The real estate market is booming in the USA and it is easy even for foreign real estate investors to see that. With so many good cities to invest in the USA, there are plenty of reasons why foreign investments are rising and these include:
● US economy recovered from the economic crisis
● Property values are low and the market is on the rise
● Many other world economies still have to deal with the crisis
It makes perfect sense why international buyers and businesspeople would want to invest in a real estate market different from theirs in a positive way. On the other hand, working with foreign real estate investors could present a challenge for many real estate agents and professionals.
Some of the obstacles that stand in the way of a foreign investor are language barriers, cultural and lifestyle differences, funding issues, bureaucracy, and laws. Creating a trustworthy relationship is also important when working with foreign real estate investors and this might be hard to achieve with all the obstacles mentioned above.
With that being said, being able to pass all these barriers and bring more foreign investors shows that you are a skilled real estate agent able to deliver no matter who you are dealing with. So, here are a couple of tips to ensure success in this niche.
Knowing how to manage your relationships with foreign customers will increase your reputation and overall get more leads for you as a real estate agent.
1. Be mindful of cultural and language differences
Foreign real estate investors come from all sorts of cultural backgrounds and even understanding some basic customs can make a huge difference. Trivial customs such as handshakes, personal space, who speaks first, can be differently perceived in other cultures. Be mindful of these aspects and act accordingly for a flawless interaction with your clients.
Also, it would be a huge bonus if you speak their native language. This has been shown to build up trust very quickly. Even if you don’t speak their language, foreign investors might have different levels of fluency in English. So, make sure you communicate any information clearly and explain thoroughly using different formulations and words for a pleasant conversation. Use a translator if needed.
2. Know your local market place well
Another tip for being successful in creating good relationships with your foreign clients is to understand local market nuances. This is particularly important when you are working with foreign real estate investors since they will ask questions related to the area. They will want to know about the costs of living, education, safety and the healthcare system. Having up to date knowledge about the local market will definitely increase your credibility and make you more persuasive.
3. Build solid relationships with foreign investors to extend your reach and knowledge
Understanding the buyer’s needs and intentions is crucial in providing the right information to them during their property search. That is very important when you are dealing with foreign investors. By establishing partnerships with foreign investors it will rapidly expand your cultural knowledge and will help you build a network outside of your own area. This will also make you successful in the international market over the years.
Theresa Hus is a member of the content team at The OFFICIAL Real Estate Agent Directory ® producing countless informative and trendy real estate articles monthly for RealEstateAgent.com and its many outlets. While the site is called RealEstateAgent.com, Theresa likes to keep away from generic real estate agent content; her articles are all about thinking outside the box, stepping in the consumer’s shoes.