Foreign investors from all over the world are interested in Chicago real estate and you should be too! Don’t miss out on a property, especially to someone who isn’t a local! Below, we offer several tips so you can compete with foreign investors in Chicago!
If you are looking for an investment property in a hot market such as Chicago, you likely aren’t the only one who is ready to buy. Not only do you have local investors to compete with, but you will also have to deal with people buying property from out of state and out of the country. The good news is that as a local, you will have information that others don’t so you will be able to successfully compete with foreign investors in Chicago.
Let It Be Known That You Are A Local
Most sellers will feel more comfortable selling to someone who is a local. This way they can better get to know you, even meeting face to face to discuss the details of the transaction. This can build trust and security, which isn’t always as easy when talking on the phone or communicating over email. Your sellers aren’t going to sell if they don’t trust you, and sometimes this can only be done face to face. Make sure the home sellers know that you are from the area and that you are hoping to help them just as much as you are hoping to find a deal.
Share Your Knowledge
By sharing what you know about the area and the market, you will be able to provide value to home sellers. Make it a point to stay well-informed and to learn all you can about the market, the location, and what other investors are doing. By being a local to the area as opposed to a foreign investor, you will have the inside track as to what is going on in your city. Stay up to date so you can be a wealth of information for the buyers and sellers you work with.
If a seller is receiving a lot of offers, you have to make your stand out. Offering a higher price can help you secure the deal, just make sure the numbers work and you aren’t overpaying for a property that isn’t right for you. Another option that will show your interest and will help you stand out is to offer a non-refundable deposit. This will show your sellers that you are serious and that you are going to follow through or risk losing out on your deposit funds. This can be risky, be sure you are ok absorbing the loss if you should lose your deposit. You can either offer a higher price, a deposit, or consider offering other benefits such as cleaning, waste removal, or help to get into a new home. When competing with foreign investors in Chicago, you’ll need to be able to offer something that they can’t. Make sure you stand out from the other buyers so your offer isn’t looked over and dismissed!
Be A Helper
You don’t want to be like all of the other investors out there who make an offer and move on to the next house. Instead, find out what the seller really needs. Show that you genuinely care about their problems and that you are here to help them. If you can help them handle a tough situation such as foreclosure, code violations, or a divorce, they will be more likely to work with you than someone who is going to throw a check at them and walk away. Take an interest in the sellers you are working with. Your kindness and intent will pay off in the long run!
Work With A Professional Buyer
When you work with Chicago Home Buyers, you can leave all of the details to us. We’ll do the research, run the numbers, and analyze the data so you can determine if a particular investment property is right for you. When competing with foreign investors for investment property in Chicago, working with Chicago Home Buyers will give you the edge you need. We can help you find the best properties with the highest ROI without having to worry about what the competition is doing.
When you work with a professional home buyer in Chicago, you’ll be able to get access to the best area deals. You’ll learn about available properties before they hit the market and become available for other investors. Working with a professional home buyer to buy investment real estate in Chicago can save you time and money, and when all is said and done, it is the easiest way to buy investment real estate in Chicago.