Today we’d like to introduce you to Edward Wanland.
Edward, please share your story with us.
Wanland and Associates Inc. is a third-generation family owned business located in Sauganash Park. In fact, the subdivision directly behind the office is a subdivision named after my grandfather who purchased land back in the great depression to develop a large track of land to build a number homes and two flats what is known today as Edward R Wanland subdivision in Sauganash Park. His son, my father continued on with the family business as a home builder and then a General Contractor developing nursing facilities during the prime of his work life.
As the third generation started out it was Richard and Edward who continued the family business to this day starting back in the mid-80s. Richard worked as a property manager for apartment building owners and early on grasped the importance of managing properties efficiently. This led to working with local banks managing their assets and repositioning the asset before their disposition. Edward was involved in purchasing foreclosures at public auctions for the family which led to working with private investors in foreclosure purchasing. Edward recognized when selling the homes for his investors that bringing out the best attributes of each home through the remarks stated in the multiple listing service attracted buyer agents and their clients most effectively. No doubt professional pictures, professional signage and uploading pics and information in Realtor.com, Zillow and Trulia were just as important but the written description was key to successful marketing.
That was when the light bulb went off. Why not provide a great service without all the bells and whistles that were meaningless and unproductive. (newspaper advertisement, brochures, open houses) and provide an outstanding service that was tailored much like the way I marketed homes for my investors. I listed and sold properties for half the commission fee structure and made a great living. So I started Rate Cut Realty an online national website through the help of Brian Palvas a dear friend who plays a critical part in the website design. A company that will start here in the Chicago and will in addition work with other independent real estate brokerage firms providing consumers across the country cash rebates and discounted listing services that are effective and big cost saving plans. In fact, here in the Chicago area our clients will save 50% on listing services and our buyer clients will receive half our commissions back in cash. The savings to our clients will surely provide much relief in the high cost of real estate brokerage representation.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
After 2 months of startup I can truly say that everyone I talk with loves the idea of receiving half my commissions back in cash and only paying half the cost of listing their homes in the MLS.
Getting the word out has been a slow go. Advertising in Google Ad Words, Yelp and radio advertisement were used with little success. However, billboards and continued radio advertisement we feel will provide our company with the best return on our advertising dollars.
So with limited funds we will use the assets that we have and will put the hard work in getting the word out. The possibility of taking on an equity partner will be considered should that become available to us.
Please tell us about Rate Cut Realty.
As stated before we list homes for half the normal cost. The standard cost is 2.5%-3% for the list side and the same for the coop side. Therefore, the consumer spends 5-6% on commission fees to be well represented. Rate Cut Realty charges 1.25% plus offers 2.5% to the coop buyer broker and thus the consumers pay only 3.75% with full service representation included.
My job at Rate Cut Realty is to work directly with the customers that are looking to sell or buy homes. I also manage the daily business affairs of operating a real estate brokerage company. This includes sales, advertising, managing, marketing and legal affairs.
The clients I currently work with recognize my skills to uncover assets that make for great investments. In addition, understanding and determining the end value of any given investment opportunity will provide homeowners a chance to use the skills that I have developed over the past 27 years to help determine their homes value or the value of a listed home for sale for a buyer.
I’m most proud of knowing that my job is to help people save money. I’m also proud that I can provide great advice from years of experience to an industry that overcharges consumers. These two reasons provide me the ammunition to carry on each day pounding a beat that will be music to most ears., This also sets me apart from other company’s way of doing business. It will hopefully be no longer business as usual but that you as a consumer have better options.
Do you look back particularly fondly on any memories from childhood?
My favorite memory comes to me as flash back when I was very young sitting at the breakfast table eating watermelon with my brothers and sisters gathered around the table anxious to enjoy the hot summer day ahead.
Contact Info:
- Address: Wanland And Associates Inc.
DBA Rate Cut Realty
4140 W. Peterson Ave. Chicago, IL. 60646 - Website: www.ratecutrealty.com
- Phone: 773-545-3134 or 312-961-4902
- Email: client_services@ratecutrealty.com
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