Industry Insider, Kathy Muno, Prudential American Heritage

Kathy Muno, one of the top-selling agents for Prudential American Heritage in Elk Grove Village, brings a unique perspective to her work.

She owned a Hallmark store for many years, so she approaches real estate from a retail perspective. In addition, since she entered real estate just when it was heading into tough times, she never knew the easy times when selling homes took little effort.

“Agents today really have to work hard because this business is based on referrals and if you don’t make people happy, you won’t get referrals,” she said.

With her retail background, Muno says she is “into merchandising,” which involves putting together extensive booklets about each of her listed properties. The booklets include floor plans she has drawn, photos, lists of features and information about the neighborhood.

For example, some of the features Muno would list are often overlooked ones, like the radiant heat in the floors of a house she now has listed.

“My booklets actually add value to homes because when people tour a number of properties, they tend to forget which house had what. My booklets make my properties stand out from the competition.”

And when it comes to advising buyers, Muno said she is very creative and enjoys envisioning possibilities for houses, giving potential buyers ideas about how they can arrange furniture or make minor, but important, changes to make a home more charming or livable.

Muno also believes her properties must be accessible because you never know when your next buyer is coming. She makes use of electronic lockboxes so that other real estate agents have ready access. She is also willing to show properties at times when many agents will not. For instance, she showed properties on New Year’s Day.

“I also believe in open houses. Even nosy neighbors who just want to look at your house and know the listing price might mention your house to a co-worker or friend who is actually in the market,” she said. “So I believe open houses are worth the effort.”

What are you seeing in the current Chicago area market?#147;There are lots of properties on the market but many of them need extensive repairs and many buyers aren#146;t interested in a fixer-upper. They are very picky about finding the right house in good condition in the right location, thanks to them watching a lot of shows (on channels) like HDTV. So they want to look at everything available to find a house in move-in condition with stainless steel appliances in just the perfect location for them.#148;Consequently, many people become serial lookers who never buy because they can#146;t find exactly what they want. But those who are truly ready to move or in need of a new house can find something to make them happy, she said.How do sales differ between single-family and multifamily units now?#147;It is much tougher to sell a multifamily unit because they have been overbuilt, associations are having problems and the prices on single-family homes have come down so much that the young people who would have purchased a less expensive multifamily unit first, no longer need to do that.#147;In addition, most multifamily units are cookie-cutters of their neighbors. In order to sell a condo or townhouse, you must make sure it stands out both price and condition-wise.#148;The fact that many associations don#146;t allow rentals is also hurting sales, she said.#147;They think that they are protecting themselves by making those rules, but the opposite is true. Prohibiting rentals takes a future option away from a potential buyer and makes them more likely to purchase elsewhere.#148;Are first-time buyers with no home to sell taking advantage of the low prices and interest rates?#147;Yes. I sold one just a few weeks ago. I am seeing more young people who have saved their money and are willing to start small and work their way up. I tell them that I would rather fix up a house myself because then I know that quality of the work behind the walls.#148;How would you define a #147;motivated seller?#148;#147;A motivated seller is someone who has equity in their home and knows that even though they may be selling their home at a low price, they can also turn around and buy another house at a fantastic price. Percentage-wise, they will come out way ahead.#148;How have gas prices and the recession affected where people are looking?#147;People are definitely trying to move closer to Chicago while the prices are low. Gas is a big worry for people so they are trying to get closer to their jobs and to public transportation. Some are even renting out their houses in Algonquin, Elgin and Lake-in-the-Hills until they can sell them.#148;What needs to happen for the residential real estate market to permanently recover?#147;First of all, until the job market recovers, the real estate market can#146;t recover.#147;But something also needs to be done to help those facing foreclosure. Many owners are so underwater on their mortgages that they are finding it easier to just let their home go into foreclosure instead of working hard to save it. The shame that was once associated with foreclosure seems to have disappeared because so many people are in the same boat.#147;We need to return to the old values of putting more money down on our houses and working harder to save. People need to remember how to distinguish between wants and needs. There is a difference. Just because you #145;want#146; something doesn#146;t mean you #145;need#146; it.#148;