There are worse things that Jennifer Ames could be called than “co-op queen.” But in just 2 1/2 years in the residential real estate business, the granddaughter of real estate mogul Louis C. Sudler Sr. has earned that reputation among colleagues and among a growing number of home buyers and sellers.
And that’s just fine with Ames, who previously worked as an investment banker, until she decided to follow family tradition. (Her maternal grandfather, Kellogg Fairbank Jr., also was involved in real estate. Her mother, Laura Fairbank Sudler, has been an agent for years. Her sister Nathalie recently joined them in business at Kahn Realty Inc.)
Like numerous other professionals, residential real estate agents are becoming specialists. Charlene Williamson of Sudler and Co. is well known for selling apartments in Gold Coast high-rises, particularly in her own building, Chicago Place.
“I cover that building mercilessly,” Williamson says. “Being a resident gives me inside information about the building such as its finances, management and which tiers have the best views. But I also know all about the neighborhood and its services and comparable buildings that are competition,” she says.
Jim Diamond and Susan Schreiber of the Diamond Schreiber Team at Kahn Realty’s Deerfield office specialize in still another niche: new suburban construction. They work closely with builders, developers, architects and other agents, often acting as the middlemen with their buyers.
“We saw that there was a need for someone specializing in new construction,” Diamond says. “A lot of people pooh-poohed what we did in the beginning because they equated the North Shore with older homes, but we recognized that other people wanted all new and instant gratification and were beginning to tear down and build homes. Yet, many didn’t know how to work with developers and builders and arrive at a price for land and construction.”
Today, you can name almost any type of housing stock, in almost any geographic area and at any price point and there are agents who know those markets like the back of their hands or at least the back of their multiple listing sheets.
Some agents, such as Janet Owen of Sudler and Joan Armstrong of Koenig & Strey, are known for selling “upper bracket” properties–those that cost upwards of $750,000 or closer to $1 million. Others, such as Frederick Carmean of Kahn Realty, work mostly with first-time buyers seeking homes in the $200,000 range.
Such specialization has occurred for a grab bag of reasons:
– Increased competition requires finding a niche in order to stand out in a more crowded field of agents. Which niche an agent chooses to zero in on is dependent on a variety of factors. Beth Kolman Wexler became a specialist in new construction at Jameson Realty Group in part because her firm deals with so much new housing and in part because she is young and her contacts primarily seek spiffy new condos and townhouses. “They think it’s the only way to make some money in the market and get everything new and under warranty.”
– The consolidation of real estate firms, sometimes into nationwide chains, is spurring many of them to look for a range of specialists, plus some generalists, to cover all their requests. Century 21 Investors at 900 W. Armitage Ave., for example, has 48 agents who represent a good mix, says managing broker Jose Baez.
– The greater diversity of housing products on the market than in years past has made it impossible for many agents to master the nuances of every market. For example, the proliferation of lofts throughout the city and not just in “fringe” neighborhoods has inspired many agents such as Diana Garber of Koenig & Strey to focus on this popular genre.
– The change two years ago in brokerage laws has encouraged many agents to become stronger advocates for buyers, whereas before they represented sellers. Many divide themselves along those two lines, preferring to be listing agents for sellers or brokers for buyers. Williamson prefers to list properties; Carmean describes himself as 60 percent buyer- and 40 percent seller-oriented.
At the same time, a cadre of generalists remain active and extremely successful, and include a hefty number who’ve worked in the real estate profession for years. Some buyers or sellers may prefer to go with this breed or at least start with them in the same way that they first see an internist before a specialist.
“Part of being a good agent is being sure you know all the possibilities to educate your buyers, which requires time and being a generalist,” says 16-year veteran Eudice Fogel of Rubloff, who’s among her firm’s top producers.
“By being a generalist I’m more flexible,” she adds. “If we take a step toward a different neighborhood or type of property, they may find just what they want. Being a generalist helps the Realtor since markets tend to be cyclical. The townhouse market is strong while vintage high-rises are tough unless they include parking.”
Elizabeth Ballis of Prudential Preferred Properties agrees about the advantages of being a generalist, though she tends to limit herself to her own Lincoln Park and nearby Gold Coast neighborhoods. “I’ve lived in the area, been president of the Lincoln Park Chamber of Commerce and had children in the area schools. It’s what I know the best, though I’ve handled other properties.”
Millie Rosenbloom of The Habitat Co. also considers herself a generalist with a sub-specialty in listing and selling apartment buildings, businesses, land and even golf courses.
As a result of these shifting roles and the changes in the marketplace, it’s more crucial than ever to hire the right agent to meet your particular needs. If you have absolutely no idea of the type of house and area you want, start by asking friends and colleagues for recommendations of agents and firms that they like.
If, however, you have some clue, mention that to friends who can help you zero in on a few names or scan real estate ads in newspapers and magazines for those specialists. Also take notes when you see for-sale signs in various neighborhoods. You should begin to keep hearing and seeing certain firms and names associated with your desired housing stock, location and price range.
Call and interview three or so agents who suit your needs. Don’t just ask how many listings they’ve had for the type of property you’re most interested in buying or selling, but how many they’ve also closed on, what they truly like to work on and what particular marketing tactics they tend to use for selling.
For instance, cooperative apartments require understanding and sharing the information that the assessments aren’t necessarily higher than those for comparable condominiums, because those assessments include real estate taxes while condo owners pay such taxes separately, explains Ames of Kahn.
Experienced co-op agents also know how to circumvent the perception that co-ops are harder to buy and get into since the boards of many buildings, which formerly insisted on all-cash sales, now allow financing. “Good agents come prepared with a list of banks that make such loans,” Ames says.
Ames also counsels her clients regarding the reference letters they’ll need, which she binds together with a table of contents so it resembles a business plan. And she coaches potential buyers for the interview before the co-op board that’s also required.
Melissa Murphy and her husband recently decided to hire generalist Fogel to sell their DePaul single-family home after interviewing several specialists.
“. . . Her knowledge of the market seemed the most comprehensive,” says Murphy. In the first 14 days the home was on the market, it generated 11 showings.
Finally, no matter which type of agent you end up selecting and whether you are buying or selling, the consensus remains strong that he or she should be creative and aggressive. “There’s too much inventory and too much competition to allow anyone, even a specialist, to sit back,” Ames says.
Williamson agrees. “You have to create excitement whatever and wherever the property is. I was the third broker for a house that wasn’t selling. I told the owner that it was dirty and needed to sparkle. We went to a nursery, spent $500 on some trees and flowers, and hired a cleaning service that scrubbed the bathrooms and waxed the floors. Then, I called in a friend who put on an art and jewelry exhibit, and I arranged a fancy lunch. More than 125 brokers came to an open house and someone came back with a buyer the next week.”
