Remax Looks to Guide Home Buyers Through the Maze

A spacious office on the second story of the Atrium complex that overlooks the busy intersection of U.S. Route 30 and Schoolhouse Road in New Lenox is occupied by Remax realtors. From their treetop position, perched above the busy intersection of U.S. Route 30 and Schoolhouse Road, brokers Leo Koulouris and Don Benkendorf, witness more than 20,000 vehicles daily passing through to destinations that mark the drivers' lives.

These drivers, many of which are Remax clients, are not merely considered part of the unknown masses of society; they are individuals and families that need assistance navigating the difficult landscape of the real estate market. 

Since the downturn in the economy, Koulouris and his team of 21 agents, including his wife of 32 years, Sherry Koulouris, utilize their bird's eye view position to guide clients toward realization of their home buying and selling goals.

In today's market, buying and selling continues, but it's at a slower rate, said Leo Koulouris, who together with Benkendorf have owned the Remax franchise since 1995. The primary market is composed mostly of first-time buyers because their jobs are more secure and they have no contingencies to delay the final closing-of-a-deal process.

"We spend a lot of time" listening to their desires and then guiding them toward realistic outcomes, he said.

In this economy, real estate nomenclature has changed. Taking advantage of a short sale—a practice that wasn't on the horizon four or five years ago—is a viable option. But it's up to the agent to explain the ins and outs of the process. In short, the short sale requires patience due to bank and primary mortgage insurance approvals. The 90-day sale-to-close practice doesn't apply to special circumstances. However, it remains to be a worthwhile process for first-time buyers without a contingency.  

A native of the southwest suburbs, resident of New Lenox for 26 years and real estate professional since 1991, Koulouris is steeped in a commitment that emphasizes the idea of "home." Because a client has to make that structure a place in which he or she can live comfortably, Koulours dons an advisor's hat. It's more than showing the house, condominium or townhouse. It's discussing and educating clients about the true costs associated with owning a home.

"We spend a lot of time talking about taxes. Keep in mind that (roughly) 2.3 to 2.5 percent of the purchase price—that's about where you're taxes are going to be."

A former iron worker with loads of savvy about at-home fix-up projects, Koulouris said he focuses on the practical side of buying a home. Walking through homes with young couples, their eyes full of dreams and images of over-the-top residences—the kind featured on television shows—Koulouris said he points out the specifics of the house. A handyman with carpentry skills and the like might spot problems with a cement porch and consider it nothing more than a weekend project; but for someone else, the crumbling concrete can be a costly venture. It all depends on the individual's background, he said.

"I make sure to point out a stain on the ceiling," which is indicative of a moisture issue, and look closely at basement walls to spot signs of significant or insignificant problems, he said.

In essence, said Koulouris, it's his job to educate potential buyers about the true costs of home ownership. Structural issues identified within a specific house does not eliminate the home as a potential sale, but it means time and money for the buyer. 

"We don't want people getting in over their heads," said Koulouris, who served as the 2010 president of the Three Rivers Association of Realtors, which covers Will and Grundy counties. That kind of thing causes unnecessary stress—sometimes to the point of breaking up a relationship. "We want people to live comfortably in the community."

And on the other side of the coin, Koulouris said, the home seller needs assurance and assistance as well. Certainly, for many, the transaction is a forced situation—job layoffs, illness, investment losses; these have pushed families beyond their financial means. "We listen. We have to ask a lot of questions...Sometimes that means getting a CPA or lawyer involved.

"I've never seen so many people in such stressed-out situations," he added.

Despite the persistent difficulties in the market, Koulouris said he believes the real estate industry is beginning to pick up. "I'm confident it will." 

The typical real estate maxim—location, location, location—has been replaced by the notion of building sustainable communities, he said.

A member of the Lincoln-Way High School District 230 Foundation and former president of the Lincoln-Way East Music Boosters Association, Koulouris said he and his agents live and participate in the community.

"Our business is based on referrals. We want people to be satisfied and happy about their decision to live in and around the neighboring communities."

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