In 2007 the idea that offshore investors would rush in to help prop up the US real estate market was a popular theory amongst many who follow the industry. The following article was published in November and it highlights one of the best tools to familiarize yourself with the European real estate market.
"The easiest way to find property"
One of the newest tools to research property in Europe as well as look for investor interest for U.S. real estate is the United Kingdom search engine Nestoria. Tech Crunch’s Mike Butcher wrote an excellent article “Nestoria to offer average house price data via API” which outlines Nestoria. Nestoria lists properties in England as well as their other market Spain.
The idea for Realtors in the U.S. is to remain active researching the possible European investor wave that may be coming to the US to buy. Tom over at therealestatebloggers.com wrote a template wake up call about European and US real estate alliances “Florida Agency Teams Up With European Real Estate Network.” The alliance is between Michael Sanders & Co and the European Real Estate Network at www.europeanrealestate.org. This should be of great interest to brokers and Realtors who are suffering in the current market conditions-one man’s trash is another man’s treasure.
In my opinion, American Realtors should take a serious look at educating themselves on their European counterparts, market trends, and possible investor wave into the U.S. Think globally and act locally through blogging. If information is king, and it still remains the currency of your expertise, then understanding this niche will help you expand your possible connections, business, and knowledge.
Of course there are often divergent views on every subject, I would be remiss if I did not include Pat Kitano’s rock solid take “Mythical Foreign Investors In US Real Estate.” As Pat asks “Where are these media reports on these mythical foreign investors?” I can only think that whether the wave of investors is a tidal wave of interest or a trickle one thing remains intact. The American market is suffering and Realtors need to educate themselves while opening up their arms to any and all new opportunities that present themselves. Better to be prepared than not to be prepared.
8 Comments on Realtor’s Down Market Survival Kit Tool #5 “Global Markets”: Get Off Your Local Porch and Think Globally
I agree with you Dean, about thinking globally. My parents were from the Netherlands and my cousin, who still lives there, says that many Europeans know a time to invest when they see one. AND, they like America, so our listings are being monitored.
I have a goal to join RE/MAX International/Netherlands, but in the meantime, I just recently posted a rental on Craigslist and the two responses I received came from the UK and Spain. How ironic that you mentioned those two countries in your blog. So, maybe Craigslist is reaching across the Globe in more ways than we know!
What is the climate like for a sharing of listings between US and European counterparts? Would a site that served both sides of the pond be beneficial to Realtors?
www.remax.com already exists for the interchange of global property inquiries.
But thanks for giving me an opportunity to bring up an issue that was brought to my attention about foreign rentals today. Apparently, there is a scam going on with foreign people who say they want to rent from you and they send you a bank cheque for a whole year's rent. Later, when they say they are not coming to the States, they ask for a refund, but they have given you bogus funds.
Kevin, I hope it sparks an idea for people. In your business do you look for relocation agents or brokerages with the idea of grabbing business in that niche?
First of all -- commenting on your post -- I appreciate you trying to show divergent opinions on a topic. It is refreshing and something I miss from my college profs. Regarding your question -- We are interested in relocation agents, but not brokerages. Basically, we are an online marketplace using a little of eBay and Amazon business models. We have a list of labor only movers that customers can choose from based on prices and customer reviews. Customers rent a truck and we provide people with the movers. I believe we are a good resource for realtors, because we reduce one of the stress factors when clients are buying a new home --- moving. I think realtors should buy our services (via our coupon program) and offer clients "Free Moving Service." with their home purchase. I mean the average order for us -- loading or unloading service ends up being $150. (Of course, you were probably only asking me, "What time is it?") :)
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I agree with you Dean, about thinking globally. My parents were from the Netherlands and my cousin, who still lives there, says that many Europeans know a time to invest when they see one. AND, they like America, so our listings are being monitored.
I have a goal to join RE/MAX International/Netherlands, but in the meantime, I just recently posted a rental on Craigslist and the two responses I received came from the UK and Spain. How ironic that you mentioned those two countries in your blog. So, maybe Craigslist is reaching across the Globe in more ways than we know!
Frances Sanderson, Franklin, NH REALTOR®, Certified EcoBroker®