As a Cuban-American living in Miami, I’m quite sensitive to the international nature of real estate. Brazilians, Columbians, Venezuelans, Russians, and many other foreign nationals fuel a very robust real estate market in Miami. And the same can be says about other gateway cities such as Los Angeles, San Francisco, New York, Houston, and many more.
If you’re a real estate brokerage located in a gateway market, you’re missing opportunities if your business lacks multilingual agents, multilingual staff, or a multilingual website. Without a multicultural focus, making outreach efforts overseas or being part of one or more international networks is impossible.
Most brokerages in these busy international markets understand the need for a multicultural business model in order to effectively compete. It’s pretty much a requirement for success these days.
More and more, I’m seeing smarter brokerages in less international markets making efforts towards a multicultural model that are paying off. For example, I spoke to a development services company in coastal North Carolina recently. They told me how many of their buyers come from Canada and through their marketing outreach in markets like Toronto, Quebec, have encouraged Canadian buyers stop in their local developments instead of others.
Due in large part to Disney World, a lot of British and Brazilians are buying real estate in Orlando. So it makes perfect sense for real estate brokerages in Orlando to connect with agents and consumers in those countries. They gain an edge over those who don’t consider Orlando to be an international market.
A connected globe means global opportunities!
International consumers love buying U.S. brands, traveling here quite extensively, and lately, buying real estate here. Compared to many other parts of the world, U.S. real estate is CHEAP.
If you’re coming from like places like Venezuela, Argentina, Russia, etc. you want to park your money in a safe and stable investment like real estate. Others buy real estate here because they’re tired of worrying about their family members being kidnapped, or having to drive around in an armored car. This is the case for a lot of wealthy people in other countries.
If you’re in a gateway city, you’ve probably been thinking about this for years. I hope you’re plugged in to international markets and have embraced multiculturalism in your business model.
If you’re not in a gateway city, don’t assume that means you shouldn’t tap into the international market. It’s not hard to find the international buyers interested in your local market. Find out where they’re coming from, what language they speak, what their cultural preferences are, how you can reach them in their markets.
You can be the go-to real estate brokerage for people from other parts of the world that want to buy real estate in your market.
For more information, visit www.pcmsconsulting.com.