A Lucrative Niche You May Want to Consider -International Real Estate Clients
Real estate is local – how many times have we heard that one? Real estate buyers, however – especially in certain parts of the country – are increasingly global, and many real estate agents are turning the international real estate client niche into a lucrative living.
Consider this: foreign buyers spent $59 billion dollars on U.S. residential real estate in the last two years, according to the National Association of REALTORS®.
The association also claims that the average sale price ($598,200) and the median of $366,100 were the highest on NAR’s record.
Where is all this money coming from? It depends on, again, local markets. NAR claims that most of it are coming from China, Canada, India, Mexico, and Brazil.
Despite the fact that South Americans are flocking to Miami’s luxury condo market, NAR says that most international purchases are for single-family residences. The study also says that the most preferred cities for foreign buyers are Florida, California, Texas, Arizona, New York, and North Carolina.
So, how does an agent get her fingers in the international real estate pie? Like most niches, it takes time, and it requires a system.
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How to break into the niche
Choose an area of specialization. “Because of the wide variation in customs, language, geopolitical and procedural considerations involved in serving international customers and clients, international specialists usually specialize in one or two countries, either related by language or belonging to the same global region,” says Coco Waldenmayer, former managing broker of Engel & Völkers in Naples, Florida.
To select a region in the world that you are best suited to serve, Waldenmayer suggests asking yourself the following questions:
- Are you attracted to one continent over others?
- What is your familiarity with one or more other cultures?
- Does your sphere of influence already include individuals from a certain country?
- Have you traveled to the region?
- Do you speak the language?
Remember that many international clients come from English-speaking countries even if you don’t speak a foreign language. Aside from the United States, the countries with the highest percentage (not number) of English-speaking residents are:
- Australia
- United Kingdom
- Ireland
- Philippines
- Canada
- Germany
Once you’ve decided on an international farm area, consider obtaining the Certified International Property Specialist designation, which offers exceptional networking opportunities.
There is much more to know about successfully working with international buyers; we’ll be unpacking that in an upcoming article.
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