Rubloff’s South Loop agent, Maria Sabatini, comments on how the downturn in the market is affecting Chicago rentals. See Maria’s alternatives for the decrease in rental prices and how she is advising her clients to proceed. Read entire story here http://www.chicagotribune.com/classified/realestate/apartments/chi-sun-posh-pads0118jan18,0,2707863.story.

Let us help you sort out the facts. Join us at this free Buyer Coaching event on Wednesday Jan. 21st, 2009. Topics that will be discussed include:

•  New Year – New Reality

•  Real Estate Market: fact vs. myth

•  Prepare now to buy

This event will include a panel discussion moderated by an experienced real estate attorney along with other market specialist, mortgage brokers and realtors.

Buyer coaching events are held in our South Loop Office (80 W Harrison, Chicago, IL) the first and third Wednesday of every month. Come in for more information on the next event, or go to www.buyercoaching.rubloff.com

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Opening the Door to New Possibilities in 2009 and Beyond

By Kayla O’Brien

RISMEDIA, January 6, 2009-At a time when real estate companies are looking for ways to creatively meet the needs of today’s consumer, the relocation department, whose reach has been masked by its name for years, is effectively increasing its scope.

“Relocation is still a very important part of what we do,” says Sharon Michnay, director of corporate business development, Halstead Property. “But at Halstead Property, we’ve expanded our relocation service offerings, while also working more with international investors and those who aren’t necessarily relocating.”

New Identity, More Opportunity

To fully embrace the new opportunities of today, relocation departments have begun rebranding themselves with titles that speak directly to what consumers are looking for and the plethora of services they offer.

“When we were still under the relocation name and agents would refer their clients to us, they would say, ‘But we’re not relocating, we’re buying investment properties, second homes, etc.,’ so this precipitated the change of our department to Global Services,” says Michnay, who was formerly titled “director of relocation.” “It opens up the possibilities for what we are able to accomplish, broadening our contacts-offering agents to clients and new clients to agents.”

Halstead Property, long known for its real estate and relocation solutions, changed its department name to the Global Services Division just two years after Leading Real Estate Companies of the World (LeadingRE) set the stage by adopting its new name in 2005, following many years as RELO®.

“From the international client to the second-home buyer, ‘global’ covers all of the additional things we do on a daily basis,” says Michnay. “And our agents loved the new name. It sort of professes everything we’re doing internationally, and it speaks more to the services that we’re capable of providing.”

In addition to offering global opportunities, the new relocation department is specializing more in company-wide services. As things shift within today’s marketplace, profit margins are shrinking, and this new relationship helps create more value through more clients and programs being generated by the company.

“A lot of our (LeadingRE) members are doing this type of work, so we’re really starting to talk more about changing the name of the departments to something broad enough to encompass the different areas, like the Corporate Services Department,” says Pam O’Connor, CEO, LeadingRE. “If you can get companies to utilize the customer care or corporate services departments, this generates more leads and allows agents to help their clients and not have to use their time to go out and prospect. It’s the ideal fit.”

Building Relationships, Online

What’s more, with statistics showing that upward of 80% of home buyers start their searches online, relocation departments have taken on the responsibility of managing company eLeads to more effectively establish relationships and meet the needs of homeowners.

“We’re helping them with their search,” says Michnay. “They want to talk to a customer service person to ask questions-and we want agents out there selling, not necessarily just answering questions over phones and e-mails. We can provide customers with buyers guides, step-by-step guides, help them find agents and see if the coverage area is right for them-and if it’s not, we can refer them to one of our partners.”

“In this market, with the relocation department incubating eLeads, they come directly to your company with the agents getting the leads vs. spending money on billboards, personal promotion, etc.” says O’Connor. “It makes a lot more sense to put it all under one umbrella because those in the relocation department can nurture prospects over time and follow-up-and it’s all company-generated business.”

To help gain Internet presence, relocation departments have explored Web 2.0 as a venue to speak directly to their audience by way of blogging and online marketing.

“Just like everyone else, we’re significantly diminishing our presence in print,” says John D’Ambrogio, senior vice president, director of operations and relocation, Rubloff Residential, a firm based in Chicago.

“What the Web has done is give consumers access to information they didn’t have before, allowing them to do research on their own as opposed to contacting a real estate agent first,” says Michnay. “Our focus is giving real tools to people, so we’re putting as much information online as possible to feed that. Blogging is a way to establish yourself as the local expert.”

Unlike marketing vehicles of the past, blogging allows real estate professionals to show their expertise and speak directly to the consumer who’s searching for that very information.

“It’s fun to read the blogs,” says Michnay. “It allows you to see the personality of the agents or executives, and that’s really the best way to build a relationship with the consumer during that phase and become the person they want to talk to and view properties with.”

“At the end of the day, blogging is a way to have more visibility online,” says O’Connor, whose organization offers an exclusive blogging platform, Propopoly. “Blogs also offer a way for relocation specialists and/or agents to reach out to new market segments for business.”

“The first thing someone will do is Google us,” says D’Ambrogio, “so it is crucial to have a robust, content-rich website and ‘own’ that first Google results page. We tell our agents that they’ve been interviewed long before they’ve gotten the opportunity for that initial meeting with the client.”

2009 and Beyond

With the evolution of the relocation department, it’s evident that the opportunities for their outreach will only continue to expand, in turn building value and providing consumers with more programs that suit their needs.

“The thing about the relocation department is that it’s probably one of the only areas in a real estate firm that you can have this kind of client care going on. If you’re very good in relocation, you’re in-tune to the customer experience, asking lots of questions and providing a full-service,” says Michnay. “We have services that were once reserved for transferring executives that are now available to really anyone who wants or needs them.”

For more information, visit www.halstead.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

January 2009

Real estate is a topic on everyone’s mind and I am often asked about the condition of the downtown Chicago market.

Currently, 75% of the new construction units being completed in 2008/2009 have already been sold and 60% of the 2009 deliveries are reportedly under contract.

Because of the weakness in the housing market, developers are postponing or canceling their plans for potential new projects.  During 2008, 11 proposed condominium projects were cancelled, with developers closing their sales centers and refunding deposits to buyers!

What does this mean? The lack of new condominium product will help the unsold inventory and will allow the market to absorb what is delivering within the year.

If you’re a buyer, this means that it’s an ideal time to buy IF -you have a credit rating of 680 or above, you have cash, or you have 10 to 20% down payment.

If you’re a seller, although rates are still historically low, most sellers or developers are offering incentives to buy, including paying points to buy down the interest rate, offering two years paid assessments, discounts on deeded parking, and discounts on amenities.

In this time of economic uncertainty, it is also a time of opportunity.  If you are curious about buying, selling, or investing, please call or email me.  I can provide valuable data and knowledge on any sector of the market.

Available Listings around Millennium Park

340 E. Randolph (340 on the Park)
1 bedroom from $535,000 – $850,000.
2 bedrooms from $698,000-$1,249,000.
3 bedrooms from $1,800,000 – $2,190,000.

360 E. Randolph (the Buckingham)
1 bedroom from $299,000 – $435,000.
2 bedrooms from $499,000 – $649,000.
3 bedrooms from $899,000

195 N. Harbor (the Park Shore)
1 bedroom from $305,000 – $400,000
2 bedrooms from $419,000 – $530,000

310 S. Michigan Avenue (the Metropolitan Tower)
1 bedroom from $293,900 – $396,467.
2 bedrooms from $539,201 – $953,990
3 bedrooms from $995,000 – $$2,199,000

130 N. Garland (the Heritage)
1 bedroom from $329,000 – $475,000
2 bedrooms from $478,000 – $799,000
3 bedrooms from $899,000 – $$3,900,000

60 E. Monroe (the Legacy)
1 bedroom from $554,900 – $569,000
2 bedrooms from $651,000 – $1,186,901
3 bedrooms from $1,155,901 – $1,999,000.

Laurie Popovich, Broker Associate
GRI/ABR/QSC

San Jose Mercury News  |  January 5, 2009

First-time home buyers Andrew and Kaori Nielson made a deal on a two-bedroom San Jose townhouse last month, even though they knew that property values are falling.

”We probably would have waited longer, but our lease was up, and we have our son,” Andrew said, referring to the couple’s 6-month-old baby. “We thought now was the time.”

Would-be home buyers in weakening markets worry about “catching a falling knife” — not wanting to ink a deal before home prices hit bottom. Yet home sales in Santa Clara County were up 14 percent in November from the same month a year before, despite a 39.5 percent plunge in the median price of a single-family home.

That raises the question: Who’s out there buying homes?

Read the full article here.

Contact Sue McAllister at smcallister@mercurynews.com or (408) 920-5833.