Nearly two decades ago, Rubina Bokhari was working in banking, but she spent her weekends wandering through open houses, drawn in and enticed by the architecture.
“I was probably every real estate broker’s nightmare because I wasn’t going to buy the house, but I wanted to see what each house looked like from the interior,” Bokhari told Homes.com in an interview.
Chicago-based Bokhari would then take her findings and plug them into a custom spreadsheet where she would guess and track what homes in her area sold for. Friends teased Bokhari’s atypical leisurely activity, she said, and urged her to explore a real estate career.
With a young daughter at home, the single mother didn’t want to risk losing benefits and a steady income for a commission-based career such as real estate. At the same time, Bokhari couldn’t let the idea go.
“I was like, ‘You know what? I’ll just get my real estate license and I can be more marketable,’” Bokhari recalled.
That eventually led to shadowing her mentor on nights and weekends, which ultimately resulted in her first sale. A friend convinced their friend to let Bokhari, a brand-new agent, help her find a $1.2 million property in Chicago.
Eighteen years later, that same client returned to Bokhari to help sell the downtown unit. The agent now runs a team of four at Jameson Sotheby’s International Realty and regularly deals million-dollar properties.
Bokhari recently launched a new initiative, Brokers Who Give Back, where a portion of an agent’s commission goes to a charitable cause. She takes requests for any charity a client chooses and donates the money at closing.
Bokhari is now in the process of trademarking and formalizing the practice she has been doing since starting her career. In that time, she estimates providing $150,000 to 50 different organizations.
Her desire to give back came from reflecting on visits to Pakistan each year growing up, witnessing children without shoes and people without water.
“And that my broke heart. I always said, ‘One day when I make money, I am going to try to help as many people as I can,’” said Bokhari.
This interview has been condensed and edited for clarity.
What should buyers and sellers know about the Chicago market right now?
Buyers need to get their finances ready to go because last year, when interest rates were 7%, there were multiple offers. There's no inventory right now. Inventory is low because only people who have to move are moving. But buyers are ready to buy because interest rates have come down. Sellers need to prepare their home in a way that is going to attract the right buyers.
Buyers don't want to do work. They want move-in ready. This year is going to be another crazy year. Last year, we were putting in offers for $100,000 over ask on $500,000 properties. I think we're going to see much of that this year again. So, if sellers are looking to sell, right now is the time to do it to get the highest dollar amount. Buyers better be ready. They need to find agents who can find them off-market properties because otherwise, you're going to get stuck in bidding wars.
What is your most memorable sale?
It was last year. It was my $5.1 million sale. The funny thing is, it was a referral from an agent that I worked with in Buffalo Grove back in the day. Her client trusted me. I hadn't had a $5.1 million sale before, but we were able to get it done. We sold it in two weeks.
It’s a single-family home, architecturally significant, it had a wonderful location. It was a home I would live in — I’m very drawn to architecture. It had such character, dark wood paneling. The owners purchased it as a multiunit building that they converted.
What was your strategy with your highest-priced sale?
There was not a home like this anywhere else. It was Lincoln Park — a lot of people like Lincoln Park. It's one of the most desirable areas right now in Chicago.
A lot of buyers typically like new construction, so I had to come up with a completely different strategy for this one. It was a lot of marketing, but also reaching out to brokers that I know would have clients who would be interested in this.
Sometimes brokers just put it on the market and go out and see what happens. That's not how I work. I try to think about who the buyer would be for this. Where would they potentially come from? What agents would have clientele to match this home?
I did think that this buyer might not be from Chicago, and I was correct. The buyer was from New York. It’s not only about the video, social media and postcards. I did all of that, but you have to go to the next level.
What is your personal home like and what do you do when you’re not working?
One of my clients bought a property pre-construction in the Tribune Tower. I loved what was being shown, but when I walked through it, it was phenomenal. I thought, “I need to live here!” The architecture in this building is absolutely stunning. The lobby and the crown sold me. I felt like I was in Europe.
Travel is a huge passion of mine. But one of my biggest passions is food. I enjoy trying new restaurants — I love experiencing new things. Chicago is such a great food city. There’s new restaurants opening up all the time. My top spot is Asador Bastian. I love Le Colonial.