Are You Ready to Work With Foreign Buyers?By Barbara Pronin
Foreign buyers and recent immigrants purchased $153.0 billion of U.S. residential property in 2017, a 49 percent jump from the prior year, according to NAR’s 2017 Profile of International Activity in U.S. Residential Real Estate.
While the largest share of those deals are made in the warmer states like Florida, California, Texas, and Arizona, foreign buyers do purchase property throughout the U.S. A hefty 37 percent of foreign buyers reported that they found their agent online via the agent’s, firm’s or franchise’s website. Not surprisingly, 56 percent of international buyers relied primarily on referrals. What does it take to capture the attention of these buyers in the first place? What do you need to know in order to provide them with the kind of excellent service that brings about lucrative referrals? Experts agree it helps if you speak the buyer’s language. With the largest share of international buyers coming from China, Canada and India, you already speak the language of at least a third of them! Still, speaking a common language is just the beginning. Proficiency in a few other key factors will also determine your readiness to work successfully with international buyers:
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade. |
Today's Top Stories |