CR Magazine – Autumn 2018

Top Producer Market Trends
and Observations
Six Chicago REALTORS ® met at Prime & Provisions
over the summer, in conjunction with Modern Luxury
Chicago Men’s Book, to discuss trends in the luxury
market. Sam Jenkins, Compass Real Estate, Jason
O’Beirne, Jameson Sotheby’s International Realty,
Joanne Nemerovski, Compass Real Estate, Bruce
Glazer, @properties, Owen Duffy, Fulton Grace Realty
and CAR president Rebecca Thomson, Thomson
Real Estate Group, offered their takes on the market,
the amenity race, marketing and more!
BUYERS WANT AMENITIES
Joanne Nemerovski noted that in luxury condo
developments, buildings are putting in incredible
amenities such as a virtual golf course, sprawling
dog runs and health clubs. “I think they are having to
compete with some of these rental buildings,” she said. “When you walk
into some of these rental buildings, you feel like you’re on vacation.”
Owen Duffy is seeing demand for higher end amenities in market rate
condos. “Whereas two or three years ago, smart home technology was
more of a wish or a want, I’m definitely seeing buyers viewing this as
an expectation — at all price points,” he said. In particular, he predicts
electric car chargers will rise to the top of many buyers’ wishlists within
the next five years.
Sam Jenkins observed that buyers are no longer accepting anything
but top-of-the-line finishes for homes in their neighborhoods, something
he said developers need to be aware of. “The demand for finishes
has changed dramatically post-recession,” he said.
CAR president Rebecca Thomson, Thomson Real Estate Group, Owen Duffy, Fulton Grace Realty , Bruce Glazer, @properties,
Joanne Nemerovski, Compass Real Estate, Jason O’Beirne, Jameson Sotheby’s International Realty, and Sam Jenkins,
Compass Real Estate.
to seller demand. “People who are selling their home want an agent
who has a following on social media and we’re seeing that more and
more,” he said.
Perception is reality, so building a large following communicates value
to potential clients.
DON’T IGNORE YOUR NETWORK
O’Beirne noted the importance of knowing where your network is,
as sometimes, where a bar is opening or where younger people are
moving can be lucrative trend indicators. “If you hung out in Bucktown
with residents, they would tell you that’s where you should invest your
money,” he said. “But it took ten years before big money figured that
out because they followed financial studies or Crain’s reports.”
Rebecca Thomson asked the panel if the competition between buildings
to provide the best amenities could potentially price out potential buyers
unwilling to accept higher assessments that come with such amenities.
Duffy said other REALTORS ® are a valuable resource towards helping
him stay up to date. “We have an absolute army of real estate agents
out there.”
Nemerovski said one building, No. 9 Walton, took a different approach
to those concerns. “Nobody said, ‘This is a great value,’” she said.
“They’re saying ‘This is the highest quality and the best amenities, and
we have an unbelievable building. If you can afford it, come be part of it.”
Jason O’Beirne said in a softening market, a home with middle of the
road finishes and amenities are not attractive to many buyers, making
it very hard to control pricing. “The big takeaway I had when I was in
real estate in 2008-2009 was, don’t get stuck in the middle. Either be
minimalist and price accordingly, or be ultra luxury.”
COMMUNICATE YOUR WORTH
Duffy said many in the industry are seeing value in growing their follower
counts on Instagram, LinkedIn and Facebook in response
Bruce Glazer uses social media as more than a marketing tool. Glazer
said he’s a member of many smaller neighborhood Facebook Groups
to help gain a more a local perspective.
Glazer also leverages technology to stay in front of clients and retain
his business. Glazer said he uses a CRM called Follow Up Boss,
especially useful for a feature that automatically sends short replies to
messages from clients.
“These days, when people click on a property that they’re interested in,
they want a reaction from the broker right away,” he said.
For digital tools REALTORS ® can use to maintain their book of business,
visit ChicagoREALTOR.com.
www.ChicagoREALTOR.com 33