Chicago is definitely a city that knows how to provide fun events for everyone, even during its cold winter season!  In fact, we’ll celebrate anything – like pizza and Cupid!!

Returning for its 108^th edition this year, the Chicago Auto Show is the nation’s largest and longest-running auto show in North America held at McCormick Place (2301 S. Lake Shore Dr.) in the South Loop this Saturday and Sunday (10:00 a.m.-10:00 p.m.) through February 20^th.  Besides showcasing nearly 1,000 different vehicles, which include a range of domestic and imported passenger cars and trucks, sport utility vehicles, and experimental or concept cars, visitors will also have the opportunity to see numerous accessories and auto-related exhibits, competition vehicles and project, antique and collector cars!  Also, Special Appearances and Events take place every day so be sure to check out the Event Schedule for up-to-date listings.  Since 1901, visitors have had a great experience at this auto show!!  Even me.

It’s time again for one of Chicago’s favorite events of the year!  SausageFest 2017 returns to the Haymarket Pub & Brewery (737 W. Randolph St.) in the West Town neighborhood this Saturday from 12:00 p.m. to 4:00 p.m.  Fifteen house-made sausages, with a few awesome “guest” sausages, 10 artisanal cheeses and 20+ handcraft beers and ciders are featured at this Fest!  All tickets are will-call the day of the event, so be sure to secure your tickets early as this event sells out fast!!

Put your pizza expertise to the test this Saturday from 2:00 p.m. to 9:00 p.m. at the premier of Chicago’s Pizza Party held at the Ravenswood Event Center (4011 N. Ravenswood Ave.) in the Ravenswood neighborhood.  This party will showcase a savory array of 55 different pizzas from 20 of the best pizza restaurants all competing for “Best Pie in Chi”, while local breweries serve up beer tastings in the VIP beer garden!  Music from the city’s favorite local DJ’s, photo booths, themed-games provided by SOLO Cup and cool prizes round out this party.  And, if you’re coming from downtown, your ticket includes complimentary transportation from the Bottled Blonde every hour on the hour throughout the day.  Definitely not your average food festival!!

There are fewer things in this world that feel better than getting half naked in the winter for a good cause!  Cupid’s Undie Run returns to John Barleycorn (3524 N. Clark St.) in the Wrigleyville neighborhood this Saturday from 12:00 p.m. to 4:00 p.m.  It’s only a one mile(ish), “brief” run along the streets of Chicago in your bedroom best (undies encouraged) that takes place in the middle of a BIG party and benefits the “Children’s Tumor Foundation” to #EndNF!  Afterwards, it’s back to John Barleycorn for some post-race festivities and awards – so just come out and have a blast!!

Finally, treat your Sweetie or Valentine to a Special Valentine’s Day event or dinner, or both, either this weekend or on the day itself, which is Tuesday, February 14^th!  Show your special someone how much you love them!  If you won’t, Cupid will!!

Will Pizza & Cupid Be Included in Your Weekend Plans?

If you are going to buy your first house, it’s good to invest in a basic tool set. This can really save you money by doing small jobs yourself. It’s also a great idea for a wedding or graduation gift. You can find tutorial videos on You Tube to show you how to do various tasks, including repairing holes in the wall or doing simple plumbing jobs, like replacing a faucet.

14-volt lithium battery power drill– Great for many tasks. They have interchangeable bits to do many jobs from drilling holes to putting together furniture. Watch for sales at Menards or Home Depot. Don’t go for the cheapest one. You want one with good power and battery life.

Levels– need two here. A 4-foot-long spirit level for big jobs like hanging shelves. A torpedo level works for smaller jobs like hanging pictures.

4-in-1 screwdriver– They come with large and small flat and Philips head bits.

Two adjustable crescent wrenches– a small 6-inch one for tight spaces and a larger 14-inch for better leverage.

Adjustable channel lock pliers– Useful for shower heads and other plumbing jobs. Lineman’s pliers good for cutting and twisting; wire and needle nosed pliers for finer jobs.

25-foot tape measure with a one inch blade. It extends and will stay stiff. Much easier when working alone.

16- ounce rip hammer– It should be easy to control while driving in large nails. Invest in a good one and it will last a lifetime.

Utility knife– useful for many tasks like scoring and cutting drywall. Vise grips make great clamps.

Several painting tools are handy to have around.

   1-inch putty knife for filling in holes

   21/2-inch angled paint brush

   9-inch paint roller frame with disposable covers

   5-in-1 painters tool

   6-inch drywall knife

   Paint tray with disposable liners

KATHY WEAVER-ZECH & DEAN’S TEAM CHICAGO

This Sunday brings us “Super Bowl LI,” and whether you’re a football fan or not, it’s hard not to get caught up in all the hype and hoopla!  But before then, there’s quite a “super” line-up for Saturday.

It’s time to get all gussied up in your best retro ski digs for this Saturday’s (10:00 a.m.-6:00 p.m.) Retro Ski Lodge Block Party.  This winter bar crawl starts at Hopsmith Tavern (15 W. Division St.) on the Near North Side and will traverse through the Gold Coast entertainment district to the following bars and restaurants:  Butch McGuire’s, Coconutz, The Original Mother’s, McFadden’s and The Hangge Uppe.  So be sure to don your ski goggles, fuzzy ear muffs, leg warmers, spandex and neon for a wild time!  After all, there’s nothing to do the next day except watch Super Bowl LI!!  BTW, watch out for Yeti sightings!!!

As mentioned in my previous blog, this year the Chinese culture celebrates the “Year of the Rooster,” with the following events –

The Chicago Chinese Cultural Institute will once again host the 1,800-year-old Chinese tradition at the Hing Kee Restaurant (2140 S. Archer Ave.) in Chinatown this Saturday (3:00 p.m.) with its 13^th annual Dumpling Making Dinner.  Guests will learn the history and significance of the Chinese dumpling as well as how to prepare them along with storytelling, lots of surprises and fun!  Afterwards, guests will be served a full Chinese cuisine meal!!

Take part in a long-standing Argyle tradition as the Argyle Street Lunar New Year Parade kicks-off this Saturday (1:00 p.m.) from the Argyle Station (1118 W. Argyle St.) in the Uptown neighborhood in celebration of the new Lunar Year.  The parade starts off with a bang as firecrackers explode to ring in the Year of the Rooster followed by floats, marchers, dragon dancers, a colorful lion and more!

Head to Chinatown (Wentworth Ave. & Cermak Rd.) as it celebrates the 105^th anniversary of the Chinatown Lunar New Year Parade this Sunday (1:00 p.m.-3:00 p.m.).  This parade features a traditional lion and dragon team, colorful & decorative floats, marching bands, fireworks and more!

Finally, Sunday brings us Super Bowl LI with the New England Patriots taking on the Atlanta Falcons in Houston for the most coveted trophy in the NFL.  So, needless to say, with Chicago being such a Big Fan of the Sports World, whether our Teams are represented or not, we celebrate!

One such celebration takes place this Sunday (5:00 p.m.) at King’s Bowl (1500 N. Clybourn Ave., #C102) in the Lincoln Park neighborhood with the Otis Wilson’s SUPER Big Game Celebration.  King’s Bowl and Otis Wilson, one of the 1985 Chicago Bears Super Bowl champions, will host the ultimate big game viewing party complete with bowling, celebrity bowlers that include Adrian Peterson, Dan Hampton, Lance Briggs & others, a celebrity bowlers Raffle, 50/50, delicious food and much more!

And, for a more complete list, click here – Super Bowl 51 Parties Across Chicago!

Are You Ready For A “SUPER” Weekend?

Out of all the questions that clients have when it comes to real estate transactions, how commissions are paid is one of the most common. Who’s responsible for paying the commission? How much is it? When and how is it paid?

To better understand how real estate commissions work, let’s break it down.

How Real Estate Commissions Are Paid

Typically, it’s the seller who pays the real estate commissions for both the seller and buyer agents. The seller’s agent will charge a certain commission for the services being offered, which is typically represented as a percentage of the purchase price, but it can sometimes be a flat fee. This commission is then split between the seller and buyer agents.

The split doesn’t necessarily have to be right down the middle, however. For instance, if the seller agent charges the client a 5% commission, that rate can be split 50/50, 60/40, or any combination as specified in the listing agreement (the contract between a seller and the listing broker that lists all of the conditions of the listing). There is no set equation for how a commission is split; instead, it’s a negotiated piece of the puzzle that needs to be agreed upon by both parties before any services are extended.

How commissions are split also depends on whether it’s a buyer’s versus a seller’s market. In a buyer’s market, the buyer agent may get the larger split as an incentive to bring a buyer to the table. On the other hand, the seller agent may get the larger split in a seller’s market. Once the transaction closes, real estate commissions are paid directly to the seller brokerage for the services provided on the purchase or sale of property.

Before we go any further, it’s helpful to distinguish between “agent” and “broker.” Real estate agents and brokers are both licensed in California, but agents are salespersons who work under a designated broker and are not allowed to be paid a commission directly by their clients. On the other hand, brokers are permitted to work independently and collect their portion of real estate commissions from any agents they hire.

All real estate commissions must be paid directly to a broker/brokerage once the transaction closes. The payment is then divided according the agreed-upon split between the buyer and seller agents, and the payments are distributed accordingly.

How Much Commission Needs to Be Paid on a Transaction?

The real estate commission that must be paid is calculated based on sales price of the property. If a 5% commission was agreed upon and the property in question sells for $500,000, for instance, then the party paying the commission (usually the seller) would be responsible for paying $25,000 ($500,000 x 5%). That amount would then be divided between the buyer and seller agents.

The amount that is paid is a negotiated item, but is usually anywhere between 2% to 6%. 

The Agent Doesn’t Keep the Entire Commission

After the seller has paid the specified commission percentage and is split according to the listing agreement, each agent will need to pay his or her associated brokerage a specific portion of that commission, known as a “commission split.” This amount can vary from one brokerage to another, and from one agent to another within the same brokerage. There really is no definitive amount, and is negotiated between the agent and the brokerage.

Common splits are often 60/40, whereby the agent keeps 60% of the commission and the brokerage keeps 40%. However, the split can also be 70/30, 80/20, or any other combination that the agent and broker agree to.

Using the previous example, if the buyer and seller agents’ portions of the 5% commission are split down the middle, that would leave them with $12,500 each. If the seller agent’s agreed-upon commission split is 60/40, that means $7,500 remains with the agent and the remaining $5,000 goes to the associated brokerage. If the buyer agent’s commission split with the brokerage is 70/30, $8,750 remains with the agent and $3,750 goes to the brokerage.

A Closed Transaction Must (Usually) Occur Before Commissions Are Paid

Generally speaking, commissions are paid out only upon settlement of a real estate transaction. However, there may be situations where a seller is still be obligated to pay the broker’s commission even if the transaction hasn’t closed.

If the brokerage has a willing buyer who has submitted an offer, the seller might still be on the hook to pay up if he or she refuses to sell to the buyer, has a title with issues that still need to be rectified, is guilty of fraud in regards to the transaction, or has mutually agreed to cancel the transaction with the buyer.

The Bottom Line

While there may be variations from one situation to another, the majority of real estate commissions are paid by the seller, which is then split between buyer and seller agents as well as the associated brokerages. The point is, commissions can vary, and is something that can be negotiated within reason. Be sure to discuss the commission with your agent so you are well aware of the costs associated with the transaction from the get-go.