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Tuesday
23Jun

Three Hours in a Meat Locker

in DateTuesday, June 23, 2009 at 7:16PM

I recently volunteered with other C.A.R. staff, members and affiliates at the Greater Chicago Food Depository. While bagging pasta in a 40 F degree room, we had a blast singing “RESPECT” (trying our best to imitate Aretha Franklin—the voice of God). We also tried the theme song to “Laverne and Shirley” but only remembered the ‘schlamele, schlamazel, hossenffer’ part. (When you work on an assembly line, you think you have the creds to sing this stuff. But I digress.) Of course we also sang everyone's favorite campfire song: BOOM BOOM POW by the Black Eyed Peas (That chick is jackin my style... SING IT, DEENA!)

We volunteered for three hours (a long time when you're in a meat locker setting), but we had an amazing crew. Deena Zimmerman of Helios Realty and President-Elect of Women's Council of REALTORS® Chicago volunteered at Bark in the Park last month with other Chicago REALTORS®. Tammy Hajjar, an affiliate member and Secretary of the Women's Council, is in training for the Breast Cancer 3-Day.

I told them about the Illinois Association of REALTORS Corps, which for the past two years has been working on rebuilding the Gulf Coast. (By the way, the Illinois Association of REALTORS® has a REALTORS® Renewing America site where you can share how you have been giving back.) Thinking about IAR’s efforts, I wondered ‘How about a local REALTOR® Corps to work on projects in Chicago?’ We could partner with other organizations or support each other in charitable and volunteer efforts, and everybody can sign up until capacity is met. Additionally, this could be a network where other REALTORS looking for helping hands can post projects and see who's up for the challenge.

For instance, Chicago Cares puts together two service projects a year. Volunteers sign up, pay $25 for a delicious sandwich and transportation to the project—and then make an impact in a variety of ways. Our group could paint a school, clean up a park, tutor kids; there are endless possibilities. My co-volunteers thought it was a great idea, because sometimes people just don't know where to go or what to do. This would allow us to join forces to form a strong collective of REALTORS® making a positive impact in the places we live, work and play.

As a local association, we do well with advocacy on housing issues, working with the media to dispel myths about the market,  and the political side (CARPAC and RPAC, which I will address at a later date). How about some human advocacy? As Thomas Paine said, "The world is my country, all it's citizens are my brethren and TO DO GOOD is my religion." Let's do some good--the strength of the individual to strengthen the collective known as the City of Chicago, Our City, Our Home.

What do you think? A do-gooder gone overboard, or a solid plan for us to come together, NOT talk business and instead be all about the business of goodwill? I want to know—so don't hold back; let me have it, or tell us where to start!

LOG ON and BLOG ON! 

Deena Zimmerman in HairnetTammy Hajjar bagging pasta

Lumi Ispas and Dona Crane 

Jessica Kern pretty in blue

 

AuthorMabel Guzman, 2009 C.A.R. Treasurer | Comment4 Comments |
Monday
22Jun

What Type of Sales Associate Are You?

in DateMonday, June 22, 2009 at 10:19AM

Every office has three types of sales associates. Given the changing real estate climate, I'm curious: Which one are you?

 

1) Sponges. These individuals are typically newer associates who have been in the business for less than a year. They are eager, excited, energetic and naïve (due to lack of experience)—and they are team players. They usually make up 5% to 10% of an office’s staff. Normally only 1% will stay in the business after a year. (Why? They dry up! Get it—sponges?)

 

2) Spectators. These individuals spend most of their days watching other people. Often non-productive, they frequently gossip about the following people:

  • Top Producers; the spectators will spend much of their time talking about how lucky the top producer is, how many family members the top producer has who buy real estate, and how they only do well because the manager gives them all the leads.
  • Manager; the rest of the spectators’ time will be spent discussing the manager. Typically they talk about the manager’s dumb suggestions, the fact that the manager is never in the office, and who the manager’s favorite pet of the week is—a top producer, no doubt!

Not likely to be team players, this group of individuals can destroy an office. Typically an office has 70% to 80% of this type of associate, and the bad news is that 92% of them will stay!

3) Camels. Consistent and persistent, these are the backbone of any office. Although they are team players, every now and then they will split on you (as camels are known to do) if you don’t listen to them when they have a gripe or a solution to an office problem. Camels will leave your office if they lose respect for the manager or the company. They will also leave if they feel they can no longer learn anything else or outgrow the company. Unfortunately, this group only makes up 3% to 5%; how well you meet their needs will determine how long many stay in your office.

There are two places to live in every office. “Spongeville” is where every new associate grows and learns. Once a Sponge has grown, he/she immediately heads to “Camelot,” where the Camels live. Along the way, many Sponges are waylaid by Spectators who tell them they cannot make it to “Camelot.”

If you are a Sponge, grow and then run off to “Camelot.” Do not talk to any Spectators along the way. You will recognize them because they will be standing by the coffee machine talking about the Camels and the manager!

If you are a Spectator, don’t talk to any Sponges. Secondly, don’t forget that you once headed to “Camelot”; maybe you should begin the journey again. Finally, don’t spend your time talking about the Camels and the Manager; as a result, you may find you have enough free time to be productive.

If you are a Camel, help the manager herd the Sponges in the right direction. Remember: Once you were a Sponge!

How many of you saw yourselves or the people in your office in the above article? Comment below!

AuthorBlogmaster | Comment2 Comments |
Monday
08Jun

What's Your Success Story?

in DateMonday, June 8, 2009 at 12:48PM

Success in real estate is about more than dollar signs; there is huge potential in this business to impact clients’ lives and make a positive difference in communities. With that in mind, C.A.R. wants to hear about your unique success stories:

Do you have a special, feel-good story about the work you’ve done within your community? Have you helped someone save his or her home from foreclosure or achieve the “American dream” under difficult circumstances? Do you have a story about a REALTOR® who has positively impacted a community through a charitable organization?

Share your story by sending an e-mail to the Editor or commenting below.

AuthorBlogmaster | CommentPost a Comment |
Friday
29May

On This, Sam Ain't the Man

in DateFriday, May 29, 2009 at 10:37AM

Last evening on WTTW's Chicago Tonight, I was asked what I thought of Sam Zell's recent comment in Crain's that a component of moving the housing market toward stability was to accelerate the foreclosure process.

(FYI, WTTW doesn't give you the questions ahead of time.) That being said, my response was that Zell is quite wrong, as is anyone else looking at this a part of the solution.

Those of us dealing with foreclosures and REOs--and the myriad of challenges that go with these sales--know that whatever philosophical bent or academic modeling brings people like Mr. Zell to the conclusion that this is sound practice also know it all fails in the real world arena.

The system is strained well beyond capacity right now from the entry point with the court system all the way to the sale of the property in the market; breaking it helps little.

In Chicago (and the overall metropolitan area) we are already adding REO inventory at a pace well in excess of the absorption rate. We hear anecdotally that there is a backlog of foreclosed property being held off market by banks and asset management companies in response to the unforeseen precipitous fall in average and median sales price in many areas.

Yes, inventory is dropping, albeit slowly. The biggest factor in the dip is the number of owners taking property off the market because they cannot sell it right now for a price they are willing to accept.

Yet many of the same banks now selling these foreclosed homes are loath to consider a purchase offer with any type of financing contingency, and they continue to accept lower cash offers on property, effectively closing the door on many buyers looking to pay fair market price for a home.

Plus, added governmental regulation created daily to deal with vacant property adds a burden of time and cost to each transaction.

The solution to clearing out the REO inventory is to prevent it (as much as possible) from entering into the system by:

1. Having people working--and providing access to lending based on rational criteria;

2. Having adequate resources directed to the implementation and support of the Obama Loan Modification program;

3. Leveling the playing field so homebuyers have an equal opportunity to buy foreclosed property with investors and speculators; and

4. Allowing for governmental policy that weighs the economic and social costs of widespread displacement of millions of American households.

Some strides have been made, but there is much left to do. The system needs a dose of common sense and more accountability in the management and disposal of REO property.

Most of all, we need to hear more from the people actually dealing with this issue and less rhetoric from folks who are not doing the heavy lifting.

To check out my appearance on WTTW's Chicago Tonight, click here.

 

AuthorDavid Hanna, C.A.R. 2009 President | Comment1 Comment |
Friday
22May

Fingerprint Law Goes into Effect June 1, 2009 for Cook County

in DateFriday, May 22, 2009 at 12:36PM

A new Illinois law regarding the transfer of real property in Cook County goes into effect on June 1, 2009. Public Act 095-0988 amends the Illinois Notary Public Act by describing the manner in which a notary must sign each certificate at the time of notarization.The law requires that a paper or electronic form must be completed and retained, for a period of seven years, for each notarial act relating to real property in Cook County.

 

One key change is that fingerprinting now is a part of the process. As part of the record to be kept, the law provides that the notary require the person signing the document of conveyance, including an agent acting on behalf of a principal under a duly executed power of attorney, to place his/her thumbprint on the notarial record.

In an effort to fight mortgage fraud in Cook County, the new law creates this process as a pilot program. Often straw purchasers and fraudulent mortgage brokers will work together to commit mortgage fraud. This law places responsibilities on a notary to verify the identities to a real estate transaction in Cook County, and keep a thumb print of them as well. Proponents believe this will deter individuals from participating in these schemes and will reduce the amount of mortgage fraud in Cook County.

As a pilot program, the law will sunset on July 1, 2013. Learn More About Public Act 095-0988

AuthorBlogmaster | Comment1 Comment |
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