North Rhine-Westphalia, or NRW, is a bustling state and Germany’s economic engine. Home to four of the country’s top 10 cities, NRW attracts an array of property investors, especially given its high population: 18 million. As Germany’s most populous state, NRW features thousands of properties, both commercial and residential.
Here are four simple ways to find incredible deals in the booming NRW real estate sector;
1. Do your homework.. Germany is healthy economically, and
there are attractively priced properties, especially in high-density places like NRW. If time permits, do your homework and search online for suitable properties. Even better, contact a well-connected local real estate agency to familiarize yourself with property trends. If you can find property that fits your goals, you could be on your way to landing a highly attractive investment. Talk to your local broker to find out more about local property trends in NRW.
2. Be the last…or the first. In real estate investment, like in all
types of investments, timing is essential. The adage ‘the early bird gets the worm’ may be true in some cases, but if the property is highly priced (or does not find suitable investors quickly), being the last can be a winning strategy. To get those properties, you can check assets that have been on the market for a long period.
3. Talk to a real estate agency directly. In the hot NRW real
estate market, real estate agencies are accustomed to receiving tons of offers. Some owners may outsource the sale of their asset to a realtor or a property management company. In a market where demand is so high, you can win the game by trying alternative tactics. For example, you can enlist the help of an experienced and reputable real estate agency. With that expert team, you can find a suitable property and kick off discussions. Make sure you find a locally connected agency and that your proposal is sufficiently attractive to draw the property owner’s
4. Review many deals. Do not make an offer at the first deal you see,
With the help of a realtor or property manager, review as many properties as possible. The law of large numbers is on your side in the hot NRW property market. Pay attention to all metrics: price, location, size, time on the market, etc. Whether you want to buy an investment asset or a home for yourself and your family, it pays to take the time to study the market and analyze several opportunities.
To find interesting real estate deals in NRW, do your homework and be patient. You can hire a professional if you are not familiar with the German market or if you don’t have time. Find a bank-foreclosed property, or be the last or the first in bidding on a specific property. It also helps to talk to owners privately and reviewing many deals before making a final decision.