By Cindy Fauth
Do you think global buyers don’t exist in your area? I’ll bet there are. You don’t have to look hard−just with a different perspective.
Here are a few things to consider before making the assumption that global buyers aren’t in your area, or that you shouldn’t spend your time trying to capture them.
- Global buyers aren’t just big-time investors from faraway places like China, India, the Middle East, etc. This buyer segment includes Canadian snowbirds, or even first-generation (or second-generation for that matter) immigrants who currently live in the U.S. but are more familiar with the business practices of their native country than those in the U.S., or a U.S property buyer looking overseas. Collectively, global buyers purchased over $82 million in U.S. residential real estate last year.
- The NAR Profile of Home Buying Activity concludes every year that international buyers are purchasing in all 50 states. Want proof of that in your state? Check out the NAR State-by-State International Business Reports. Click on your state for a snapshot of what international business activity is taking place there, or click the link to the full .pdf report. You’ll see how immigrants were admitted into your state last year, what countries they came from, and what the top export countries were. (All reports available at realtor.org/research).
- Have you heard about the Realtor.com® International Website? It has changed the way foreign buyers are looking at U.S. real estate. They can view your listings in their language (11 languages are currently available), in their currency, and can convert area from feet to meters. The site launched in November 2011, and since then it averages close to one million unique international visitors each month. That is a lot of international eyes on your properties. Want to know where they are looking? Check out the interactive map that shows which countries are looking most, and what U.S. cities they are looking in.
Working with global buyers can be more complicated than a domestic transaction, but it can be well worth your time. Continue reading »