RISMEDIA, August 24, 2010—In today’s global economy, more and more Realtors® are serving buyers from around the world. Last year, according to the National Association of Realtors® (NAR), 23% of Realtors served international clients, and 12.5% experienced an increase in foreign clientele.
The global market represents a tremendous opportunity for you and your agents—an estimated $25 billion in home sales will be sold to foreign nationals in 2010. On average, foreign buyers pay nearly 20% more than the domestic buyer, and an astonishing 55% pay cash.
“Foreign buyers have a strong incentive to buy real estate in the United States,” says Janet Branton, senior vice president of NAR’s Global Business and Alliances. “Despite the recent housing downturn, we’re a relatively stable economy that has historically offered steady appreciation and solid returns…and the changing dollar means other currencies have more buying power.”
NAR Global Business and Alliances offers over 75 resources and services to help you succeed in the global marketplace. They are your expert global business partner.
Global Is Closer Than You Think
Global business is much closer and easier to be a part of than you may realize. Opportunities to serve international home buyers exist in all 50 states in virtually every market. In addition to purchasing U.S. property as an investment, foreign buyers purchase for pleasure—think of the Canadian snowbird who heads to Florida for the winter. And many relocated foreign business executives need a temporary residence. For example, in Alabama alone—a state you may not think of as “global”—there are over 400 foreign-owned companies, representing an investment of nearly $18 billion.
Do the Research
The first step in achieving success in the global market is to do your research. The NAR Research Division compiles data to help you understand the unique needs, habits, and motivations of your buyers, so you can provide them with the most relevant information. You can access many downloadable research reports from NAR at www.REALTOR.org/global, which include:
-State-by-State International Business Reports look at international business activity by state, including the number of non-U.S. citizens arriving from various countries, homeownership rates, and top exports.
-The 2009 NAR Profile of International Home Buying Activity details the top five countries of origin for foreign home buyers in the U.S. and how these buyers use the services of Realtors.
NAR Global also provides the market intelligence you and your agents need to stay on top of issues, trends, and data—and a step ahead of your competition with the Global Perspectives in Real Estate bimonthly newsletter and Global e-Report monthly electronic newsletter.
When you have done the research and determined your niche market, educate yourself to expand your knowledge of global business. NAR offers a variety of relevant educational opportunities, including the Certified International Property Specialist (CIPS) designation. Courses offer you five days of study focusing on the critical aspects of international real estate transactions and can be taken individually or as part of an intensive program of study that demonstrates your ability to manage transnational transactions.
Other Courses Include:
-Global Real Estate: Local Markets, a CIPS prerequisite
-Transnational Referral Certification
-Doing Business in Mexico
-Doing Business in the United States
-At Home With Diversity
Most of these courses are available online through Realtor University, NAR’s exclusive online course provider.
Networking is essential to building a successful international real estate practice. NAR facilitates networking at trade shows and conferences as well as at virtual events online involving many of its foreign partners.
NAR maintains formal relationships with more than 80 organized real estate associations around the world, giving Realtors confidence in working with professionals that abide by a code of ethics. These bilateral partnerships exist in nearly 60 countries to help you and your agents establish business partnerships and referral opportunities. Go global today!