Services

Printer-friendly versionPrinter-friendly versionSend to friendSend to friend

Today's Top Real Estate Issues in Chicago
Given the current economic conditions, many property owners, condo associations and banking institutions struggle to complete, convert, and maintain the properties in their portfolio.  As such, many of these properties fall into disrepair and add to the drastically increasing number of distressed properties in the marketplace.

Some of these distressed properties simply need sign-offs from the city of Chicago inspectors so the owner can procure certificates of occupancy, others require significant development, planning, and coordination between the banks, the city, the inspectors and the subcontractors.  This is a daunting process for owners, condo associations and banking institutions that lack familiarity with permit applications, construction coordination, code requirements and city inspections processes.  Even institutions with experience in these capacities often times don’t have the people and processes in place to ensure an efficient execution/completion of the work.

Why AVED Group?
AVED Group designed a business sector to specifically address the growing need to manage these distressed properties.  We provide a comprehensive suite of services that offer an end-to-end solution for these properties, regardless of where they may fall in the spectrum.  Our team possesses the experience, network of contacts, knowledge and wherewithal to provide an efficient resolution to the issues plaguing these properties.

The sections below provide details of the services we offer to help convert troubled properties to income producing assets.

OCCUPANCY CONSULTING

As noted above, one of the most significant and frustrating challenges with distressed properties is working with the City of Chicago’s team of inspectors to secure occupancy certificates for a building. Without these certificates in place rental buildings, individual condos and entire condominium associations run the risk of city mandated evictions.

Since no two scenarios are exactly the same, each building has a wide variety of potential issues. Without proper knowledge of the process, it can be an extremely cumbersome and costly adventure in determining the necessary steps required to bring a property into compliance. There is a wide array of permits, inspections, approvals and paperwork that may or may not be necessary depending on a property’s particular disposition.

Our team of project managers is intimately aware of the expectations and requirements for each of the various tasks.

We manage:

  • Removal of stop work orders
  • Re-instatement of building permits
  • Issuing new building permits
  • Securing other permits (temporary, repair & replace, electrical, environmental, etc.)
  • Coordination of inspections (all trades, all stages)
  • Obtaining approvals (structural, environmental, architectural, etc.)

These processes allow us to facilitate a smooth and efficient implementation of the necessary deliverables up to and through the issuance of the certificate of occupancy.

Benefits:

  • Removes the threat of eviction by the city
  • Provides comfort in knowing you are in compliance with city codes
  • Code compliance limits liability (fires, lawsuits, etc.) and promotes building safety
  • Opens the door to income generation through leasing, selling or auctioning off the restored assets


GENERAL CONTRACTING

Often times, a distressed property requires significant work to get it in compliance with city codes and to make it suitable for occupancy. Our general contracting company has over 20 years of experience in this field. We have a large network of proven subcontractors that provide quality work in compliance with city regulations at affordable pricing.

Our team is capable of managing the complete delivery of any construction related project, including:

  • Architectural & Structural planning and approval
  • Budgeting
  • Bidding
  • Construction Coordination
  • Contract Management
  • A/P and Sworn Statements
  • City Inspections
  • Material Procurement
  • Delivery of Completed Units

AVED manages whatever the preferred project scope may be. We solicit and provide bids from multiple sources to ensure comprehensive and price competitive quotes. We provide the quotes and our recommendations to you for acceptance.

Benefits:

  • Multiple bids to ensure competitive pricing
  • Preferred pricing from our network of subcontractors
  • Clients maintain complete control over the process and set the project scope
  • Work closely with AVED’s occupancy consulting service to deliver the workmanship along with the compliance


LEASING

Having a certificate of occupancy is significant progress however, that alone does not ensure a cash flowing property. To assist with converting these cleaned up properties into money making assets we also offer leasing services.

Windy City Rentals is the leasing arm of our business. Windy City Rentals successfully facilitated achieving 100% occupancy across all 70+ units in our portfolio, as well as other owners’ inventories.

The activities performed by our team of agents include:

  • Market analysis to appropriately price rents to maximize interest without sacrificing income
  • Marketing to the right demographics through the proper channels
  • Generation of appropriate listings complete with pictures and unit descriptions
  • Knowledgeable on hottest city rental neighborhoods
  • Personable agents conduct all showings with clients
  • Educated on city of Chicago’s Landlord Tenant Act requirements
  • Lease compliance and execution
  • Security deposit procurement and receipts
  • Provide tenants with other necessary documentation (Heating Disclosures, Lead Base Paint Disclosures, etc.)

Benefits:

  • Assets now generate income (and help support themselves)
  • The completed properties are now marketable to other investors or buyers
  • Occupancy increases the value and security of the property
  • One solution from one company, the ball never drops, smooth handoffs


ACQUISITION

In certain circumstances our team may an interest in acquiring certain distressed properties to incorporate into our own portfolio. Through our network of investors, we may also find other parties that have an interest in acquiring these properties as well. We are happy to review any such opportunities that you may want to share with us.

Aside from our own portfolio and our immediate investors, we maintain a wide network of players in Chicago’s real estate market. We have experience in packaging and marketing properties for sale purposes. This includes the generation of budgets, pro formas, renderings, and other needed sales collateral. We do this for standalone opportunities or package them with other properties in a more comprehensive offering.

Benefits:

  • Property removed from list of non-performing assets
  • No messy foreclosures and the associated expenses
  • Exposure to wide network of potential buyers


If you are interested in learning more about our services, please contact us.