To turn global business from a foreign concept to a forté, you first need to adopt a global mindset. Look at your market with fresh eyes and recognize the global forces at play in your own backyard. One agent I recently spoke with found such insight by paying attention to the ethnic food section of his local supermarket. Knowing that shelf space is at a premium, the agent wondered who was buying these products. A conversation with the store manager provided additional insight, and the agent ultimately pursued efforts to connect with the ethnic communities in his market, developing new business relationships.
As we (at NAR Global) looked through the latest traffic data from realtor.com® International, we wondered what factors contributed to the sudden increase in Australians searching for homes in the Detroit market. When we spoke with executives from the Real Estate Institute of Australia (REIA), they speculated that a recent television program featuring Detroit may have contributed. Coupled with the distressed real estate market providing the opportunity to purchase bargain homes, and the expected turnaround of the Detroit market, it’s no wonder Australians are scoping out Detroit.
When it comes to working with international buyers, what factors might be contributing to the interest in your area? Are there foreign-owned companies opening offices? Is there a nearby airport offering multiple direct flights to another country? Is there a college or university nearby?
NAR offers a wealth of education and research to help you identify global opportunities where you live. Start with the State-by-State International Business Reports, Global Perspectives newsletter, and the Certified International Property Specialists designation, all of which can be found at www.realtor.org.
Cindy Fauth is the global marketing manager, National Association of REALTORS®. For more information, visit www.realtor.org/global.