Published by the CIPS Network of the National Association of REALTORS®
Fourth Quarter 2008
Changing Perceptions: A Latin American Journey in Chicago
By Debbie Maue CIPS,CRS,ABR®,TRC
Until recently, there has been a good deal of skepticism about the wisdom about buying property in Latin America. Costa Rica, Belize, Panama—are you kidding? It isn’t safe; there are no mortgages available; foreigners can’t own property—right? Well, actually, no, that’s not right.
Introducing a New Market
Last January, feeling it was important to educate potential buyers and investors about the region and the opportunities it presents, my company—Big Blue Marble Properties International (BBMP)—sponsored the Latin American Investment Summit in Chicago, featuring developers from Costa Rica, Panama, Belize, Mexico and Nicaragua as well as a select group of lenders, Stewart Title, an IRA financing group, and FIABCI representatives. Our objective was not just to bring development opportunities to Chicago investors, but to educate the community about the possibilities in the region by providing a one-on-one experience.
Previously, BBMP had done the homework, traveling to the region, inspecting developments, gaining the education for the investor. Now, we felt it was important to provide the opportunity for investors to become educated so they could make the right decisions for themselves.
Covering the Basics
Over the course of two days, attendees viewed presentations on the laws, financing, ownership regulations, and basic details of property ownership in each country. For example, Gail Geerling, representing Grupo del Sol, presented “Nicaragua—the Good, the Bad, the Ugly,” a personal account of the realities of living and owning in Nicaragua.The keynote speaker was Juan Sosa, who was Panama’s ambassador to the U.S. during the Noriega conflicts. His speech provided great insights into today’s Panama, changing some old perceptions.
In face-to-face meetings with developers, attendees had the opportunity to ask pertinent questions on subjects as diverse as current interest rate and terms, how title is held, and something as simple as whether the water is safe.
Sponsoring this event was a big investment for BBMP, but we believe it successfully educated attendees on Latin American markets, and validated us as leaders in international real estate by establishing credibility and exposure with investors, developers and communities, both locally and in the countries we represent.
Establishing Your Identity
The logistical organization and marketing of an event like this is a daunting task. You must consider objectives, location, date, time frame, marketing outlets, attendees, sponsors, exhibitors, and speakers. That being said, the payoff is beyond just the immediate investment by the investor. I still have attendees and exhibitors expressing how impressed they were with the content. As with anything in business, it is part of the cultivating process and needs to be worked past the initial introduction. I am currently working with a commercial brokerage helping them identify hotel sites and exploring joint venture opportunities.
Hosting an event like the Latin American Investment Summit is only one way to establish your identity as an international real estate specialist in your community. It is an opportunity to establish your target international markets, cultivate relationships, and gain exposure to international buyers and sellers.There are many opportunities out there, and many ways to discover them.
I say be creative. Think outside the box. It’s all about bringing the world to your doorstep. . gp
Debbie Maue CIPS,CRS,ABR®,TRC,Big Blue Marble Properties International,Chicago,Illinois,is 2008 NAR President's Liaison to Costa Rica, 2008 FIABCI Chicago Council Treasurer, and will be 2009 CIREC Vice Chair.To see the full scope of her endeavors, visit www.BigBlueMarblePropertiesInternational.com or www.debbiemaue.com. Reach her at dmaue@rubloff.com.
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