4 Tips for Working with Foreign Buyers
March 1, 2012
Practitioners who focus on the foreign buyer population, along with local sellers, can enjoy a thriving business — especially in markets like California, Texas, and Florida. In the former two states, roughly one out of every 10 residential properties is bought by someone outside of the country; in the Sunshine State, the share is about one in three.
Andrew Taylor, founder of Juwai.com, the top Chinese property portal for real estate in the United States and worldwide, offers his advice on working with foreign clients.
- With international buyers in particular, an agent must be prepared to compare and contrasts homes not just in neighboring communities but possibly in different cities or even states.
- Taylor also stresses the importance of imparting to foreign buyers one's credentials and explaining to them how the agency relationship works.
- He emphasizes that getting to know a foreign client's culture, home economy and politics, and even a few words in their native tongue -- especially "thank you" -- will go a long way toward fostering goodwill.
- Finally, Taylor recommends that agents who want to work with foreign clientele complete the National Association of REALTORS®' "Expand Your Market" training course and get a Certified International Property Specialist (CIPS) designation.
Source: "Can You Work With Foreign Buyers?" RISMedia (02/28/12)
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Updated: July 22, 2019