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How to Attract International Real Estate Buyers
As a real estate agent, breaking into international markets can seem intimidating. For example, not only is there a language barrier, but the real estate process often works in different ways in different countries. However, working with international clients can be a very lucrative business. With that in mind, if you feel that you are cut out for the work, read on below to learn how to attract international real estate buyers for your listings, and as your clients. Break into the luxury market In truth, much of the foreign investment in the United States real estate market falls within the luxury category. So if your goal is building a stable of global clients, step one is to gain experience selling luxury homes. However, it's important to note that you don't necessarily have to start out working with an international client base. Instead, it may make more sense to build up a reputation for selling luxury real estate in your local market. This way you can have a chance to get accustomed to servicing the needs of a luxury buyer before you take on the extra pressure of dealing with an overseas buyer as well. As for going about that, you should align yourself with a brand that is synonymous with selling luxury real estate. Then once you have that brand power behind you, start marketing to neighborhoods that have luxury homes. Don't be discouraged if it takes you a bit to secure your first listing though. If you do a good job when the opportunity comes around, it won't take long before you earn a reputation as a real estate agent who knows how to handle luxury property. Get your international property specialist certification After gaining some needed experience, make it clear that you specialize in working with international real estate buyers. One way to make that perfectly clear is to obtain your International Property Specialist Certification from the National Association of Realtors (NAR). As the name suggests, this course focuses on teaching real estate agents the intricacies of handling international real estate transactions. It covers all the important information that you need to know before working with various international markets, as well as providing information on the specific transaction tools that you can use when working with a foreign buyer. The course is five days long, and it does come with an exam that you need to take in order to earn the designation. However, as long as you pass the exam, you can use desertification as part of your marketing strategy for your real estate business. For example, you can list the designation on your real estate website so that when an international buyer searches online for a real estate agent, they will see that you have the appropriate credentials. Invest in global marketing Put simply, if your ideal clientele is an international investor, you're going to need to market to global clients. With that in mind, your real estate marketing strategy should be a bit different than it would be for domestic buyers. In this case, your online marketing skills are going to be key. While a domestic buyer may be able to travel to see the property, a foreign investor is likely not going to be able to do so. To that end, the information that you provide for the listing is going to be very important to your client. In particular, this means the photos provided to your international buyer need to be spectacular. You'll also need to be extremely specific in the listing description. In addition, it's a good idea to pay attention to details that will appeal to foreign home buyers. Little things like changing square foot measurements to square meters can make a huge difference. That said, additionally, you may also want to look at marketing yourself and your listings on platforms that are geared toward international buyers. ListGlobally.com is one such resource. However, odds are that there are plenty of other venues aimed specifically towards international buyers, and you should be sure to do your research into the options that are available to you. Be prepared to be a full-service listing agent Regardless of the property type, expect to do more than just negotiate the offer and fill out the paperwork. Foreign buyers are looking for a liaison to the American real estate industry. You may need to explain how financing works, or how a transaction comes together in the American real estate industry. If a potential buyer does end up coming to see a listing, you should also be prepared to provide some recommendations. You may need to provide them with information on where to sleep and where to eat, for instance. At the very least, you should be ready, willing, and able to take on tasks that may fall outside of your normal job duties. The bottom line As an agent, working with international real estate buyers is very different than working with a domestic buyer. However, if you feel that you are well suited for this type of work, it can be a very lucrative niche to carve out for yourself. Now armed with this knowledge, you should have everything you need to begin working with overseas buyers.
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Lost in Translation: A Realtor's Guide to Working with Remote Clients
To understand and communicate within the world's web of multicultural societies requires skill. Language barriers, cultural differences, and terminology can cause confusion when building consumer relationships around the globe. How do you, as a Realtor, keep everyone from getting lost in translation when working with clients outside your current city of business? Remote clients can come from as close as your own backyard or as distant as halfway around the world. Either way, working with clients whom you have never seen face to face has some challenges and rewards.
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Closing Gift Tips for International Clients
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5 Myths About International Real Estate
International business can seem like a daunting venture. From language to culture to business practices, the potential complications are enough to make a seasoned real estate professional hand a foreign client to "someone more international." But why hand that business, and any residual referral business that might come with it, to someone else? The resources exist to help anyone become a global agent, and many of the myths surrounding international business make it seem like a more harrowing experience than it really is. Let's set five of the top myths straight: 1. I need to speak another language Au contraire! English is widely accepted as the global language of business, so chances are your international clients will have some command of the English language. And in today's increasingly global marketplace, there are resources and tools aplenty to help you communicate in nearly any language. For tips on how to overcome language obstacles, read this blog post. 2. I need to be a world traveler Stamps on a passport don't automatically translate to international success. In fact, some of the most prosperous global professionals aren't able to travel abroad more than once every year or two. So what do the jet-setters have in common with those succeeding stateside? An internet connection. Creating an online presence that provides unique, relevant, and up-to-date information, accessibility via email, phone, and video conferencing (ex: Skype, FaceTime), and differentiating yourself with content and proven experience are key factors in attracting and keeping international clients. Past issues of Global Perspectives, a publication for CIPS designees from NAR Global, provide practical tips for creating and executing an online marketing strategy through websites, blogs, and social media.
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How To: Work with Remote & Relocating Buyers
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Think Globally for a World of New Business
I spotted this awesome article from REALTOR.org and was inspired! It's fascinating to understand where international buyers are coming from and where they are looking in the United States. Based on searches on REALTOR.com® and REALTOR.com® International, the top 10 most-searched U.S. cities by international buyers (as of July 2012) were: Chicago, IL Las Vegas, NV Los Angeles, CA Miami, FL Orlando, FL New York, NY Fort Lauderdale, FL Houston, TX San Diego, CA Kissimmee, FL Interesting, right? Well, here's something even more interesting: the article on REALTOR.org broke it down even further and looked at where these international buyers were coming from. I should note that REALTOR.com® International translates listings into 11 languages. This explains the quantity and quality of their international traffic. You can read more about the site with their press release: REALTOR.com® Goes Global With Launch of International Site.
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Golden Opportunity: Translate Your Listings
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4 Reasons We’re Excited About Immobel’s Global Listing Exchange
In the process of writing our product review for Immobel's multi-language IDX translation and REAL-Buzz portal, we learned about several other Immobel innovations. We had to keep a narrow focus for our product review, but we made a note to come back to these other features at a later date. We've decided that today is the day. We got in touch with Janet Choynowski of Immobel and she brought us up-to-speed. Here are several of the features we found most exciting:
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