Lexington Homes and Coldwell Banker Residential Real Estate Services of Illinois have launched a co-op broker program to market for-sale housing at five Lexington developments.
”Coldwell Banker has exclusive rights to market new housing being built by Lexington,” announced William A. Maybrook, vice president of sales and marketing for Arlington Heights-based Lexington. ”We anticipate that adding Coldwell Banker`s resources to our own existing sales program will generate a broader pool of potential buyers.”
Lexington is a developer of single- and multi-family homes in the metropolitan Chicago area. Current projects covered by the agreement include Bristol Trails, Lake Zurich; Gatewood, Schaumburg; Old Farm Village, Buffalo Grove; Rob Roy Country Club Village, Prospect Heights; and Wildberry, Streamwood.
Coldwell Banker, with 61 offices and 1,250 sales associates in the Chicagoland area, is the nation`s largest full-service real estate company and part of the Sears Financial Network.
”Our experience with co-op programs, which are more common in other parts of the country, has shown that builders can expect Coldwell Banker to account for 30 percent of all new sales,” said Robert Verbic, vice president and director of builder services for Colldwell Banker.
Maybrook said Lexington anticipates faster sell-outs at its projects, yielding substantial savings on interest carrying expenses and overhead. The firm builds single-family homes, generally in the $100,000 to $150,000 range, as well as condominiums and for-sale multi-family housing ranging from the high $60,000s to more than $100,000.
