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Independent Real Estate Consultants for All Real Estate Types in Chicago, IL
From historic properties along Chicago's Gold Coast to industrial warehouses in one of the city's 15 planned manufacturing districts, real estate consultants in Chicago, Illinois, help buyers, sellers, and investors reach their goals.
Real estate is a complex business, and an expert opinion can help you navigate through the diverse portfolio of properties that exist in the greater Chicagoland area. Real estate consultants often have years of experience dealing with real estate properties, and they use this knowledge to help clients assess risk and make strategic decisions, based on factors such as financial stability and future ROI.
Real estate consultant services
Unlike an agent or broker who works on commission, real estate consultants charge per hour or have a set fee for the specific real estate services they provide. Their focus is on meeting client objectives and providing a detailed analysis of a project rather than making sure a property is bought or sold. Having the flexibility to choose which real estate-related services you need while also gaining a comprehensive overview of the market can help you save money and make better decisions.
You may have questions about the types of services that real estate consultants offer or the types of real estate available in Chicago. We'll take a closer look at this relatively new role in the real estate market and also provide some tips about how to find the right real estate consultant for your project.
Types of Real Estate
Chicago is an international hub of many industries, including finance, telecommunications, transportation, and manufacturing. Downtown Chicago is filled with innovative architecture, high-rise residential buildings, and historic office spaces. As the city continues to spread out, you'll find a mix of repurposed buildings and sprawling developments.
Real estate consultants often specialize in a specific location or type of property to ensure they're able to effectively evaluate properties and investment. Chicago is the third-largest city in the United States, and the greater Chicago area includes a vast amount of properties.
In Chicago, real estate can be divided into four areas: residential, commercial, industrial, and land.
Residential real estate
From Lakeview's picturesque location on the shores of Lake Michigan to the trendy and upcoming Wicker Park, there's no shortage of residential properties in Chicago. Residential real estate refers directly to spaces designed for people to live, and these properties are not intended for commercial or industrial use. Residential real estate in Chicago is diverse, from the luxury studio apartments in Lincoln Park to the single-family homes in Mount Greenwood.
With a strong income-to-cost-of-living ratio and job opportunities across a wide range of industries, Chicago has a high number of renters. As a result, buying investment properties and renting them out is a smart choice as there's a constant demand for residential real estate of all types.
Commercial real estate
Commercial real estate deals with properties that are designed to make a profit. From the endless shops and restaurants on Magnificent Mile to the contemporary office spaces of the West Loop, commercial properties in Chicago come in many different sizes and layouts. Commercial properties usually have a high value, and deals regarding these types of spaces are complex. When selling or investing in these spaces, it's important to work with a real estate consultant who has a background in these properties, as they're different from residential properties. However, commercial real estate can also include apartment buildings and condo developments, as these types of property are designed to generate revenue.
Industrial real estate
Like many cities, Chicago began as an industrial powerhouse, serving as both a transportation hub and port. Over time, it has evolved into a thriving and diverse economy, with 37 companies headquartered in Illinois appearing on the 2020 Fortune 500 list. The city has developed its own industrial corridor, which consists of 26 geographical areas ranging from 70 to 35,000 acres. There are 15 Planned Manufacturing Districts (PMD) in the city, and more than 70% of all planned manufacturing building space is located in the areas of Stockyards, Northwest, Kinzie, Calumet, and Pilsen. These properties are in high demand, and in 2020 industrial real estate sales outperformed all other properties in the Chicago area for the second year in a row. Industrial real estate properties must adhere to detailed zoning regulations and city ordinances. It's important to have a deep understanding of these laws or to work with someone who does to make sure a deal doesn't fall apart due to noncompliance with the city of Chicago.
Land real estate
Land real estate refers to property that is void of buildings of equipment and that is divided by specific boundaries. Land used for agricultural production and farming also falls into this category. In Chicago, many investors purchase land real estate to develop it into commercial and residential properties. Land real estate must adhere to specific zoning regulations and often carries a high amount of risk, but it can be a viable source of long-term passive income.
The city of Chicago keeps an online directory of its City-Owned Land System, and the area surrounding Chicago is ideal for farming and agricultural production.
What Is a Real Estate Consultant?
A real estate consultant provides advice to clients during the buying and selling of real estate property and offers specialized services to help them reach their goals. They discuss objectives and goals directly with their client to gather a bigger picture of the project and conduct research to arrive at an unbiased opinion of whether investing in a product is a solid financial decision. Because real estate deals in Chicago often involve highly valued properties, real estate consultants examine other real estate properties, consult with city planners, and have meetings with local leaders to understand the larger impact of their clients' goals.
Real estate consultants carefully weigh factors such as their client's financial stability as well as ways to help them minimize risk. They work to provide as much information as possible and use their analytical abilities to evaluate property portfolios and potential investments. In Chicago, real estate consultants are usually hired because of their extensive expertise in the local market.
Reasons for Hiring a Real Estate Consultant
If you are looking to sell a property, a real estate consultant can help you with the logistics and marketing efforts necessary to attract buyers and facilitate a deal. They offer increased flexibility because you might not need assistance with every aspect of the selling process (such as renovations or interior staging design). However, for a fee rather than a commission, you can get assistance with everything from preparing and posting your listing online to arriving at an asking price. For a buyer, real estate consultants use their years of experience to examine the market and provide you with intel on the property you are looking to purchase. This can be anything from making sure the building has all the required permits and licenses in place to helping calculate the potential future ROI of a property.
Benefits of Using an Independent Real Estate Agent in Chicago
Having an expert opinion in a robust market such as Chicago is invaluable, whether you are looking to buy retail space in Logan Square or a high-rise apartment in the West Loop. Real estate consultants understand all sides of the market and can provide you with a wide variety of services including:
- In-depth market analysis to strategize investments
- An evaluation of your property portfolio
- Lease management
- Renovations, repairs, and interior design
- Risk management
Your Guide to Hiring a Real Estate Consultant in Chicago
One of the main reasons to work with a real estate consultant is the expert advice they're able to provide. By understanding your goals and taking a deeper look into the market, a real estate consultant can help you make informed decisions on properties in the greater Chicago area.
Chicago is a melting pot of arts and culture, with award-winning restaurants and sports teams, world-renowned museums, and over 600 parks. The quality of life, thriving economy, and unique position in the heart of America make this one of the most exciting real estate markets in the United States. As you search for the right real estate consultant to fit your needs, consider:
What type of real estate are you looking for?
Although real estate consultants have years of experience working in the real estate industry, they often choose to specialize in certain areas. The greater Chicago area is also an expansive and ever-evolving area, which means some real estate consultants are more familiar with certain types of real estate and specific areas of town. Are you looking for storage space to handle the growing market shift towards online shopping? Do you want to find a modern office space for your start-up? Do you have a portfolio of properties near Wrigley Field that you are ready to put on the market?
The type of real estate that your project entails will help you narrow down real estate consultants who are right for you.
What experience does the real estate consultant have?
Real estate consultants work on a fee basis and are inclined to divulge accurate, impartial, up-to-date information to their clients. As a result of their research, they might discover that now isn't the right time to make an investment in residential real estate or that buildings similar to those in your portfolio are in high demand. To trust their opinion, it's helpful for you to feel comfortable about their credentials. Ask about certifications and areas of expertise. If you require a property appraisal, ask if they hold a General Accredited Appraiser (GAA) designation. When you are looking into investing in land real estate to build a new apartment complex, make sure the real estate consultant you work with has a background in this area and can help guide you through the process.
Be clear on your objectives
A real estate consultant, especially those who hold the top designation of Counselor Real Estate (CRE), can help you with your goals, as long as they understand them. If your objective is to quickly sell property regardless of market analysis, then make sure this is communicated. If your goal is to get the highest ROI possible, even if that means taking more time, share this information as well. Some real estate deals, especially regarding commercial real estate, can take months. The job of a real estate consultant is to provide you with an accurate picture of the market, and this might change how quickly you can reach your goals of buying or selling a property. Be clear from the beginning to ensure you get the best advice and assistance possible.
Hiring Top Real Estate Consultants in Chicago
Real estate consultants can help you understand and initiate the buying and selling of properties in the Chicago area. Through a combination of interpersonal and analytical skills, they help determine a property's value as well as provide information to decide whether a specific piece of real estate is a good investment.