal stays on the rails.

What other Buyers’ Agents look for. You and your Realtor will jointly determine what the sales commission will be on your listing.  FYI, I see more 6% commissions on listings these days.  If the commission on your listing is 6% vs. the 5% of the old days, odds are it will generate more interest from buyers’ agents and produce a buyer more quickly than a listing with 5%.

Strong commission, strong Realtor? Let’s say you are firm on only offering a 5% commission.  Your Realtor goes along even though you both know the risks involved (listed above).  If your Realtor can’t convince you in the wisdom of 6 vs. 5, how convincing will he/she be in selling your home to a prospective buyer?  Confidence should never be confused with arrogance (nor should it be tolerated, but that’s a whole other newsletter).  But you do want a Realtor to represent you with a rock-solid belief in your property.

Drop me a line if you’re interested in more information on how to list your home.  Or if you’re ready to buy, please let me know how I can assist you in the process!

Karen Patton / (312) 296-9249 / Karen@karenpatton.net / Follow me on Twitter:  property_pusher

This Granite is GREEN, and I Think You’ll Like It!

Anyone who is involved in the design, construction or enjoyment of homes (pretty much all of us!) will enjoy knowing about Granite Transformations

Since 1996, this company has focused on providing beautifully designed and crafted alternatives to more traditional granite products.  Each piece is designed to go OVER your existing cabinetry, countertops and backsplashes.  This eliminates the need to tear out existing countertops (messy and expensive).  And that?  Means less debris going into already-overflowing landfills — a green practice at a time when we can’t be green enough!

Unique Company, Unique Product

Granite Transformations’ core product line is Trend Stone. These slabs are approximately 95% natural stone mixed with a specially formulated polymer that provides greater strength and durability than traditional granite. The result is an engineered surface that’s heat, stain and scratch resistant – essentially maintenance free – and backed with the company’s limited lifetime warranty.In additon to these engineered granite surfaces, Granite Transformation also offers Trend Glass and  Trend Mosaic .  Trend Glass is a unique combination of quartz, semi precious man made stones and post consumer recycled glass.  Some Trend Glass colors are manufactured with 72% post consumer recycled content.  Trend Mosaic glass tiles come already mounted and pre-grouted on large slabs, making their installation amazingly easy. These additions provide a new array of color and design choices for your home, and come with the same quality and warranty as Trend Stone.
How does it work?  Here’s an overview from the official website:

• 
  No fuss
  Each granite countertop is custom made to fit your requirements, and all fabrication is done at the factory.
• 
  No mess
  There’s no need to remove existing countertops; the granite overlay fits right on top of the existing surface.

How can we NOT afford to incorporate products that are high-quality, well-priced and do their part to help the earth?!

The Chicagoland office of Granite Transformations is at (630) 227-4500.  E-mail them at northchicago@granitetransformations.com

You say you want your kitchen to be “green” but you don’t live near Chicago?  Click here to find the location closest to you!

Interested in finding out about other green housing vendors?  Call me or drop me a line.   (312) 296-9249 / karen@karenpatton.net

Announcing the Opening of My Mobile Office! :o)

Starbucks just made it a little easier to conduct business with one hand while drinking a grande caramel macchiato with the other.   Free wi-fi for everyone!

Check out the details here.

Do Clothes Make the Realtor?

Yesterday I did a favor for a client.  He’s out of town and needed someone to watch his kitties while he’s away.  I had just come from a business meeting when I arrived at his place.  I opened his door and found the new cleaning lady already hard at work.  She said “hi” and I said “hi.”  Then we went about our respective tasks.

A few minutes later the cleaning lady asked me if I had other clients in the neighborhood.  I explained that feeding the kitties was a favor, that I’m actually a Realtor — I help people buy and sell their homes.  Not only that, but when this client needed a referral for a cleaning service I gave him her name and a couple of others and…he chose her!

Well, the cleaning lady — her name is Vera — was so pleased that she gave me a hug in gratitude!  And then she said something I found quite interesting.  “I had a feeling you were more than just a pet-sitter.  You look very nice and professional, not like most of the pet-sitters I’ve seen in people’s homes.  I thought you must be a very nice person.  By the way, could I get some of your Realtor business cards to pass around?”  And thus was born a rather unexpected but very welcome alliance between two professional business people.

Vera’s comments really made me think.  Would she have said anything to me if I’d shown up in a ratty t-shirt and baggy jeans?  And would she have suggested exchanging business cards if I’d been dressed that way?  Fortunately my appearance is a reflection of the care I give to every aspect of my real estate business.  I treat my clients’ money with the same care I give to my own bank account.  I dot every i and cross every t.  I return phone calls and e-mails promptly.  I dress with care, because I DO care.

Do clothes alone make a better Realtor?  No.  But they can say a lot.  And yesterday, somebody listened.

If you’re looking for a Realtor who cares as much about the details as the big picture — who cares about YOU — drop me a line or give me a call.  karen@karenpatton.net   (312) 296-9249

From Starbucks to You: A New Kitchen in Which to Make Your Coffee.

Feeling lucky?  Starbucks is having a sweepstakes from now through November and you can enter once each day.  The grand prize:  a $40,000 kitchen makeover!  (All of a sudden I feel like Johnny Olson.  And if you don’t know who he was, you’re just way too young. lol)

Click here to enter the sweepstakes.  There’s a link to the right that lists all the wonderful goodies you’ll get if you’re the grand prize winner.

And if you’ll need a new home to go with your new kitchen, drop me a line.  We’ll find just the right place for you and all your cool, new stuff!

karen@karenpatton.net

Now is the Time to Buy, Investment Firm Says

From Blumberg Capital Partners (05/19/2010):
When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.

Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.

Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.

If you think the experts are right and you’re ready to buy, call or drop me a line.  Let’s talk about finding the right home at the right time at the right price…for you!

(312) 296-9249

karen@karenpatton.net

Real Estate Photo Exhibit at the Museum of Contemporary Photography

See pictures taken by Beate Geissler and Oliver Sann, who made photographic records of foreclosed properties all over Chicago, ranging from homes worth a few thousand dollars to 3.5 million–dollar mansions.

This event  is FREE and runs through May 23.  The Museum of Contemporary Photography is located at 600 S. Michigan Avenue.  The museum is open seven days a week.  Hours vary.  Contact the museum for additional information.  (312) 663-5554.

Read more about the genesis of this project here.

If you want more information on how to purchase your own foreclosure or short sale property, call me at (312) 296-9249.

Would you like to wake up to this view every morning?

474 N. Lake Shore Drive

One-bedroom, one-bathroom

In-unit full size washer/dryer

Hardwood floors in living room/kitchen

Brand new carpeting in bedroom

Watch the  summer lake scene, the sunrise, the fireworks and the Air & Water Show from your living room & bedroom windows!

Rent includes heat, a/c, fitness center with heated indoor swimming pool, basic cable.

$1550/month

It’s high season for apartment rentals in downtown Chicago.  Ask me how to grab this one while it’s still available!

UPDATE: This apartment has been rented!  If you’re still looking for your apartment…or if you have an investment property you want to rent out…drop me a line.  I can help you!

karen@karenpatton.net   (312) 296-9249

29 and 16

Twenty-nine new condo homes have been listed for sale in downtown Chicago (Streeterville, Gold Coast, River North neighborhoods) in the last 24 hours.

If you qualify for the home buyer’s tax credit, you have sixteen days to place an offer and earn your credit (actual closing can take place up to & including June 30, 2010).

Are you ready to move?  Drop me an e-mail.  Let’s start the process to get you there.

karen@karenpatton.net

Chicago condo sales: some upbeat news, for a change!

In the first three months of this year, powered by foreclosures, short sales and government subsidies, condo s ales have dramatically increased compared to the first quarter of 2009.

According to the regional Multiple Listing Service, year-to-date sales of Chicago condos through March 2010 are:

* Up 41% in total dollar volume, to $650 million
* Up 51% in units closed, to 2,039
* Down 10% in median sales price, to $256,000
* Down 3% in average market time, to 151 days.

Comparing March sales to February:

* Units closed were up 70%, from 543 to 923 closings
* Dollar volume was up 76%, from $165 million to $290 million
* Median sales price was up 8%, from $239,000 to $259,000
* Average market time was up 10%, from 146 days to 161 days

Call me if you’re ready to dip your toe in the real estate pond.  I’m always here to answer your questions and guide you through the process!  karen@karenpatton.net