www.OwnACondo.com
15Feb/110

Esperanza Spalding and Us

Jazz bassist and singer Esperanza Spalding, seemed to come out of nowhere to win a Grammy award for Best New Artist award at the 2011 Grammys on Feb. 13, beating out odds-on favorites such as Justin Bieber. OwnACondo.com is looking forward to taking the world by storm too, when we move from Oak Brook to our new state-of-the-art headquarters at 540 N. Lake Shore Drive in March.                                

Like the accomplished jazz musician and composer, we are proud of our record of accomplishment regarding sales, condo conversions and auctions, but we may not be as familiar to industry observers as some nationally known companies. But that will change soon, because we are in the process of opening offices in Florida, California, and elsewhere around the United States. Our Boca Raton, Fla., office was the first to open, with many more to come.

Esperanza Spalding, born in 1984, grew up in Portland, Ore., so she stayed under the radar of many music aficionados who focus on cities like New York, Los Angeles and Chicago. In addition, jazz is not as widely followed as rap and rock, so she remained largley unknown.  While Esperanza learned to play several instruments, she specializes in the bass, along with her songwriting and singing skills. Our Realtors® are specialists too, condo specialists. We can help clients find any type of real estate they like, but condos are our specialty.

So in short, when you are looking for the right person to help you in your condo search, think outside the box. The Justin Biebers of the world might get more attention initially, but Esperanza Spalding delivers the goods, and OwnACondo.com does too.   

15Nov/100

Internships

Internships can be a great way for students to get an idea of what truly goes on within industries and companies.  The internship experience can be a win-win for both students and companies where students gain experience, network with employees and managers who later could assist with career choices.  Internship programs are a start in the decision-making process regarding lifelong career options and their importance should not be taken lightly.  A positive for the company is to have the added assistance of young employees, meeting and reviewing possible full-time hires which contributes to the educational experience of the students who participate.  These are just a few of the benefits of starting an internship progam.

Many different industries offer internship programs and students do not always need to major in the exact business type to gain experience and knowledge that will be valuable to whatever career choice they make.  A good example is that most real estate companies offer no internship programs due to the traditional model of that industry.  The industry is changing with new technologies and more and more companies establishing their niche markets enabling a variety of programs never before offered.  Many of these real estate brokerages are entering into these markets with not only cutting edge technologies but non-traditional programs designed to segment the market to represent only one aspect of the transaction, specifically  Buyer's Agency and Condomium properties exclusively .  Today many real estate companies have embraced the buyer's agency concept and find that the general public is very accepting of this type of representation.

How does all this relate to internships?  As stated earlier, you do not have to major in real estate or finance or other related fields to see the benefit of an internship with a real estate company.  The technology available to real estate agents today rivals any type of sales industry anywhere.  Interns can be part of the information technology field and be challenged far beyond what they imagined with customer relationship management, pipeline management and telephony technologies common now with most successful real estate companies.  Communication and media majors can contribute to companies by helping in designing websites, analyzing sites for search engine optimization improving rankings and assisting less tech savvy agents the use of social media to improve their business.  Many  potential interns may think of a real estate company as sales-only but there may be more opportunities than expected.

Students interested in internship opportunities with OwnACondo.com are invited to call 1-866-696-2266 for more information.

27Aug/100

Contingencies on a Contract

Purchasing a home always involves reading through the contract and signing on the dotted lines. Most people that purchase a home, surprisingly do not read through the whole contract. They just seem to trust the fine print and the person guiding them through it. Most contracts are pretty standard and most people have a general idea what it contained. When reading through a contract, it is a good idea to know not only what the contingencies are, but also what they mean.

In every contract, there should be an attorney review. Typically the period is 3-5 days on a standard contract. This period is intended to give the buyer an opportunity to secure an attorney and have the attorney look over the contract. The attorney has the right to accept the contract as is or write in some modifications to the contract. The contract is still considered an offer at this point so if they modifications are not accepted then the offer becomes null and void. It is always a good idea to have an attorney review the contract before moving forward on a large purchase such as a home. This review period is put in place to protect the buyer and also to allow the buyer to rescind on the offer if need be.

Another contingency that can be found on a contract is the financing contingency. The amount of days the buyer has to secure a loan can vary per contract. The buyer has the responsibility to try to not only get pre-approved but also obtain a loan commitment letter as well. This loan commitment letter locks in a rate for a guaranteed period of time and also proves the buyer can qualify for the purchase of the home. If the buyer is unable to obtain financing for the home than the contract becomes null and void and all earnest money (if any) is returned.  This contingency is put in place to protect the buyer and the seller.

The inspection contingency is not found on all contracts but it is a good thing to have on a contract. Inspections can make or break a deal. If the inspection does not go well then the buyer and seller have a few options. They can come to an agreement to either fix the problems or take more money off the offer so that they buyer can fix the items on their own or If the buyer does not want to fix the issues or the problems are too serious, than again the buyer has a right to rescind the offer.

There are a few other optional contingencies on a contract, such as a house to sell contingency. This is put in place if a buyer has to sell their home before the purchase of the new home. If someone else is interested in the property and they put an offer on the place without the house to sell contingency, then the buyer with the contingency typically has 72 hours to purchase the home.

11Aug/100

MRED Rules and Regulations

All members of CAR and MORE Associations need to abide by the MRED rules and regulations. MRED will fine any agent that does not abide by the MRED rules and regulations.

Any change in listed price or other change in the original exclusive brokerage agreement shall be made only when authorized in writing by the seller. The change shall be placed on the MLS Service within 72 hours after the authorized change is received from the listing broker.

For all CAR members, listings of property may be removed from the service by the listing broker before the expiration date of the exclusive brokerage agreement provided the seller and the listing brokers authorized the cancellation in writing.  For all MORE members, the broker and seller need to authorize a cancelation before it is canceled in MLS.

If notice or renewal or extension is dated after the expiration date of the original listing, then an updated exclusive brokerage agreement must be secured for the listing to be placed into the Service. Any extension or renewal of a listing agreement needs to be signed by the seller. According to the MRED rules and regulations, an email from the seller indicating what the new expiration date is will suffice.

Once a contract is accepted by the buyer and the seller, you need to change the status to PEND in the MLS. You  have 72 hours from when the contract was accepted by the buyer to change status of listing without receiving a fine. This also includes short sale contracts that have been signed by the seller and buyer, however not yet signed by the bank.

If it is your listing and it closes, always make sure to close the listing out within 72 hours of the closing and give proper credit to the buying agent by filling out the buyer agent information on the MLS. The status should be changed to say CLOSED.

If you sell a listing that is not yours, then make sure that within 72 hours of the closing, that credit is given to you on the buy side and your name is listed as the buy agent.

All listings except vacant land, new construction, confidential commercial listings and deeded parking slips must have a primary photo in the system within seven days of their entry into the system. If no photo is submitted, the listing will be placed in the HOLD status.

This is a recap of the Multiple Listing service’s rules and regulations. OwnACondo.com has a responsibility to make sure that all the agents are abiding by the MRED rules and regulations.

4Aug/100

OwnACondo.com Stays Compliant

Compliance is an integral part of the real estate business. At OwnACondo.com, we take Compliance very seriously in making sure that not only our company is compliant, but our agents stay compliant as well. We live by the Illinois Real Estate License Law Act of 2000, the Code of Ethics, the MLS Rules and Regulations and our company policies.

The Real Estate License Law is governed by the Illinois Department of Financial Professional Regulation. They see to it that all the Real Estate offices are in compliance. They keep a close watch on the Real Estate economy to make sure that the market is controlled.

The Code of Ethics is intended to serve as a guide to the everyday professional conduct of workers. The Code of Ethics covers, an introduction, duties to clients and customers, duties to the public, and duties to other realtors. There is mandatory ethics training requirements for new and continuing REALTOR members which was established by the National Association’s Board of Directors. This was done to heighten member awareness of the key aspects of the Code of Ethics. Also, they intend to create an awareness of and appreciation for the role the Code that should play in their professional lives. It is set up to enhance professionalism and competency; and to encourage REALTORS to view their Code of Ethics as a living, working guide in their daily dealings with clients, customers and the public.

The MLS rules and regulations govern all of the Multiple Listing Services. They enforce compliance for the MLS is a system full of information and knowledge and is set up to assist realtors in making their jobs more efficient, effective and organized. The purpose of the Service is to provide a multiple listing service to its Participants and Subscribers in order to allow those Participants and Subscribers to serve their clients and customers in the sale, purchase and leasing or rental of real property. These Rules and Regulations govern the relationship between the Service and each of its Participants. They also govern the relationship between each Participant or Subscriber.

At OwnACondo.com  company policies are put in place to make sure that all of the paperwork is completed within a timely fashion and that we have all the paperwork needed in case there is an audit. All of our company policies coincide with the governing bodies rules and regulations. As a result, the agents perform their jobs more effectively, they have everything in writing to protect themselves and our company runs smoothly and properly. We encourage this as a company for the benefit of all independent contractors, employees, fellow workers and the public.

23Aug/09Off

Selling a Condo

If you're looking to sell a condo but do not know how to go about it, this article may be of interest to you.  Selling a condo starts with choosing the real estate firm you would like to represent you. There are all types of real estate agencies out there today.  National brands dominate, but there are also the mid-size local firms and the small mom and pop type shops as well.  Where do you start, who do you choose?

My first suggestion is to start with finding a condo real estate brokerage first. There are all types of real estate firms, but if you're selling a condo, why not choose a real estate agency that specializes in selling condos.  Think if you own a Cadillac and you'd like to have someone buy it off of you.  Or better yet, let's say you want to buy a Cadillac.  You wouldn't go to a Lexus dealership for a Cadillac.  A buyer of a condo is going to end more often in front of a real estate agent that represents condominiums.  By going to a real estate company that specializes in the sale of condominiums, you're more likely to have an agent that will have a database of buyers that can potentially buy your condo immediately saving you time and money.

Think of the common sense.  All day long buyers are going to a "condo only" brand because they want to buy condominiums.  They're not looking to buy vacant land.  They have one purpose and that is to find the condo of their dreams.  So to start off, find a real estate brokerage that specializes in the sale of condominiums.  Once you've done this, you'll have to decide what real estate agent you'd like to represent you.  There are dozens of Realtors that work in an office and all are different.  You have to be very choosy on this.  My best recommendation would be to ask the managing broker to have three different people in the firm for you to do a face to face or phone interview with.  Remember, this will be a person that you'll be doing business with for possible the next six to twelve months.  You're going to want to get to know this person and their assets.

This is your start. Selling a condo starts with the company and individual within the company that will handle your transaction.  Choose them wisely.

5Jul/09Off

A Chicago Condo Company

What is a Chicago Condo Company? How do they differ from a brand real estate agency we’ve all heard of?  A condo company is a real estate organization that focuses on condos only.  But why a condo only company?  What will they do different? A Chicago condo company functions exactly like a normal real estate organization except they sell condominiums versus selling any style real estate that comes through their doors.

Let’s take an example of having a sore shoulder.  What type of doctor are you going to see?  You’re not going to go see an eye doctor, that’s for sure.  That’s the idea here.  You would look up a doctor that specializes in this area.  It makes all the sense in the world. Sore shoulder, shoulder doctor, bad eyes, eye doctor, sell or buy a condo, condo company.

How do real estate companies exist generalizing and not focusing on one niche in the business?  It’s been this way for so long that the general public really doesn’t know any better.  The idea of having a company that does nothing but focus on condos doesn’t exist on a national scale.  The consumer goes on line or down the block to the neighborhood agency.  But times are changing.  A condo company is needed and needed badly.  This is a volatile market.  It’s important that real estate agents really understand all the facets of condo ownership, condo association law, condo financing and the condo market.  They have to be on their toes understanding if an association running the condominium complex is under budget or over budget or if the association is funded enough for a crisis situation or is possibly on the brink of bankruptcy.

Having a condo company real estate brokerage specializing in this is good for the consumer.  That’s who it benefits.  In the end, the condo company will be limited in that it onl sells condominiums, but just like KFC that sells chicken, when you specialize at something, you get really good at it.  A condo company sells condos.  A real estate company that doesn’t specialize is something to truly look at if you want to place your investment in their hands.  There are always real estate agents in an organization that may specialize in one area of a metropolitan area or one type of real estate.  This ultimately is good, but wouldn’t it be nice if the entire company did nothing but sold condos and you were selling a condo?

3Jul/09Off

A Condo Relocation Company

If you’re looking to relocate to a condo in the Chicago area, or would like help selling a condo in an area outside Chicago, OwnACondo.com has opened up a relocation network of real estate agents that specialize in condos throughout the United States. As a condo relocation company, OwnACondo.com can network with the very best agents that do nothing but sell condominiums.

How it works: let’s say you live in San Diego and you’re looking to sell your condo but you need a specialist in your area.  Call us and in twenty four hours someone will call you that specializes in the area you want to sell your condominium.  Specializing in selling condos is the key.  You can get a home specialist by calling your local real estate agency around the corner, but it’s very important to have representation from a condo specialist.

As a condo relocation company, it is up to us to seek out the very best agents throughout all of the major metropolitan areas of the United States.  This is what we’ve done and continue to do. It’s critical to find the very best when it comes to condo representation.  This is your condo investment.  You need to treat it as if it’s your child.  Don’t hand it over to just anyone.  Selling a condo takes expertise and experience. 

Now you’ve sold your condo and you want to move to a city to buy another condo.  Call us and we’ll do the same thing.  We’ll refer you to a specialist that sells condos in the new city you want to live in. Condo relocation is easy.  Just pick up the phone and call us at 866.696.2266 and we’ll take it from there.  Give us the city you want to sell and the city you want to buy.  We’ll handle the rest.

Are you looking to finance your condo or insure your condo?  We can handle that as well.  OwnACondo.com’s website is geared to provide you with all the necessary resources to find anything you’d like when it comes down to owning a condo.

When it comes time to move locally or nationally, a condo relocation company can really make the difference in the efficiency of the move.  Make sure to make the call to an expert and ask several questions.  This is your condo investment.  It may be the biggest transaction of your life.  Make sure to treat it that way.

18Jun/09Off

A Condo Company

A condo company is important when buying or selling a condo.  The real estate industry is changing and people are specializing now. A condo company focuses in one thing; selling condos. Let’s break this down to fully understand the difference.

Think of a doctor one hundred years ago.  It went to him for just about everything.  If you had a battle with the flu or if you had an eye problem there was one person to turn to. As time went on, the specialists started to kick in.  There are now doctors for every part of the human body imaginable.

Think of a Realtor that does not work for a condo company.  He’s sitting at his desk and the phone rings with a seller of a one million dollar home in the city of Chicago.  They run out to meet the seller of the home, do all the due diligence investigating homes for the next three days and they finally list the house for sale. The next week this same real estate agent gets a call from a vacant land owner wanting to sell land in Hinsdale, Illinois.  The realtor goes through the same process but now with the piece of land in Hinsdale. 

When the year is up, this particular Realtor did twenty four presentations, two per month.  They did six condos, six homes, six apartment buildings and six vacant pieces of land.  They marketed all these properties and met four different types of buyers as well. This Realtor became the jack of all trades, learning about these four different arenas of real estate.

Let’s look at an real estate agent that worked for OwnACondo.com, a condo company dedicated to just condos.  The same real estate agent working for OwnACondo.com handled twenty four condo listings in the same twelve months.  They met the same amount of people but they have four times the amount of buyers for one product, versus twenty five percent for four categories.  They are not the jack of all trades but the master on one.

By being a master of one, you become better than anyone else.  That means more knowledge and more efficiency.  It means faster closing and sales.  It ends up separating yourself from the pack.

The time has come for a condo company and the one rising to the top of the heap right now is OwnACondo.com.  You can reach them 866.696.2266.

23May/09Off

Condo Company

There’s really only one Chicago condo company.  OwnACondo.com exclusively represents condos in Chicago.  Chicago condos are everywhere with more than 30,000 closing every year it just made sense to create a brand that focused on nothing but condos. Chicago condos need attention.  If you hire a realtor that sells land, homes, apartments and condos, is it better than an OwnACondo.com condo specialist that sells condos, condos and more condos?  No.

Specializing is what has made the World great.  Starbucks, heart surgeons, KFC; brands that specialize.  Remember 200 years ago when you’d have one doctor in town to handle every disease and ailment?  Crazy as it seems, it was only 200 years ago. Today, we have the man power to specialize.  Why not with condos?  There are too many things that need to be understood to sell a condo properly.  Condo financing, condo associations, condo law, the condo market…I can go on and on.

OwnACondo.com is a true condo only company representing condos all over the Chicago area.  In 2009 they will be representing condos in Miami, Los Angeles and New York as well. Eventually OwnACondo.com will be known as a national brand focused on condos only.  People will think only of going to them before choosing brands that generalize.

Where did the concept of a Chicago condo company start?  OwnACondo.com started representing groups that were converting apartments to condominiums. Once the momentum kicked in, they were known in certain circles as the best place to go to if you wanted a good deal for condos.  Word spread and before you knew it, they were becoming a force in the Chicago market.  Today, OwnACondo.com sits with almost one hundred Realtors servicing the entire Chicago condo market.  There are 35,000+ condos for sale in Chicago.  You should make sure you choose a condo company that knows the condo market.  It could cost you thousands of dollars if you don’t.

OwnACondo.com’s website will not only offer you a search of the more than thirty five thousand condos, but will allow you financing assistance, insuring your condo or renting your condo.  It has a number of services once you own the condo as well such as condo attorneys, condo staging, condo repair, etc.

There are thousands of real estate companies out there representing all kinds of Chicago real estate.  There is one company that represents one thing.  Condo, condos, condominiums and Chicago condos.  You get the point.  OwnACondo.com the best place to buy and sell condos.