Texas has seen immense growth in the market, and with that comes increased competition. The increasing number of entrants and government regulations have made it difficult for out-of-state buyers to competitively position themselves in the market. To combat these obstacles, GREA’s Mark Allen recommend the following:
- Have boots on the ground: Being able to make regular visits is extremely important so you can become familiar with the submarkets in the area. Also, frequently touring properties allow you to get to know different properties and locations.
- Understand market-specific terms: This also encourages smooth deal completion. Being familiar with DFW market terms as opposed to Midwest market terms can ensure there are no miscommunications.
- Have a local team: Utilizing a team that is familiar with the market you want to invest in is beneficial for real estate transactions. For example, a real estate attorney and an insurance broker that are familiar with the market can help to bridge gaps where outsider knowledge may lack.