Illinois was one the most stable states in America, as far as net profits and employments goes. However, in the last few years consequences of recession are still visible. Illinois still did not recover from recession completely.
There have also been some reports that Illinois lost most jobs in America during and after recession. Unemployment was close to country average, and many industries are suffering because of it. A lot of offices closed, and are now empty waiting for better times. There is also a lack of investors, since everyone is afraid of losing money. This has also affected real estate which now feels like it’s frozen in 10 cubic foot refrigerator.
Real estate industry has been having a hard time in the last couple of years. With unemployment rates and living expenses rising a lot of people could simply not afford to buy a house, apartment or rent office space.
On the other side though, a lot of people wanted to sell it all to get some money. So real estate agents were left stuck with lots of houses to sell, and no buyers for them. Some agents claim the only way to survive is networking.
Although it might sound contradictory, to make money you need to spend money. Investing in conferences where you can meet new people, potential real estate partners or home owners, is a great way to spread your horizons. Working your absolute best is a must, because word of the mouth is very important. In this market your reputation is the only thing that keeps you going. Open houses were too expensive, so most agents simply asked for potential buyers to make an appointment. People that were really interested in buying a house would call, and when you did meet you really had a potential buyer.
Keeping up with your old buyer and sellers is always a great way to get an extra contract, or they even recommend you to their friend so you get an extra client. Those are some of the tips survived real estate agents share, as they hope 2016 will be a better year for this industry. 2015 was very slow, and made much less profit than originally expected. Buying and selling was still in pause mode. However, reports for January 2016 do look promising. The mild and short winter we had this year, helped in starting up new year successfully. People usually start buying homes around spring, and this year it was, metaphorically speaking, moved to January. Hopefully this trend will continue as 2016 progresses.