Home values are definitely dragged down by today’s surfeit of foreclosures and short sales. Hammer encouraged REALTORS® to show all their clients at least a handful of distressed properties within the mix of homes they might buy. Unlike in the past, he said that many currently distressed properties are in “move-in” condition and offer a great value. Furthermore, foreclosures don’t carry the stigma they once did. But more significantly from the market perspective, every foreclosed home that’s purchased helps “bottom out” the supply.

Hammer also urged REALTORS® to challenge appraisers’ competency if their reports don’t seem to accurately reflect a home’s market (including the quality of its school district and other services) or condition (including amenity upgrades). One sure-fire way to challenge an appraiser is to question a report and say you’d like it reviewed by another appraiser.

A good appraiser knows that there are always ways to reflect a home’s value in any economy, Hammer said. For instance, when completing the check boxes at the top of an appraisal form that ask if a home’s value is increasing, decreasing or stable – to which most lenders’ eyes immediately turn, a good appraiser who checks the “decreasing” box will also note that markets are cyclical and the report simply reflects one specific point in time.

A few more tips:

• Lenders look at home values incremental brackets. For ease of lending, try not to have a home valued at the top of a bracket; have at least one higher-valued home above yours. This may require drawing comps from nearby neighborhoods or other creative approaches.

• Providing appraisers with receipts for recent home upgrades is extremely helpful, demonstrating that your sellers are active participants in the marketplace.

• If you supply comps to an appraiser, be sure they are current (within the past 6 months) and relevant. It is very helpful if you can demonstrate higher-priced homes located nearby.

• Always include photos with comps. Lenders aren’t satisfied with text only, anymore.



As I look at the calendar, I find it hard to believe that it has been nearly 3 weeks since REALTORS® to the Rescue (RTTR) joined forces with the Animal Emergency and Treatment Center (AETC) and Barriers Against Repeated Cruelty (BARC) to raise funds for the Emergency Vet Fund (EVF). I began volunteering with REALTORS® to the Rescue after a magical meeting with founder Suzy Thomas after C.A.R.'s inaugural gala last year. We planned this fundraiser with AETC and BARC over 6 months ago. It was a labor of love, as we LOVE the four-legged angels!

To give you a little background on EVF, it's a fund created to help save the lives of abandoned, abused, neglected and injured animals that would have otherwise been euthanized due to their injuries instead of patched up by the amazing doctors at AETC.  Now these animals can be saved and adopted by loving families. 

Some of these services cost thousands, so to have a fundraiser of this magnitude was something that we felt vital.

The event was held at AETC on July 28 and I still get goosebumps thinking about it! Almost 100 people attended that evening, ranging from REALTORS® and C.A.R. staff (thanks Jessica Kern and Jim August for your support and contributions!) to architects, developers and staff from various vet clinics, rescues and shelters, and even media.

We raised almost $6,000, with more money still coming in! We raised more than $800 in our 50/50 raffle and the angelic owner of Kritter Kare, Rosie Folks, donated 50 percent back after winning the raffle! We can't thank you enough, Rosie!

A couple of weeks before the event, two absolutely adorable dogs were brought to AETC due to abuse. One had had his tail set on fire. Can you imagine? Sam and Chucky were saved and on the mend at AETC. Everybody who attended the event was able to meet them. I have a HUGE crush on both of them and it was hard not to bring them home. My husband told me that if I even THOUGHT of adding more dogs to the 2 we have already there wouldn't be enough room at home for me! Yeah right, the big softie would have taken one look at Chucky and completely melted! Well, guess what?! Chucky got adopted shortly after the event!!! Talk about a softie, I cried as soon as I heard that. Who am I fooling? I am crying as I write this!!!

Now we need to get Sam adopted! Come on people! Check out the RTTR Web site to see Sam and all of the wonderful cats and dogs that need homes: http://realtorstotherescue.com/.

Don't forget to check out AETC. Seriously, it's an amazing place: a 24-hour emergency facility located at 3927 W Belmont. It has THE BEST staff EVER!!!! You can even follow them on Twitter, http://www.aetcenter.com/. You can go there and gush over Sam. I know I do!!!

Finally, don't forget to watch for more updates on RTTR and pictures from the event. Chicago Agent was a huge supporter and not only donated an item for the silent auction but sent a photographer to capture the evening. I am DYING to see the pictures! The one and only Zipporah, editor galore at Chicago Agent, was also on hand to smooze and love up on the animals that evening. You need to follow her New Beginnings Shi Tzu Rescue. She is simply amazing! She was even kind enough to blog about the event. Check it out: http://chicagoagentmagazine.ning.com/profiles/blogs/getting-involved-realtors-to.

I could go on and on about what an amazing event it was. By the time I left at 11:15, there was still a room full of people! I was told that the party went on until WELL after 1 am. Seriously. What event have you been to where people stayed after the free stuff was given away? That's how magical the night  was. The positive vibe and energy carried through for days, weeks after. 

I am so honored to have been involved and look forward to the next event with RTTR!

The tax, proposed by 26th Ward Ald. Roberto Maldonado, has the potential to actually add new costs for buyers who invest in foreclosed homes re-sold by banks, as the buyers would pay the tax as a pass-through added by banks to the cost of the property.

The proposed ordinance passed in the city's Committee on Finance and was slated for potential referendum on the November ballot. Opposed by 50th Ward Ald. Bernard Stone, however, it was deferred, meaning the earliest it could appear on the ballot is February. With questions, contact C.A.R.'s Brian Bernardoni at bbernardoni@iar.org.



Limited service brokers are licensed brokers who offer seller-clients little or no property marketing services other submitting the property listing to the MLS. For this, the broker receives a fee from the seller.

NAR provides more details about what this means, here.

Why Disclose When There is Nothing to Disclose?
It seems to be a challenge convincing buyers and their agents that just because the sellers owe more than the current market value, the listing is not a distressed sale. If the seller will be paying off the loans in full prior to the transfer of the property to the buyer, and the cooperating broker will be receiving the compensation represented in the MLS, there is nothing to disclose.  

The only time a listing must be disclosed as a “short sale” is when the contract negotiated  for the sale, as well as the listing agreement, and therefore the commission, is subject to lien holder or court approval.

According to section 1.9 of the rules and regulations of the Midwest Real Estate Data LLC dated January 26, 2010:

“Listing brokers must communicate to potential cooperating brokers by selecting “C”(Court Approval) or “S”(Short Sale) in the SCI field that gross commissions established in the Exclusive Brokerage Agreements are subject to court approval “C” or short sale “S” and that compensation payable to cooperating brokers may be reduced if the gross commission established in the Exclusive Brokerage Agreement is reduced by a court or pursuant to a short sale. In such instances, the fact that the gross commission is subject to court approval or pursuant to a short sale, and either the potential reduction in compensation payable to cooperating brokers, or the method/amount by which the potential reduction in compensation will be calculated, must be clearly communicated and agreed to by the potential cooperating brokers prior to the closing.”

In a market with many challenges, the sellers ability to close when there is none seems to be an obstacle that agents and their clients are creating when it is not there. Yes, you should ask the question after doing your research on the property. If the answer is the seller will be responsible for paying off their obligations and will be meeting the terms of the contract by the close of the transaction, then why argue? It does not matter how the seller is meeting those obligations, the only thing that counts at the closing table is that they are.

With that, the day-long seminar, June 29, armed more than 200 real estate professionals with tips, tools and how-to plans to integrate new technology into their businesses. Today. With immediate steps to put into action.

Emceed by Matt Dollinger, Performance Coach, @properties, seminar speakers shared their personal experience with the techniques they presented, conveying a sense of urgency to “get with the program” concerning new technology but also to enjoy some of the creative new ways in which technology can help tackle some of the same-old, same-old tasks of real estate.

Highlights of RETechCon Chicagoland 2010 included:

• Keynote: Stefan Swanepoel, Author & Speaker: Trends, Opportunities & Endangered Species

While the business of real estate hasn’t changed much in 100 years, consumers have – specifically in their level of media intake (lots more) and their trust of traditional advertising (lots less). Much of this difference is generational, which causes a disconnect within the industry. Those with the savviest tech skills are in the same bracket as most homebuyers: 25-45 years old. Yet the majority of REALTORS® are beyond that age, and getting older.

What’s a REALTOR® -- of any age -- to do?

Engage with new technology. For one thing, age doesn’t matter when you communicate online. And for another, new technology provides excellent vehicles for establishing your trustworthiness and solid reputation. Nearly 80 percent of today’s consumers say they trust peer recommendations. Establishing your expertise through your Web site, social media and other online tools can help you connect with more consumers, give them information they want, and earn their business and referrals.

REALTORS® are already better than most people at cultivating relationships and trust. Yet while these skills remain essential offline, they are becoming essential to master on-line, as well, to be successful in real estate.

Seven strategies for adeptly adapting to social media include:

-          Give more than you take.

-          Add value.

-          Be respectful.

-          Listen and respond.

-          Build relationships.

-          Be authentic and transparent.

-          Don’t be a nuisance.

With that, go forth. Online social networks like Facebook and Twitter offer the potential to connect with millions of people. Size-wise, no other types of networking can compete.

• Peter Krause, Founder, Terradatum: Understanding & Communicating Market Data Using AgentMetrics

REALTORS® have sobering news to deliver to home sellers in this market. In that light, it’s critical to know how to access accurate, timely data and, even more significantly, interpret it. Clients turn to REALTORS® because they are hungry for trusted sources of market insight. Whereas “data” is raw facts and “information” is data that’s been put into context, “insight” is being able to apply what you know with a forward-looking perspective.

AgentMetrics, a free tool available to REALTORS® who subscribe to Midwest Real Estate Data (MRED), provides you with data that can help you acquire insight and prepare visually compelling client presentations. To really use this tool, though, it’s incumbent upon REALTORS® to know their markets. Visit each new listing that’s in your area. Have a true understanding of the comps. Be able to help your clients compare their initial impressions with reality.

Good information begets good decisions, good outcomes and happy clients. Happy clients means a good reputation for your skill.

• Emily E. Bader, Partner and head of Zócalo Group's B2C practice: Word of Mouth Marketing

Word of mouth is buzz we hear from friends, family and experts – and our most reliable source for tapping into services and products. It is important to know who is saying what about your business and manage those messages as well as possible.

One good way to manage word of mouth about your business is to meet with people and share stories that they can relate to, in their own language, that demonstrate how you solved a problem or otherwise served a client’s needs. Develop your own “shareable stories” that promote your brand’s difference from others. Share those stories personally with people in your network who you know can be good “brand evangelists:” those who like to communicate with others and share insight and advice.

Not all contacts are created equal! Keep a spreadsheet of people you rely on to share your stories. Track what you’ve shared with them, and when. Make keeping in touch with your most influential contacts a top priority.

• Ginger Wilcox, Vice President of Business Development, Social Media Marketing Institute: Integrating Social Media

Social media tools won’t explode your business on their own. To be used effectively for business, social media must be one element of an integrated marketing plan that builds on the same key messages. Your “hub” – your online home base – is the most significant element of a successful social media marketing system. Your hub contains your bio, current photo and words about who you are, where you are, what you do, what you like and what you know. Social media can serve to drive your contacts to this page.

Develop an expertise and make it evident throughout your online presence, making it easier for people who don’t know you to find you. For instance, if you work in a certain neighborhood, demonstrate your expertise in that neighborhood. Online researchers looking for the neighborhood will then most likely encounter your materials.

Blogging can be a great tool for expressing your expertise regularly, generating fresh content that can draw new and repeat visitors. Be sure your blog and your profiles on social media sites, like Facebook, LinkedIn and Twitter, link back to your hub. Include a link to your hub in your e-mail signature, as well.

Your online image doesn’t come together by itself! It is critical to keep it active and plan, plan, plan.

• Kelley Koehler (Housechick), Associate Broker, Thompson’s Realty: Converting Web Visitors Into Clients

How does social media use translate to dollars in your pocket? If you can’t answer that question, social media is not worth your time. If used strategically, however, social media can lead Web site visitors through a 10-step “tunnel of conversion” that results in a sale.

The ten steps include:

1. Blogging, using social media and traditional advertising to help people FIND you, on the Web.
2. Using compelling words or offers to entice people to CLICK and enter your site.
3. Providing market data or other expert information that encourages visitors to STICK to your site, once they’ve found it.
4. Making it easy for site visitors to INQUIRE about you by e-mail, phone or contact form.
5. CONTACTING them in return, as soon as possible.
6. Scheduling APPOINTMENTS for regularly communicating with those who’ve reached out to you. Use tailored, timely content that’s valuable to each individual, not canned information.
7. Demonstrating your expertise to prompt an AGREEMENT to work together. This can be aided by third-party recommendations and your “expert” appearance on other Web sites.
8. If your clients crowdsource a purchasing decision via social media, joining the conversation. You already have a working relationship with them at this point of considering a CONTRACT, which makes it okay.
9. CLOSE on the sale, after proactively addressing clients’ concerns.
10. Asking for REFERRALS, which will serve you down the road.

The Event:

RETechCon Chicagoland 2010, hosted by the Community Alliance of Chicagoland REALTORS® (CACR), emerged from the 2009 NAR Game Changer Challenge through which it received a grant and consultant assistance to explore the regional capabilities of CACR.

Comprised of the Chicago Association of REALTORS®, Main Street Organization of REALTORS®, Northshore Barrington Association of REALTORS® and the REALTOR® Association of Northwest Chicagoland, CACR strives to provide high quality programs that help increase professionalism with consistency of messages and processes throughout the Chicago area.

Registration/networking begins at 5 p.m. (with cocktails and appetizers of course!) and the program begins at 5:30. Come early to get the most out of your networking! Even better? You get free parking and a chance to tour the fabulous Mondial, where our program will be held, at 910 W Huron. 

A little bit of WCR history. We are a network of successful REALTORS® empowering women to exercise their potential as entrepreneurs and industry leaders. We welcome and encourage men to join. There is a guy president of the WCR chapter in Champaign this year -- who was brought into the organization years ago by another male president! Now those are two smart and brave men!! We put this challenge  before Chicago men because, as strong and resourceful women, we want you to be a part of our group and help grow the organization with new and fresh ideas from your perspective. That is, if you're MAN ENOUGH!!!

We will extend member pricing to you and all (wo)men who join us on June 16. We are equal opportunity, after all!  

To you ladies out there, remember, the basis of our organization is to grow and empower you and your business. Don't think for a SECOND that we forgot about you. We are also extending member pricing to all non-members.  But we KNOW you are (wo)man enough!

If you join and become a member on June 16, you will receive a free WCR 4GB USB flash drive for attending!

Check out our Web site at www.wcr.org and learn why WCR members earn more income than non-members through our vast referral network and educational programs. Why wouldn't you join?

To make it even easier for you to register, here is a link to next week's event:  http://wcrjunecocktailevent.eventbrite.com

If you have followed us this year you will see we are shaking things up and creating programs that are beneficial whether you are a woman or a man, residential or commercial practitioner, REALTOR or mortgage professional.  Networking alone, with this vast array of professionals, has already increased my business 75% this year! And it's only June!

We are grateful for our amazing relationship with C.A.R. and fortunate to be able to partner with it on several programs. Keep your eyes open for invites to our joint program with YPN Chicago, July 29. We will have several round table discussions on everything from commercial real estate to how to get the most out of your membership with organizations. Guess who is moderating that table? Yours truly!!! 

Thanks to C.A.R. for asking me to blog about WCR Chicago. I look forward to sharing many more stories and ideas with you. See you June 16!

Of all C.A.R. events, the Good Neighbor Awards perhaps best recognize the types of properties that make our city a better place to work and live. Award-winners include both new construction and rehabbed residential, mixed-use and commercial properties that enhance their communities by adding to their economic vibrancy, giving residents more housing options, or replacing vacant, blighted or even dangerous sites with new properties that are readily embraced.

As REALTORS®, we owe a lot to the owners and developers of Good Neighbor Award-winning properties. These exceptional structures increase the beauty and stability of the communities we serve. Conversely, research shows that properties in poor shape, including vacant lots and abandoned buildings, can take heavy tolls, decreasing property values and deterring potential home buyers. According to the National Housing Institute, they can also impair local residents’ health, encourage criminal activity and raise the risk of fires.

Help us celebrate some of what’s best about Chicago. We hope to see you on May 20: http://bit.ly/aRU10T.

-- C.A.R. Communications