Not too long ago, realtors did not have the knowledge and resources the net now provides for them, to reach international real estate buyers.
This particular business opportunity is significant.
Bearing in mind the data from 2017 we understand that foreign real estate investors accounted for around $153 billion of the entire deals in the American market which ultimately would be an upturn of the previous year of a massive 50%. Likewise this represents ten percent among all national real estate transactions in the USA. And when the National Association of Realtors (NAR) is reporting the above mentioned statistics then undoubtedly you must acknowledge that the international homebuyer is deserving of consideration when promoting real estate.
A very enticing aspect to sourcing your own international real estate clients is how profitable it can also be for the agency. Then there is the stat revealing that of all foreign prospective buyers, the lion’s share of them are affluent people aiming to grow their wealth in international real estate areas. One such are is Palm Beach County.
Don Halbert had this to say, “In the past few years we’ve witnessed immense interest from foreign buyers in the Kelowna real estate market.”
Similar to most things, there are various things to look at before just thinking you’re going to target international real estate investors. It is problematic and you will definitely need some help.
Touching this segment of the industry however will require overcoming various obstacles including language and currency exchange to name a few. Generally though many international buyers will never buy in to a country without doing their homework and having steps in place to eliminate any “lost in translation” concerns.
Which one country rules international real estate buyers in the United States? Why China silly. That’s right, China holds a whopping 50% of the total sales volume credited to foreign buyers and yes, regardless of all the differences between how business is done in both countries and language.
With such a profitable real estate market in existence, how do you break in to it?
CPROP’s end-to-end electronic transaction administration system is made to expose real estate brokers to international leads and assist them to securely and transparently close deals.
Generally it applies technology to simplify the sales process of companies, from the beginning of a deal to closing. Below are 3 ways realtors can take advantage of this immense opportunity.
Sign up with a clear international stage
Nevertheless positioning yourself in to the international segment and gaining traction is not really some thing that’s easy. Brokers seeking to capture high-dollar foreign investor interest and confidence should look for platforms that have an international target audience and provide a smooth connection to investors in a user-friendly, efficient and trustworthy ecosystem.
In the event that the platform boasts a provider directory with unfiltered client ratings and recommendations coupled with automated translations, even better.
Think trust and security
A long distance deal, particularly amongst persons in separate countries, can be a recipe for miscommunication plus, in the worst cases, being cheated.
Planning is vital to productive international real estate buys and included in preparing you have to take into account trust and security.
Blockchain has demonstrated to be the most secure way to electronically carry out transactions. Blockchain permits real estate contracts to be so closely protected/encrypted that helps prevent any changes be undetected.
In fact, Brett Elliott, a realtor in Costa Rica, had this to say,”Our objective for 2019-20 season will be to convert all our online transactions for real estate to be done exclusively through the usage of Blockchain technology.”
Moreover another fantastic benefit to utilizing crypto money in transactions is the security for the buyer in knowing their money is secured.
Seek out trusted, streamlined cooperation
One thing is closing contracts inside of the country but it can be a completely different thing when finalizing international transactions and these deals call for a lot more care to ensure a smooth conclusion.
Can you tell your transactions standing in real time, what’s left to finish and who should next take action?
This being said, wouldn’t you agree with the fact that an all-inclusive online digital transactions SaaS software built to support international real estate transactions from start to finish, be a welcome addition to all realtors? Let’s be realistic, any broker working with international buyers and vendors can reap the benefits of an extensive SaaS application that not only simplifies communications but will also assures security for the two sides.