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My wife's parents will be moving from Pittsburgh to Chicago to join us.
My parents will be moving from Philadelphia to join us
So by the end of 2011 we will be buying three places.
My parents are high rise city dwellers so will move near the city in an area called the 'gold coast'. We like to live about a mile further out, will be looking for a home with a yard in an area called Lincoln Park. The in laws will be buying a condo in the near 'burbs with mass transit into the city. Most likely Evanston.
I'm guessing that between the three of us we will spend at least $2M.
Should I try to coordinate with one realtor or should I deal with three different Realtors, since each person has very different requirements?
Or should I deal with a major name and coordinate with say Prudential and ask them to have the three agents work together?
Lincoln Park and Evanston are two totally different markets. You will need different real estate agents for those. Not sure what other area you will be looking at.
Seriously get agents that know those local markets and know them well. Agents from different companies can talk to each other too. Pick good individual agents. Forget going with a big company just for the sake of going with a big company. Pick the best agents you can find...regardless of company.
I think the couple looking at Evanston (although I really have to say that is a bit of an odd choice...) might be better served by a real estate agent that works that market exclusively.
I see no problem using the same real estate agent for Gold Coast & Lincoln Park, lots of over lap there.
You realize that the commuting distance and paths from Evanston even with mass transit are nothing special. As the inlaws retired? Evanston is very pricey, and really would not be noticeably different than condo living in similar parts of Chicago itself...
I think the couple looking at Evanston (although I really have to say that is a bit of an odd choice...) might be better served by a real estate agent that works that market exclusively.
I see no problem using the same real estate agent for Gold Coast & Lincoln Park, lots of over lap there.
You realize that the commuting distance and paths from Evanston even with mass transit are nothing special. As the inlaws retired? Evanston is very pricey, and really would not be noticeably different than condo living in similar parts of Chicago itself...
1) inlaws are retired
2) Would like to be able to walk to a market
3) would like mass transit
4) I don't want them too close. They drive me nuts
You really need to realize that there are LOTS more options than Evanston. Honestly if they like to walk and you are worried about too far you could look to South Loop, West Loop, River North and probably half a dozen other areas that are still "not too close" to Lincoln Park.
If you had to sell 'em on a condo I think you will have an easier time in Chicago than Evanston unless they have more to spend than you do and want something in Evanston near Lake Michigan or some ties to Northwestern...
There is a GLUT of overbuilding in Chicago that is unprecedented and will result in much better pickin's then Evanston or any other desirable town. It would be much easier for an experienced buyers agent to know the broad retiree market in all parts of desirable Chicago areas for both your parents and in-laws, as well as being familar with more family oriented option for you.
The sticking point(s) I would see might include the difficulty of both sets of parents getting equally "good deal" but that is something that I hope you have a strategy to deal with -- could create more tension if you are seen as orchestrating a "better deal" for one side of the grandparents.
I don't know the Chicago area, so maybe that is true.
HOWEVER, I would say that getting an experienced agent who is familiar with market activity is the most important thing. That might mean getting 3 agents, but not necessarily.
In my area (admittedly, much smaller than Chicago), the good agents are familiar with not only the Boise metro, but also Meridian, Eagle, Kuna, Nampa, Caldwell, and many smaller communities in the area. That is about a 30 mile distance over 2 counties. Just because it is a different town, doesn't mean the same agent may not know the area.
Don't let the "get more than one agent" mindset override the "get a GOOD agent" idea.
The exception to this would obviously be if they are separate MLS's. In that case, the agent may not have access to information, and you may HAVE to have different agents.
Wanted two different views.
Real estate agents - who would have views from the agents perspective
Chicago Natives - Who would have experiance working with agents.
I would like to hear the pros and cons from both sides.
As I formerly made a living as a real estate agent, I will comment on the agent aspects here. (I talked about the Chicago specifics in other thread).
The biggest plus for YOU and the agent is that commission on TWO condo of about $500k each and a SFH of about $1M is going to pay for a lot of gas, emails and phone calls -- you ought to be able to basically have a "got to" guy or gal that is really responsive. Now it might be a little tricky to get an agent to fully commit to this situation (for starters they'd be right to worry that one or both set of parents might go flakey...) and as the weather improves and (hopefully) market improves the agent might be tempted to try and knock off some easier sales (never all that much fun getting involved in knotty family issues) BUT I still think this could make sense.
The biggest negative is scheduling / emotion-- assume you are out of town now and get into town together this agent will need a BUS to get everybody to showing and then you are dragging around SIX or more potential deal killers instead the more usual husband /wife "dynamic duo of doubts"...
The best situation MIGHT be with a "team" either husband/wife or "paired agents" that can devote the kind of resources needed to get THREE DEALS to close in a short time frame AND smooth over the inevitable frayed nerves of relocating THREE households over several states!
I completely disagree with Chet. I'm from the Chicago area orignally and went to school at NU in Evanston. You NEED different agents for Lincoln Park and Evanston. If you are strictly looking for a door opener than his idea has merit. If you are looking for an agent to really know the scoop on the local market. Different agents.
This isn't about expenses. It's about good real estate service.
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Well in that case...
