He’s been a real estate investor for 20 years and renovating property for 15, and as a lifelong resident of the Chicago area, Mitir Patel has a thorough knowledge of the real estate market.
That deep understanding has made him a Chicago Area Realtor Top Producer in 2014, 2016, 2019 and 2020. He specializes in multi-family investors, house hackers, developers and single-family homes, working primarily in the North Side, Near North suburbs and Pilsen neighborhood.
Prior to working as a broker, Patel worked as a trader at the Chicago Mercantile Exchange. That’s where he learned to interact with different kinds of people, often in heated situations, he recalls. “The job taught me to always keep my cool when representing my clients and dealing with difficult counterparts. But most importantly, it taught me the basics of risk reward and if the opportunity is there, you must act or someone else will,” he says.
Patel says clients know when they hire him they will get his personal attention through the entire process. His work renovating properties has also helped inform his real estate business. “Several of my clients have complemented me on my knowledge of construction and current pricing, which helps when they want to make an offer and need a ballpark figure on repair costs,” he says.
Patel takes an upfront approach with his clients, which often means telling them news they might not want to hear. But that honesty means repeat business down the road, he says. “In the end, my clients are always very appreciative of my advice,” explains Patel.
In addition to his real estate broker business, Patel manages over 150 units in the city and has begun to expand his business to other states. During the pandemic, he and his business partner bought a small cabin resort in Michigan, renovated it and listed it on Airbnb. “We are now booked solid and expanding into a similar project in Gatlinburg, Tennessee,” he says.