Recently, we discussed how working with international real estate clients can be a lucrative field. We also looked at how to enter the niche. Here in Part II, we dive deeper into that topic.
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International real estate clients count on you, as a native, to help them navigate the foreign waters of the US real estate process. To provide the best possible service, take the time to build an advisory team that includes key players in international real estate transactions, such as lenders, lawyers and accountants. Ask other agents who specialize in the global real estate market for referrals to people they use.
Then build your service team. The most important member of this team can be your assistant. If you don’t speak your potential client’s language, hire an assistant who does. Add a handyman, contractors, inspector, and any other service providers your buyer clients may need to make the transaction as smooth as possible.
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language and culture
“When compared to other investment vehicles, there is a general preference for real estate investment among Chinese clients,” Jonathan Cooper told Inman News. Cooper calls this a “cultural trend” and explains some of the reasons behind it.
Are you aware of the cultural trends of your international clientele? It is important for you to understand the geopolitical drivers behind their desire to buy property in the United States and their decision-making processes.
To assist you, Waldenmayer Terry Morrison and Wayne A. Recommends reading “Kiss, Bow, or Shake Hands (The Bestselling Guide to Doing Business in Over 60 Countries)” by Conway.
She also suggests keeping her clients informed about issues affecting their country by reading one or two magazines and newspapers weekly that cover global affairs and the global economy.
Take a Crack at Local Networking
Consider joining an ethnic organization, such as the Hispanic Chamber of Commerce or the National Association of Asian American Professionals, provided there is a chapter in your area.
Canadian broker Tina Mak, who works with clients in Taiwan and mainland China, tells Inman News’ Bernice Ross that she got her start by being active in Asian organizations.
Boca Raton’s Senada Adzem with Douglas Elliman keeps track of who’s buying what in her city. She tells the story of taking a listing in a building that was popular among Brazilians. To sell it, she reached out to top agents in Brazil and found an international buyer.
Working with buyers from all over the world is a lucrative real estate niche. It’s not easy to break in if you lack the appropriate language and cultural affinities, but building a strong, diverse team can be the key to your success.
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