Agents who work with foreign buyers have an advantage with both foreign buyers and local sellers. International buyers tend to be well qualified, too. NAR reports that 54% of foreign buyers pay cash, compared to only 7 percent of American buyer.
With the fastest growing buyer demographic being Chinese home buyers!
The opportunity to work with foreign buyers isn’t limited to certain markets or to practitioners who travel overseas. Here’s how you can succeed:
- Get your CIPS! A Certified International Property Specialist Designation. Get your CIPS from NAR’s International Division. It’s a great way to acquire skills needed to work with foreign clients and to network. The CIPS network is a great way to make new contacts!
- Be the Expert! Remember that foreign clients may know real estate but not U.S. real estate. You need to explain local market conditions and U.S. legal issues.
- One or Two Countries. Focus on clients from one or two countries, especially when you’re just getting started. This way, you can become more familiar with the culture and establish a wider network of contacts.
- Take it slowly. Recognize that some cultures require more consultation and time to make a decision.
- Develop Your Resources. Such as a group of tax, legal, and other experts in foreign ownership of U.S. real estate you can offer foreign buyers as a resource. Once you’re seen as a trusted adviser, offshore clients will often look to you for assistance in other parts of the transaction, such as finding legal advice.
Latest posts by Joe Moshe (see all)
- Vote for Charles Rutenberg Realty, Inc. - November 15, 2017
- Tax Plan Should Also Include Local and State Tax Deduction to Benefit Homeowners - November 12, 2017
- Pam & Joe Honored as Heroes at CHI 25th Anniversary - November 9, 2017