Our goal is to procure the highest price for our client’s properties by creating the most efficient and competitive marketplace possible. While we tailor each marketing process to the specific needs of our clients, the following steps represent the overall strategy by which we represent sellers.
Step 1: Establishing Offering Price
Prior to entering into a listing assignment, Essex conducts a thorough analysis of our client’s property. We believe in providing an honest and thoroughly researched analysis that enables our clients to make the best decision possible.
Step 2: Preparing Marketing Materials
Essex creates a thorough marketing package for each of our listing assignments. This book contains, but is not limited to, an executive summary of the property, a current operating statement, an accurate rent roll, property tax and assessment details, rent comparables, sold comparables, and any other information that helps to showcase a property in its best light. We do not use a standard template; rather, we tailor the marketing book from scratch for each property, ensuring greater attention to detail.
Step 3: Marketing and Property Tours
Essex has compiled a database of each apartment owner and investor throughout Chicago and suburbs. This enables us to efficiently and thoroughly target the highest probability buyers. We focus our marketing efforts on direct contact. This includes face-to-face presentations, telephone calls, emails, mailings, and newspaper advertisements. This proactive approach leads to greater excitement, activity, and number of offers for our clients’ properties.
Essex agents conduct showings of each listing in a discreet manner to avoid disrupting current building operations. Furthermore, we pre-screen potential buyers to ensure they are financially qualified to undertake the transaction.
Step 4: Coordinating and Negotiating Offers
The cornerstone of Essex’ success is our ability to bring our clients the highest price and most favorable terms for their property. Essex agents average more than ten years of real estate experience, increasing the likelihood of a successful transaction.
Step 5: Due Diligence and Closing
Essex helps to coordinate due diligence, including on-site inspections, appraisals, or walkthroughs from outside contractors. As a fiduciary and advocate, we believe that our presence during this pivotal stage dramatically increases the likelihood of a successful closing.
Essex’ assignment is not complete until the transaction has closed. Essex has worked with virtually all of Chicago’s top lenders, attorneys, appraisers, environmental and engineering firms. These relationships better enable us to work through problems that may arise.