It’s an exciting time for the real estate industry in Chicagoland, and the individuals in our 2019 Who's Who in Chicagoland Residential Real Estate underscore that perfectly.
Real estate professionals who set annual goals often have concrete numbers to reach and strategies for achieving them. We’re now halfway through the year, and it’s time to check up on how agents have fared with meeting their targets and executing their business plans.
Real estate professionals who specialize in areas outside the city limits don’t have a difficult time explaining the value proposition of laying down roots in suburbia. Hear what local experts have to say about home values, who’s buying properties in their markets and why now is a good time for buyers and sellers to make a move.
An exodus of corporate jobs doesn’t automatically spell bad news for a suburb’s real estate market. Learn how Hoffman Estates is taking an active role in turning what could have been an economic disaster into a potential boon.
Seemingly arbitrary building ordinances in some suburban cities and towns effectively limit the supply of new homes for sale and make it difficult to sell existing homes. Not only are there many specific local codes that prove challenging to agents and brokers operating in the suburbs, but also there are some that exacerbate the inventory shortage while leaving promising development opportunities untapped.
It’s critical that agents looking to add short-term rentals to their repertoire do their due diligence by researching regulations and putting in the time to determine which locations and types of units will perform best in a competitive market. But learning from seasoned professionals with experience at successfully brokering deals involving STRs and a track record of success is the perfect start.
In Chicago, STRs are governed by a hulking, 58-page ordinance, and there are other restrictions layered on by city regulators and condo boards. So, if you or one of your clients are looking to buy an investment property with an eye toward listing it on a platform such as Airbnb, where do you start?
The mortgage lending industry and its public referees have responded to short-term rentals with more accommodation than restriction, a positive development for homeowners who hope to earn income through a short-term rental platform. Not only is it possible for homeowners to potentially secure more favorable financing terms on their primary residences if they are renting them out — they also have the same opportunity to do so if they purchase a second home.
Whether you work in property management or your clients are looking for advice on how to capitalize on these opportunities, it’s important to consider the ways managing a short-term rental property differs from managing one for long-term tenants. Here are a few key factors to weigh before making a decision.
Many agents and brokers are already using predictive analytics to determine homebuyer patterns and behaviors, and the trend lines point to more adoption of this technology as it matures.