Real Estate Is Local – How Many Times Have We Heard It? Real estate buyers, however – especially in certain parts of the country – are increasingly global, and many real estate agents are turning the international real estate client niche into a lucrative living.
Thank you for reading this post, don't forget to subscribe!Consider this: According to the National Association of Realtors®, foreign buyers spent $59 billion on US residential real estate over the past two years.
The association also claims that the median sale price ($598,200) and median $366,100 were the highest on record for the NAR.
Where is all this money coming from? This again depends on the local markets. NAR claims that most of this is coming from China, Canada, India, Mexico and Brazil.
Despite the fact that South Americans are flocking to Miami’s luxury condo market, NAR says that most international purchases are for single-family residences. The study also states that the most preferred cities for overseas buyers are Florida, California, Texas, Arizona, New York and North Carolina.
So, how does an agent get his or her fingers in the international real estate pie? Like most niches, it takes time, and it requires a system.
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how to break into niche
Choose an area of specialization. Coco Waldenmayer says, “Due to the wide variation in customs, language, geopolitical and procedural considerations involved in serving international clients and customers, international specialists typically specialize in one or two countries, either language-related occur in or belong to the same global region.” Former Managing Broker with Engel & Volkers in Naples, Florida.
To select an area in the world that you are best suited to serve, Waldenmeyer suggests asking yourself the following questions:
- Are you drawn from one continent to another?
- What is your familiarity with one or more other cultures?
- Does your circle of influence already include individuals from a certain country?
- Have you traveled to the area?
- do you speak the language
Remember that many international clients come from English speaking countries, even if you don’t speak a foreign language. Aside from the United States, the countries with the highest percentage (not number) of residents who speak English are:
Once you’ve decided on an international agriculture sector, consider earning the Certified International Property Specialist designation, which provides exceptional networking opportunities.
There is much more to know about working successfully with international buyers; We’ll cover it in an upcoming article.
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