REALTOR® Nationwide Open House Weekend: Why Participate?

What’s in it for me, you may ask, if debating opening a house this weekend, April 20-21, in recognition of REALTOR® Nationwide Open House Weekend.

What you gain is the ability to leverage the power of national and local advertising to promote the event, and a high-visibility opportunity to engage with consumers about the benefits of home-owning.

Locally, CA.R. is supporting the event with a concentrated Nationwide Open House ad campaign on powerhouse WGN-AM, running from this Thursday through Saturday. We’ve also informed local media about the event and will direct consumers who visit ChicagoREALTOR.com to search open house listings on REALTOR.com.

According to NAR’s 2012 Profile of Home Buyers and Sellers, 45 percent of all buyers used open houses as a source in their home search process. Here’s a look at NAR findings about who comes to open houses.

Take advantage of this weekend to connect with consumers and help people find the home of their dreams. REALTOR® Nationwide Open House Weekend is organized well beyond Chicago; it’s a project of state and local REALTOR® associations across the country and around the world.

Get event logos and more from C.A.R.

Successful Women Encourage: Get Creative, Stay Engaged

 Is recovery in Chicago’s commercial real estate industry sustainable? This was one of several compelling questions discussed at our 2013 Successful Women in Commercial Real Estate Luncheon, April 9. The event, held annually by C.A.R. CommercialForum in partnership with the Women's Council of REALTORS-Chicago Chapter and the Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative at Roosevelt University, is always an exceptional learning experience and a networking hot-spot.

This year’s Successful Women panel was moderated by Collete English Dixon, Principal - Transactions for Prudential Real Estate Investors. Panelists included:

-          Angela Aeschliman, Chief Operating Officer, Watermark Property

-          ManagementDenise Stein Chaimovitz, Senior Vice President, Newmark Knight Frank Epic

-          Michelle Panovich, Principal, Mid-America Asset Management

-          Polly Oczak Parchem, President, Winner’s Edge Corporate Real Estate Services

A striking feature in today’s field is the relative lack of retail development, Panovich said. Whereas in 2007 “normal” was considered 7 to 8 million square feet of new space, today 1 million square feet of retail space is the “new normal.”

“We’re starting to see a little more demand but we need a lot more to bring the rents up,” Panovich said. “I think we have a long way to go yet.”

In the industrial sector, Chaimovitz added that the smaller spaces – 2,000 to 50,000 square feet – are those most likely to sit empty, because it’s the smaller tenant businesses that can’t get lending for relocation or expansion. Bigger spaces are less of an issue.

Aeschliman, in property management, said she’s seeing a trend among large companies toward enlisting outside practitioners to manage their assets, whereas for a time many had the function in-house.

Another trend, noted by Chaimovitz, is redevelopment deals.

“Our investment sale brokers cannot keep their clients happy because there’s not enough. They are buying everything,” Panovich chimed in. Class A properties are most in demand because investors remain a little gun-shy and want to stay safe, she explained.

Parchem said it can be difficult to observe trends today because, at a time of creative deal-making, “every deal is so different; it’s apples to oranges. Talking about company deals, you just can’t.”

Indeed, creative deal-making unto itself is an important trend, moving forward.

“There are a lot of potential partnerships out there, not in the traditional sense,” Aeschliman said, referring to adaptive reuse projects. “There’s all this creative thinking going on now about different types of partnerships.”

So stay connected!

“A good lesson for all you younger people in the room is that these partnerships you make early on can come back together,” Panovich said. “No one wants to take risk on by themselves. It takes more equity. You’ve just got to look around. You never know where your next deal is coming from.”

Possible “trip points” for the industry moving forward include continued incidence of retail bankruptcies and the state of Illinois’ financial health.

“I hope Illinois can get over its issues. That would really help business,” Chaimovitz said, adding that in the interim, losing industrial clients to Indiana and Wisconsin is a reality.

“If you are a tenant, you have to make that decision – where to put your store,” Panovich said. “Cook County is about the worst for incentivizing business. We need people who are going to be more proactive about the tax crisis and, if I can say it, the pension crisis.”

Moving forward?

“Get in the game now, if you have any money,” Chaimovitz said. “We’re not going to be at these rates long.”

In addition, stay engaged with your peers and in the industry.

“Get out, join organizations and take classes,” Parchem said.

“The more involved you are, the more people you engage with at every level,” Panovich added. And assist others where you can. “It helps. The payback is tremendous.”

“A View from the Top:" WCR Event Recognizes 2012 Top Producers

Industry stars featured at WCR-Chicago’s “2012 Top Producer Panel” shared no secret techniques. Rather, they clarified that the foundation of success is attention to the basics of business and customer service – provided consistently and really, really well.

An overflow crowd attended the March 20 Top Producers event, moderated by Chicago Association of REALTORS® CEO Ginger Downs and featuring a panel of Chicago REALTORS®:

-       Erin Mandel, Broker, @properties

-       Linda O’Donnell, Broker/Owner, RE/MAX Signature

-       Millie Rosenbloom, Broker, Bair & Warner-Lincoln Park

-       Nancy Tassone, Vice President, Sales, Jameson Sotheby’s International Realty

Commonalities shared by panelists – besides an affinity for DocuSign -- included referral-based businesses, being influenced by mentors, and attention to both their personal and company brand. For all, integrity, reliability, networking and prompt communications were significant for building their spheres.

“Tell everybody, everywhere, what you do and give them your card,” Nancy said, adding that that applies beyond networking events. Bring your card to the grocery store, gym, neighborhood parks or anywhere else conversations occur, she added.

According to Millie, though people consider her a luxury broker she is well-versed in properties at all price points because of the volume of referrals she receives from friends and family of people in her sphere. Be open to this range of clients – and ready for it.

For referrals in the long run, Millie encouraged attendees to nurture their own brands but also use caution in deciding where to work.

“Your personal brand is important but also the company you hang your license with. It’s real important to go with a company you respect because your clients will feel that,” she said.

Erin urged brokers to get creative with their ads and other forms of branding.

“Branding is really, really important, especially in this market, but have a little fun with it,” she said.

Mentors who proved invaluable to Top Producers range from senior professionals who took them under their wings through a parent who served as a work-ethic role model.

Turning to business tips, Linda shared a story of having lost a big client earlier in her career because she was overloaded to the point of missing details. The experience led her to re-assess and refine her business processes, which she continues to do on a regular basis and encouraged others to, as well.

Be kind and respectful to those you work with, she added, within and beyond your own office.

Erin recommended knowing every aspect of the business as a way to rise above the pack in client service. Because she knows the construction business as well as financing, appraisals and sales, she’s well-prepared to answer client questions and provide big-picture views. She also recommended getting to know the local alderman where you work, being kind to colleagues and providing feedback.

Millie suggested asking “why” when you don’t get a listing for which you interviewed. Asking why is a great way to learn what you could have done better, she said. She also urged brokers to get as many listings as they can now, while inventory is flagging.

On a professional development note, Millie advised maintaining a well-rounded career that includes involvement in industry groups such as WCR, C.A.R., IAR, NAR and others.

Along the same lines, Nancy pressed for seizing every opportunity you can, right now.

“What’s going on is crazy. We’ve created a frenzy,” she said, adding that you may feel overwhelmed at times, but your effort balances out in the long run. She also advised to always treat colleagues kindly and with respect.

“You will be in a multiple offer situation,” she said. Be the broker people want to work with because they respect you and know you will get the job done.