So you wanna get started investing in Chicago and you’re checking things out, eh?
Good for you. Always do your homework and you won’t get schooled.
Here’s some great tools that we’ve found and we use from time to time and great real estate investing resources in Chicago for investors here locally to tap into for quick research on your investment deals.
The best thing is most of these sites below are completely free!
Here’s a few sites you should get to know:
1. Zillow
Zillow is the biggest, baddest real estate website on the block. They are building data on real estate wealth like few other sites.
The CEO of Zillow, Spencer Rascoff, said their company’s best asset was their “living database of all homes”.
Zillow is the biggest, baddest real estate website on the block. They are building data on real estate wealth like few other sites. The CEO of Zillow, Spencer Rascoff, has stated that their company’s best asset is their “living database of all homes.” This extensive database provides a wealth of information on properties, making it an invaluable resource for real estate investors.
One of the standout features of Zillow is the Zestimate tool. While it’s fun to see what the computer calculates as a home’s value, many have noted that it can be inaccurate. It’s essential to use the Zestimate as a starting point, but you still need to know how to analyze the comps and evaluate the market for yourself. Understanding the local market dynamics and the specific features of each property is crucial for making informed investment decisions.
Spend a lot of time on Zillow and get to know the intimate details of each property sold in your target Chicago neighborhoods. Dive deep into the sale histories, look at the listing photos, and read the property descriptions. Try to identify the psychology behind the prices and understand why the seller and buyer agreed on a particular price point. Each sale is like a tiny piece of a moving puzzle that makes up the whole market.
Zillow is an awesome tool for investors to get to know their markets. By immersing yourself in the data available on Zillow, you can gain insights into market trends, identify potential investment opportunities, and make more informed decisions. Remember, the more you understand the intricacies of the market, the better positioned you’ll be to capitalize on opportunities.
The Zestimate tool is off, as a lot of folks have noted. It’s fun to see what the computer calculates, but you still gotta know how to analyze the comps and evaluate the market for yourself.
Spend a lot of time on Zillow and get to know the intimate details of each property sold in your target Chicago neighborhoods. Really try to identify the psychology of the prices, and seek to understand why the seller and buyer picked that point to settle.
Remember, each sale is like a tiny piece of a moving puzzle that makes up the whole market.
Zillow is an awesome tool for investors to get to know their markets.
2. Craiglist
Craigslist can be a valuable resource for finding real estate deals. Many great properties are advertised with less-than-ideal listings, which means diligent searching can uncover hidden opportunities. This is true every hour of every day across IL. It’s essential to check Craigslist frequently and use a variety of keywords to broaden your search. Setting up alerts for new listings can also help you stay on top of potential deals. Remember, don’t judge a property solely by its ad—contact the seller for more details and consider viewing it in person. Persistence and a willingness to negotiate can lead to finding excellent real estate investments on Craigslist.
3. LoopNet
LoopNet is renowned as the premier platform for commercial real estate investing. If you’re looking to sell a substantial property to institutional investors, this is the site you should prioritize listing on. While LoopNet occasionally features great deals, competition among investors is fierce. Success often hinges on having top-tier credentials and working closely with seasoned brokers who can navigate the complexities of the marketplace effectively. This makes LoopNet a challenging environment for newcomers.
Nevertheless, LoopNet offers invaluable insights into the Chicago market and the movements of major financial players. Exploring the properties for sale and tracking their transactions can provide valuable learning opportunities. By observing where deals close and understanding market trends, investors can gain a deeper understanding of commercial real estate dynamics. LoopNet’s comprehensive platform is a vital tool for serious investors aiming to stay informed and make informed decisions in the competitive commercial real estate arena.
4. Auction.com
Just like its name suggests, Auction
Just as its name suggests, Auction.com serves as a significant clearinghouse for various types of auctions—foreclosures, REOs, short sales, distressed properties, land, new construction, and more. It’s a versatile platform where you can find a wide range of real estate assets up for sale.
One of the key features of Auction.com is its auction calendar, which lists upcoming auctions in Chicago and beyond. Visiting these auctions can be an enriching experience beyond just bidding on properties. It’s an opportunity to network with fellow investors, potential business partners, and industry professionals who share your interest in real estate.
Attending auctions allows you to observe market dynamics firsthand, understand bidding strategies, and possibly discover investment opportunities that aren’t readily available through traditional channels. Whether you’re looking to buy properties or expand your professional network, Auction.com offers a dynamic platform to explore and engage with the real estate market in Chicago.
.com is a big clearinghouse of auctions, — foreclosures, REOs, short sales, distressed properties, land, new construction — you name it, they probably sell it.
Definitely check out the auction calendar, and make a trip to visit some Chicago auctions. You never know who you might meet at an auction – maybe your future business partner?
5. Realtor.com
The largest place to search the MLS (multiple listing service), Realtor.com is sometimes confusing and often doesn’t seem consistent with what data it displays.
But it’s got some neat search alerts and other tools that help you get alerted when a broker in your neighborhood has added a listing. If you’re serious about investing, you probably want to form a good relationship with an excellent Realtor, rather than just the website.
6. Walkscore
Most investors overlook Walkscore.com – a big mistake.
Walkscore tells you a ton about any given address. It tells you how a potential renter or buyer will evaluate it – what’s nearby and how long it takes to access.
It’s also a fantastic tool to target areas that are underpriced for their amenities. If an area has a really high walkscore and low prices, chances are good that prices will rise in the next few years. There’s big exceptions – but walkability is a really key factor in Chicago investment.
Those tools will help you to understand the Chicago area market, if you take the time to use them. Do your homework, and understand the market before you start dumping your hard-earned money into a property.
You can always give us a call (773) 839-5575 – we love to partner up with investors, and we’ve got great terms.
If you’re looking to access to local Chicago investment properties, great!