WBEZ Chicago • 8th January 2024

Renovating Chicago’s historic Thompson Center

The Thompson Center, was home to the Illinois state government outside Springfield. Google bought the 1.2 million-square-foot building back in 2022 for $105 million.

Chicago is rich with architectural history – and how long one leg of that history sticks around is now in the hands of Google. The tech giant purchased the Thompson Center in Chicago’s Loop in October 2022 with plans to breathe in new life.

Reset digs into that architectural history and learns more about its future.

RealEstateNews.com • 6th January 2024

Most agents barely making it in this ‘part-time industry’

In its latest report, the CFA continues to cast a critical lens on what it sees as a bloated industry where too few agents can succeed.

Real estate sales has a relatively low barrier of entry — nearly anyone can become a licensed agent with as few as 40 hours of education and a small financial investment. But that doesn't mean success comes easy.

In a challenging market, and at a time when the industry may be forced to change, it has only gotten tougher for the massive number of agents.

RealEstateNews.com • 27th December 2023

Here’s why 2024 will be 'the year of hunkering down'

Mikaela Arroyo of John Burns Research says homebuyers will prioritize affordability over 'bells and whistles' and accept smaller homes that meet their needs.

While interest rates have dropped significantly in just the last couple of weeks, it's still anyone's guess what kind of economic environment homebuyers and sellers will be facing next year.

Chicago magazine • 19th December 2023

The Thompson Center Is Dead. Long Live the Loop Googleplex.

“The idea of selling the Thompson Center is the right one, and hopefully someone buys the building and repurposes it,” the building’s architect, Helmut Jahn, told me when I spoke to him for a Chicago magazine story published back in May 2018.

At the time, the future of the beleaguered 17-story postmodern behemoth was uncertain, though state leaders had been actively selling the public on the idea that the site could and should be sold to a private developer, scraped and cleared to make way for the construction of a new supertall tower.

RealEstateNews.com • 18th December 2023

What happens with mortgages if there’s a recession?

Even if the hoped-for economic “soft landing” isn’t so soft, don’t expect to see a wave of short sales and foreclosures next year.

Though mortgage rate relief appears to be on the horizon, it's still anyone's guess which direction the housing market will go in 2024.

The threat of a recession still looms in the background — as it has for at least the last year — which could hinder hopes for an economic "soft landing" and a revival for the real estate market.

RealEstateNews.com • 21st November 2023

Homes.com fires back over traffic claims, buyer agency and trust

Homes.com made a splash at this year's NAR NXT conference in Anaheim. The CoStar-owned search portal sponsored shuttle buses, plastered ads and banners throughout the convention center, and held the largest space within the exhibition hall.

Dave Mele, president of Homes.com, said the company didn't "have anything to sell yet" to agents at the expo, but plans to roll out a new membership program at the end of Q1.

Streetsblog Chicago • 9th November 2023

Metra: We want to accommodate bicycles on 100 percent of trains

Metra revealed some of its plans to accommodate more bikes on more trains in a first-of-its-kind presentation and Q&A on Monday night. (The video recording is embedded below.)

The meeting occurred due, at least in part, to consistent appearances and comments at Metra board meetings by a handful of riders who have spoken up about being blocked from boarding with their bikes, inconsistent application of Metra's bikes on trains policy, and other irritations.

Streetsblog Chicago • 26th October 2023

A day trip using Metra to explore Chicago’s suburban trails, forest preserves, and breweries

Having Metra rail connect the core of Chicago with the broader metropolitan area — including Indiana and Wisconsin — is one of the greatest perks of riding bikes in this region. The commuter railroad offers bike riders the ability to take a quick day trip, plan a weekend bikepacking adventure, or even leave on a more ambitious regional (or national) bicycle tour.

Recently, Metra launched a promotion along its Heritage Corridor — which starts in Union Station and follows the Des Plaines River southwest to Joliet — aimed at cyclists.

Streetsblog Chicago • 28th September 2023

Earth Rider Cycling closing in October after five years on Milwaukee Avenue - Streetsblog Chicago

Earth Rider Cycling owner Sharon Kaminecki opened her storefront at 1873 N. Milwaukee in Bucktown five years ago, and will permanently close the door to her shop in mid-October.

The closure comes after a sluggish couple of years of business following the pandemic bike boom and uncertainty about the future of the local bicycle retailing industry, she told Streetsblog. But the 71-year-old shop owner said that she’s also ready to “try retirement,” spend more time with grandchildren, and travel.

RealEstateNews.com • 1st September 2023

Ex-Zillow CEO: NAR lawsuits ‘a seismic event’ for agents, portals

Spencer Rascoff said home search portals may need to pivot in a world where buyers agents are no longer paid via the listing agent’s commission.

As class action lawsuits threaten to upend agent compensation practices, the industry may need to prepare for a future where agents will have to discuss exclusivity and compensation upfront with clients.

But how would the major home search portals fare in a world where buyer agent compensation is decoupled from the listing agent's commission?

RealEstateNews.com • 8th August 2023

RE/MAX CEO: Don't expect to 'get rich off somebody else's back'

At a conference this week, Nick Bailey said the company’s value lies in its strong brand identity and agent experience — not downlines or profit sharing.

At RE/MAX's Broker Owner Conference this week in Chicago, company leaders reaffirmed the brokerage's commitment to its agents but also took aim at competitors.

A blog post about the event published by RE/MAX on Monday appears to target firms that utilize revenue-sharing models, such as eXp and Real.

RealEstateNews.com • 1st August 2023

HELOCs now a riskier proposition for investors

The near-record level of equity U.S. homeowners currently have in their properties — roughly $28.7 trillion, according to the Fed — may be a tempting source of funds for consumers who are feeling squeezed by the ever-increasing cost of goods and rising credit card debt.

But home equity lines of credit are a much riskier proposition today than they were just a year or two ago, thanks in large part to the steep increase in borrowing costs.

Streetsblog Chicago • 12th July 2023

CDOT: Leavitt greenway will be an important new low-stress street connection

On Monday evening, Chicago Department of Transportation staff and representatives from the 32nd, 40th, and 47th ward offices presented details for the planned Leavitt Street Neighborhood Greenway project to a virtual audience of roughly 90 people. The project will represent an earnest push towards creating additional “low stress” corridors and improve safety for bicyclists, pedestrians, and drivers, Brad Huff, manager of the Complete Streets program at CDOT told the audience.

RealEstateNews.com • 12th July 2023

Former Keller Williams CEO returns in consulting capacity

Mark Willis, who previously served as both president and CEO at KW, is rejoining the company to assist with its market center growth.

Former Keller Williams CEO Mark Willis has returned to KW leadership, turning the page on a contentious chapter in his relationship with the company.

Keller Williams announced today that Willis is taking on a "strategic consulting" role, assisting with market center growth and expansion and stepping away from a potential role with eXp Realty.

RealEstateNews.com • 6th July 2023

Steve Baird: Brokerage owners ‘need to focus on what we can control’

Baird & Warner is one of the most prominent names in real estate in the Chicagoland area. And it's a family name that goes far back — far enough back that the business pre-dates the American Civil War.

Steve Baird, owner and CEO of the storied brokerage, took over the family business three decades ago and has seen multiple booms and busts. He views success through a broader lens than sales volume, though Baird & Warner currently ranks 36th in the nation among brokerages by sales volume.

RealEstateNews.com • 27th June 2023

eXp CEO reveals Homes.com talks and new twist on recruiting

During a video presentation with other company leaders, eXp CEO Glenn Sanford discussed several key initiatives that the company is working on that could be "total game changers" for its army of 87,000 agents.

Of particular importance in last week's eXp State of the Union presentation, hosted by self-described eXp "rainmaker" Brent Gove and also featuring Chief Growth Officer Michael Valdez and agent Jay Kinder, Sanford revealed that eXp is in discussions with other major players about forming exclusive, strategic partnerships.

RealEstateNews.com • 22nd June 2023

‘Agents are core’: Zillow's push to win over agents, innovate through tech

Zillow's impact on the real estate industry has been a divisive topic among agents since the company blazed onto the scene nearly 20 years ago. Some view Zillow as a disruptor and a threat to their livelihood, while others have built their business around Zillow's Premier Agent offering.

Errol Samuelson, chief industry development officer for Zillow, says the listing search giant is doing even more for agents than it has in the past, while also striving to provide a superior consumer experience.

RealEstateNews.com • 14th June 2023

Why Zillow thinks its model wins for consumers and agents alike

As the heavyweight champion of real estate listing search sites, Zillow has held tight to its position as the most popular consumer portal. But it's Zillow's relationship with agents that competitors see as being vulnerable. And being at the top of the pack, all targets are locked on Zillow.

How does Zillow think about agents? And what kind of value does the company provide to both consumers and industry professionals?

Errol Samuelson, chief industry development officer for Zillow, sat down with Real Estate News for an exclusive, in-depth interview to discuss the company's business strategy, "pro-consumer model," and evolving "super app."

RealEstateNews.com • 26th May 2023

CEO of fast-growing platform pitches ‘brokerage as a service’

Sam Sawyer, CEO of Pinnacle Realty Advisors, got his real estate license in Dallas at just 19 years old, he told Real Estate News. He built up a traditional, boutique brokerage over the following years, then ended up selling his business to Compass. But after a short stint with the mega-brokerage, he decided to move to San Francisco to get into mortgage fintech and away from the brokerage world.

It was while working in the Bay Area that Sawyer saw an opportunity to start a new model for residential real estate.

"We think of it as 'brokerage as a service,'" he said. "You know, similar to the term 'software as a service,' where agents can take the plan they want, they pay a monthly fee, there's very transparent pricing, and it's very clear what services they get."

RealEstateNews.com • 24th May 2023

CoStar CEO's 'super simple business concept': Support agents

With a market cap of $32 billion, CoStar Group has the resources to take on industry heavyweights Zillow, Realtor.com and Redfin, and the company is making a valiant effort with its Homes.com platform. It's an ambitious challenge, especially at a time when listings are down and technology is changing rapidly.

In an exclusive in-person interview with Real Estate News, CEO Andy Florance shared his thoughts on how the top real estate portals stack up, his strategy to win with Homes.com, CoStar's relationship with NAR and MLSs — and why agents shouldn't fear the industry giant.

RealEstateNews.com • 17th May 2023

Homes.com could become No. 2 search portal in 12 months, says CEO

It has been just over two years since commercial real estate giant CoStar acquired residential search portal Homes.com, and the company has invested a tremendous amount of money and effort into growing the platform in that time. While Homes.com has witnessed a substantial uptick in traffic — a 113% increase year-over-year, according to Similarweb — the site still trails leaders Zillow, Realtor.com and Redfin by a wide margin.

But CoStar CEO Andy Florance remains confident that Homes.com will be a big success, and he predicts the site could become the second most-visited portal by this time next year. It won't become a contender by sheer brute force, however. It will succeed because it has a fundamentally different business model, said Florance.

RealEstateNews.com • 13th May 2023

David Doctorow: The future of Realtor.com, and this ‘moment of truth’ for agents

David Doctorow joined Move Inc, parent company of Realtor.com, as CEO in February 2020, just weeks before the real estate market — and the global economy — would be turned on its head.

A little over three years later, the economy remains in flux, and the industry continues to face strong headwinds, including a lackluster spring market with too few listings.

"You have right now three Realtors in the nation for every listing that's out there," Doctorow said at the recent T3 Leadership Summit. "This is a moment of truth for agents."

RealEstateNews.com • 3rd May 2023

Top brokers talk industry’s biggest challenges — lawsuit and all

What are the top issues on the minds of brokers?

That was the question asked during this week's T3 Leadership Summit in Naples, Florida, where the leaders of four fast-growing brokerages shared their thoughts on some of today's biggest issues (and opportunities).

The leaders featured during the broker panel were Dan Duffy, CEO of United Real Estate; James Dwiggins, co-founder and CEO of NextHome; Michael Saunders, founder and CEO of Michael Saunders & Company; and Laura O'Connor, president and COO at JPAR.

RealEstateNews.com • 2nd May 2023

CoStar’s Andy Florance takes direct aim at Zillow

The portal race — a contest among listing sites to not only win the most user traffic, but also provide the most value to consumers and agents — is in full effect. At least, that was the clear message from CoStar Founder and CEO Andy Florance during his conversation with T3 Sixty CEO Jack Miller during the T3 Leadership Summit in Naples, Florida.

CoStar's Homes.com platform has been witnessing significant growth in recent months, but Florance says that ultimately, the strategic differences in how his platform treats agents and consumers will be key to climbing the portal ranks — and taking on heavyweights Zillow and Realtor.com, or "Zilltor," as Florance referred to them.