Emerging economies, innovative technology and globalization have produced an international audience that is more connected than ever before.
Among the industries experiencing the positive effects of this influx of influential buyers is real estate. Did you know that last year almost a trillion dollars of U.S. real estate sales came from buyers around the world? According to the National Association of REALTORS®, $82.5 billion was spent on residential real estate by international buyers between March 2011 and March 2012 – a 24 percent increase over the same time period from 2010 to 2011.
Savvy real estate agents ready to capitalize on a new crop of consumers are brushing up their skills and implementing tactics to attract global buyers to do business with them. Over the next three weeks we’ll explore three fool-proof methods for attracting and working with foreign real estate buyers and sellers from agents who are taking advantage of the opportunity.
#1 Find International Buyers in Your Backyard
Mallina Wilson of the Home4Investment Real Estate Team in Bellingham, Wash. has been working with international buyers throughout her real estate career. “About 15 percent of the business comes from Canada and the other 20 percent is overseas buyers,” she says. Both are looking for investment properties and secondary homes. So how do you find those buyers? Wilson suggests starting in your own market. She offered these three suggestions:
1. Use the National Association of REALTORS® for stats about who’s moving to your city and why. “For instance, we found out that Bellingham has a great number of Ukrainians and Hispanics,” says Wilson.
2. Tap your local Chamber of Commerce for insight into your local market’s clubs or activities. “There is a local French Club that we attend to meet new people,” she adds.
3. Find out which industries or businesses are drawing an international crowd and network with them. “We have Microsoft in our city which brings a host of people looking to buy. We stay up-to-date on which countries are relocating.”
Stay tuned for next week’s post: How to Globalize Your Internet Lead Generation.Take Action! Are you looking to work with the increasing number of foreign buyers? Interested in leveraging a global network to market your listings? KW Global Property Specialists is extending its SPECIAL Mega Camp pricing for a limited time only! Learn more about this new opportunity from Keller Williams Realty at kw.com/gps.