10 Tips for Chicago Home Buyers and Sellers

Came across this article at South Florida Real Estate Voice that I think has some great tips.  Not sure if they are the top 10 tips, but nonetheless, some great advice for home buyers and sellers.  I won’t rehash the entire article but my brief comments on each point are listed below.

1. Appearance:  Decluttering a home should be a top priority for sellers.  Very low cost and can make a huge difference.
2. Commission:  Sssssshhhhh, my broker may overhear.  Yes, commissions are negotiable, but remember, they are split 4 ways.  You get what you pay for, but this is as it should be.
3. Agent Services:  Your listing agent should have a plan and a timeline that details activities from initial listing through the active marketing of the property.  You should know in advance what services they will be providing.
4. Marketing:  All my listings include full marketing services such as photos, virtual tour, floorplan, internet presence, brochure, newspaper/print advertising, etc.
5. Admin Fees:  From my perspective, if a seller gives me the honor of marketing their property, and agrees to pay a commission then the admin fees should be taken out of this commission, the broker portion.  If the home doesn’t sell, oh well.
6. Emotions:  Yes, emotions can’t be avoided, but have little place in a real estate transaction.  Having multiple real estate options on both the buy and sell side is the kryptonite to emotion.
7. Location:  My Dad always says, “when buying real estate it always comes down to location, location, location”.  How true.  Things such as being close to the EL (but not too close) play a large factor in price.
8. Education:  In Chicago, being in a neighborhood with a great public school system is highly desired.  Just look at real estate prices in the Lincoln Elementary or the St. Bens school districts to name a couple.
9. Market Analysis:  CMA’s are thought of in terms of the seller, but are also a great tool that buyers should request of their buyer rep.
10. Seller Concessions:  Buyers should use seller concessions to their advantage.  Make sure that concessions aren’t simply traded for a higher selling price however.  Concessions should be consistent with your financial objectives.  Do your research in the marketplace.

Read the complete post here.