International real estate investment succeeds or fails based on research quality and partner vetting. CHORD Real Estate's Panama focus reflects an extensive research process identifying optimal markets and establishing trusted local networks.
Understanding that process helps investors evaluate Panama's merit and CHORD's approach.
The Research Foundation
"Initially it's a lot of research. You definitely are doing a lot of research on the front end," Steve Luther explains. "But I think you also have to get boots on the ground."
CHORD's team has traveled to approximately 35 countries evaluating international real estate markets. That number increases annually as new opportunities emerge and existing markets evolve.
The research combines desktop analysis with extensive on-ground investigation.
Desktop Research Components
Economic Fundamentals: GDP growth trajectories, currency stability, inflation trends, unemployment rates, foreign direct investment flows, and trade dynamics. Panama's Canal-driven economy, dollar usage, and international banking sector scored highly.
Legal Framework: Foreign ownership regulations, property rights protections, title systems, contract enforcement, and legal recourse availability. Panama's straightforward foreign ownership with the same rights as citizens eliminated common international investment concerns.
Political Stability: Government structure, peaceful transition history, rule of law, corruption indexes, and geopolitical risk factors. Panama's democratic stability and strategic importance to global trade provided confidence.
Infrastructure Quality: Transportation networks, telecommunications, utilities, healthcare facilities, and education systems. Panama's modern infrastructure exceeded developing nation stereotypes.
Demographic Trends: Population growth, urbanization rates, middle class expansion, and age distribution. Panama's growing professional class and international business presence suggested sustained demand.
Real Estate Market Metrics: Price trends, rental yields, vacancy rates, construction pipelines, and transaction volumes. Nine-year low inventory and 12 consecutive months of rising rents signaled supply-demand imbalance supporting appreciation.
This desktop research narrows potential markets to shortlist warranting boots-on-ground investigation.
The Boots-on-Ground Requirement
"You've got to set foot on the ground, get a feel for it, look around, talk to a bunch of people, interview a bunch of people," Steve emphasizes.
Desktop research reveals what should work theoretically. Ground investigation reveals what actually works practically.
Property Inspection: CHORD team members tour neighborhoods, inspect completed projects, visit construction sites, and evaluate property quality directly. Photos and descriptions don't substitute for physical inspection.
Partner Interviews: "It's just like when you're vetting your real estate agent here in the States. You're going to get referrals. You're going to have interviews and conversations and see who you get a comfort level with."
Multiple meetings with potential partners reveal professionalism, English fluency, market knowledge, and cultural fit. Initial meetings often eliminate candidates appearing qualified on paper.
Developer Vetting: "You want to see what kind of track record they've got. In terms of developers, are they completing projects? How many doors are the property management firms managing? You're looking at financials and track records just like you would here."
Completed project tours demonstrate capability. Financial investigation reveals stability. Client references provide reality checks on promises versus delivery.
Market Reality Check: Walking neighborhoods, eating at restaurants, observing daily life, assessing safety, and experiencing culture firsthand validate or contradict desktop assumptions. Steve's story about the real estate agent leaving his SUV running with doors open while showing them the mall demonstrated the safety reality no crime statistics could convey.
Partner Network Development
CHORD's Panama network covers all investor needs:
Real Estate Agents: Local agents knowing submarkets, pricing dynamics, rental potential, and appreciation factors. "We want to make sure we've got local agents that know the market."
Must demonstrate English fluency for clear US investor communication, extensive investor experience understanding American buyer concerns, deep market knowledge across price points and neighborhoods, and fiduciary approach recommending against purchases when properties don't fit client goals.
Attorneys: Legal specialists handling real estate closings and residency applications. "Property management attorneys that can help not only with real estate closings, but if you have interest in residency, potentially citizenship, we want attorneys in place for that."
Requirements include residency expertise with realistic timeline understanding, real estate specialization including title review and purchase agreements, English communication for direct client interaction, and US investor familiarity with American legal framework differences.
Property Managers: Firms managing ongoing operations, maintenance, and tenant relations. "How many doors are the property management firms managing?"
Evaluation criteria: communication standards with regular reporting and responsive inquiry handling, maintenance networks with reliable contractor relationships, tenant screening with thorough vetting and lease expertise, financial reporting with clear accounting and timely payments, and market knowledge understanding rental rates and marketing strategies.
Developers: Construction firms with proven completion track records. "There are a lot of developers in Thailand that do not complete projects. So you just have to put your feet on the ground and see what's going on and put eyes on projects and get a good feel for that."
Requirements include completed project minimum (at least two fully finished developments), financial investigation into backing and debt levels, legal compliance verification of permits and approvals, client references from previous project buyers, and ongoing monitoring throughout construction lifecycle.
The Thailand Contrast
Steve uses Thailand as a cautionary example: "There are a lot of developers in Thailand that do not complete projects."
Without proper vetting, investors risk deposits on projects never finishing. This reality emerged through boots-on-ground investigation, not desktop research showing Thailand's economic growth and tourism appeal.
CHORD's vetting process eliminates markets and partners where completion risk exceeds acceptable levels.
Panama's Advantages
High-level developer relationships provide multiple benefits: track record confidence from completed major projects, political connections smoothing permitting and approvals, financial strength reducing completion risk, and pre-market deal access before public launches.
"Because we have such great relationships with these developers, we actually get some pre-market deals. We'll probably have a little announcement on the webinar about a new development that no one has access to yet. So obviously pricing is a little bit better when you can get in on the front end like that."
Continuous Evaluation
Partner vetting doesn't end at initial approval. "A lot of research, a lot of talking, a lot of interviews, trial and error sometimes."
Markets evolve. Partners' capabilities change. CHORD continuously evaluates whether Panama partners maintain competitive standards and removes those failing to perform.
Client feedback after transactions reveals partner strengths and weaknesses invisible during initial vetting.
What This Means for Investors
CHORD's research and vetting provides:
Reduced Research Burden: Years of investigation and 35 countries visited distilled into accessible recommendations. Investors leverage CHORD's experience rather than starting from scratch.
Partner Confidence: Working with pre-vetted networks significantly reduces risk. Not eliminated, impossible in any investment, but substantially lowered through systematic vetting.
Local Expertise Access: Established relationships with English-speaking professionals understanding both American investor expectations and Panama market realities bridge cultural and logistical gaps.
Accountability Structure: Partners know network position depends on continued performance. Client satisfaction directly impacts their CHORD referral access, creating ongoing incentive for quality service.
The Summit as Research Extension
The Invest Panama Summit extends CHORD's research to clients. Three days provides:
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Direct partner meetings and personal vetting opportunity
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On-ground property inspection matching desktop analysis to reality
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Market immersion revealing cultural fit and lifestyle alignment
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Developer presentations demonstrating professionalism and capability
Attendees conduct their own boots-on-ground investigation leveraging CHORD's established infrastructure.
Experience CHORD's vetted Panama network
Invest Panama Summit | May 28-30, 2026
https://chordrealestate.com/investpanamasummit
[email protected] | 615.988.1001
