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Sign into your accountAttracting the International Buyer
January 29 2014
Did you know that there was nearly $68 billion in real estate purchased by international buyers last year? Nearly half of these customers are from four countries--Canada, China, Mexico and India--according to the NAR's 2013 Profile of International Buying Activity. Over half are purchasing homes that are $250,000 or less.
REALTOR® specialization on the buyer's side of the market--like cultural affinity or orientation with the prospective purchaser, foreign language capabilities, and experience in explaining U.S. real estate procedures and requirements to foreigners--appears to be important in bringing an international transaction to a successful conclusion. Approximately 27 percent of REALTOR® respondents reported having worked with international clients; 76 percent have been in the business for more than five years.
Of the REALTORS® who reported transactions with foreigners, 54 percent reported that clients were referred to them through friends, previous clients, and international and domestic referrals.
So what are the best ways for an agent or broker to increase their international business?