Articles

Client: Institutional Real Estate Investment Firm

The Challenge

This bank owned condominium in Chicago was in poor condition and being marketed as-is. After a few weeks on the market it was determined that most buyers did not want to remodel a unit in a building that had a strict homeowners association and that finding contactors willing to do the work would be a difficult task.  The seller felt the same way until we laid out a plan that would allow our team to identify the contractors and oversee the project. There is a difference when hiring a project manager instead of working directly with a general contractor when considering renovating a property. Institutional property owners will most likely have to choose if their firm is equipped to identify general contractors and subcontractors that will complete the renovation project on time and within budget. They will also be faced with having to physically oversee progress including the quality of work which can be difficult if you are not near the property.

The Solution

The Parkvue Team eliminates the painful process of having to worry about these challenges and act as your one point of contact that will provide detailed reporting and complete project planning and oversight. As project managers we will be able to hire and fire contractors throughout the process making it a seamless experience limiting stress on the property owner. We quickly planned a design and layout based on comparable remodeled units that had the highest priced sales in the area. We immediately contacted our approved repair contractors who we worked many times and ordered complete construction estimates. We presented the design renderings and estimates to the seller and after approval we worked with the homeowner association for board approval and pulled permits necessary to begin work. We completed the renovation in 5 weeks then relisted higher than market value and sold the property within 10 days. The seller did not have to take a loss and actually capitalized. The end result was a huge success for the owner and our team as well.  

Challenge accepted, property renovated and sold, REO seller satisfied!