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Do You Know the International Real Estate Market?

Yesterday I attended the first International Real Estate Council Meeting, it was fun, educational and most of all enlightening! In my former life I was a real estate broker in South Florida, the melting pot and have been exposed to many cultures. Did you know that 30% of International Real Estate purchases are made in the Ft. Lauderdale-Miami, Florida area while Daytona Beach, Florida is just a portion of the "other" category with a mere 8%. I am married to a Puerto Rican/Italian and I was born in Japan, we definitely have some culture going on at home.

So what is the purpose of the International Council? To educate our Daytona Beach, Florida members on the economic and cultural issues involved in International Real Estate Transactions. The council offers networking opportunities and promotes educational programs on cultural diversity. Our goal is to put Daytona Beach, Florida on the map and attend some of the trade-shows to sell our Daytona Beach, Florida Listings to the International Real Estate customer.

The chairperson, Patsy Smith is on her way to France to attend a convention and hopefully will sell lots of Daytona Beach, Florida properties. She highly recommended the book, Bows-Kiss-Shake. This book will help you understand other cultures and customs and the do's and don't of dealing with the International real estate customer. Many of us are looking forward to obtaining our CIPS designation. There are many benefits. You can actually complete the courses in 1 week, there are 5 classes total. If you are currently not satisfied with your production this could be a lucrative part of your business.

Here are the most important points we got out of our first meeting!

61% of the international customers prefer condo's
36% pay cash for their purchases
38% buy for vacation homes
37% buy rental properties
17% buy because of work
15% purchasing Commercial real estate are from Latin America or Germany
Australians purchase 12%

The top 5 states the International real estate customer prefers to live:

Florida
Arizona
Nevada
Georgia
North Carolina

Important facts you need to know if you are a Florida Realtor!

Florida's population is growing twice as fast as the United States Population. People relocating to Florida expect the population to double by 2040. Adding 17 million people to the sunshine state. Our world is changing, are you going to be ready?

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 03/21/2007 08:19 PM

Comments (50)

international customers, daytona beach real estate, daytona beach realtor, midori miller, volusia county real estate, florida, miami

Originally posted at: Daytona Real Estate Training: Do You Know the International Real Estate Market?

50 Comments on Do You Know the International Real Estate Market?

MAR

2007

Midori -- Thanks for taking the time to rework this!

I am proud to give you a Gold Star for all the effort you put into this!

Congratulations....

Good post, Midori. Thanks for sharing this information - I had no clue about these statistics.

Jeff

Very good information you have there! I wish some of that international market would come here because we are over deleloped with condos and somebody has to buy them!!!

Crazy Dance Midori - Interesting topic. I have funded a couple of Foreign Nationals buying in Colorado. I learned that issues such as credit reporting, asset confirmation, etc. is handled quite differently. Gaining the type of knowledge you are seeking will create a nice niche in your marketplace for you, as it has done for me. I often find International buyers of mountain properties here are likewise paying cash.

Does this group have a website? I would love to learn more about their activities and resources.

Thank you for the post!

James

Thanks for the post, good stats to know!

Thanks for the great info - we are in Clearwater / Tampa Bay area and I am amazed at the number of International requests we get through the internet - we are working with people from Spain, Finland, France, Italy and more - I need to get that book - I've heard it mentioned before but lost trach of it.

International is definitely beginning to get organized...

We just posted the video of an announced agreement between NAR and ACOBIR (a similar association in Panama)that allows US REALTORs to sell properties represented by ACOBIR members and vice versa. Among many other benefits of the program, the key part of the agreement is that commissions will be paid.

See our Active rain blogpost and the video of the formal announcement by Bob Goldberg of NAR at http://activerain.com/blogsview/61714/NAR-Announces-Agreement-With

my guess is that you'll see more and more of these international association agreements in the future.

Tony (daily blog: http://forsalebylocals.wordpress.com)

I have had several clients come from other countries. It is very interesting because real estate is so different in others countries. One must be aware of difference bargaining styles and cultural differences. One thing that is most interesting is that you said most international conumsers are looking for condos --That was a surprise for me. Very interesting.

Wow, great information! How do we find out how other states fare? I'd love to know what I could do here in Texas for the international market!

I would love to find out more about the international market. In the past I did pull some stats on the number and the country of origin to get an idea for marketing purposes. In Thurston and Pierce counties the numbers were very small but I would still love to find out more.

Midori, I am looking forward to earning my CIPS and may take the course offered in Europe , do you know the dates?

Really interesting. Here in Bend, we are definitely attracting some of that international market. I think this could be a fantastic niche market. Thanks for this great post : )

I had a recent blog post with an international flavor as well. Its amazing how different some other markets are than ours!!

That's interesting. Thanks :)

MAR

2007

Midori-Thank you for sharing on this topic. It is one that interests me a great deal because of connections I have with other countries. I would like to pursue it further but, wonder how the restrictions of our various local MLS systems and licensing laws affect our ability to market properties internationally.

Colleen-I want you to know you made my day! Thank You so much for taking the time out to speak to me not only once but twice. You taught me a few things yesterday. Not just blogging either. I will pay it forward Thanks again!

Midori -- It was my pleasure! Keep writing!

Jeff-Thanks for stopping by, yes I was suprised about the stats myself. I sometimes miss South Florida because of all the culture, fortunately Orlando is not too far away!

James-you can actually go to realtor.org, there you will find info on the designation. There are about 5 trips already scheduled to different countries. Later in the day I will post a link in the comments of a website targeting certain countries for business... Thanks for stopping by.

Luke-Just to let you know the International Real Estate customer prefers the beach and/or climates similiar to theirs. We too, have so many condo's on the market as well and lots of condo construction going on. Thanks for stopping by.

Anthony-Thank you! There were additional stat's just couldn't keep up with the speaker so I made sure and at least got the Florida stats.

Cyndee-I heard there were other books but this seems to be the one to get. Yes, in the Tampa Bay area the stat's were higher for you than us. Thanks for stopping by.

A.Grey-Great info, thanks, if you go to realtor.org you will also find out cooperating countries. One of the things Patsy emphasized about the council, they will make sure you get paid. I really look forward to the continued learning and networking.

Joan- it suprises me about the condo's but I think its also the luxuries(amenities) that appeal to them. Again we were also told beach living is their preference. I can't wait to see what unfolds and can't wait for the next meeting. It definitely has started a frenzy with the realtors here in Daytona and our market needs it. Restoring a little hope and excitement. I am very happy to be involved in such an active board of realtors. Does your local board offer these things?

Chris-Not sure how you faired but I would think Texas would appeal to the International Customer, I think any market could gain from this training. I really tried to get as much info as I could but the speaker spoke so fast. We ended our meeting with wine and cheese, definitely International Flavor! The chairperson had a slide show from NAR, it was their actual presentation, I have to wait until she gets back from France but I wouldn't mind viewing that again. Let me see what I can do I may be able to share it!

Just came from one of the FAMB Shows in South Florida...right now there are a lot of lenders reaching out to foreign national buyers... and on top of that there are COMMERCIAL lenders that are doing so as well...

it is a great time for foreign investment in Florida. With prices down and the strong foreign currency market compared to the US, foreign investors stand to gain considerably both on the property and on the currency exchange when they sell.

On top of that, US mortgage rates are VERY low to most of them!

Sandra-Thanks for your comments, this has been very exciting and am looking forward to learning more and more, who knows I know that we will be getting more and more info as we go and will be more than happy to pass it along.

Mitchell-I do not know the dates but they are posted on realtor.org. Good for you! Thanks for the comments. Have you taken any of the required classes yet? I know our board is going to be offering them and they offer classes online as well.

Kelli-I agree about the speciality, what a great way to enhance your business. Thanks for stopping by.

Kaushik-Thanks for stopping by, when I get a minute I will revisit your post!

Julie-Thanks for the comments.

Eloise- I have never heard of a mls system where it will not allow you to market properties internationally, our job is market properties to anyone and everyone! One of the great things about CIPS designation is to assist in you getting paid for doing just that. This is a National Designation so I can't see how there would be any violations or law breaking. We actually had a presentation from Ginn, builders of a billion dollar project in the Bahama's and we are able to sell these properties. I hope that I understood your point. Thanks for commenting.

David-Out of all the tradeshows that would be my favorite. I used to attend them in South Florida. I agree with you completely. The international market is going to continue to grow and grow. Thanks for the comments.

Hi Midori,

Thanks for the interesting info. Does this group have to anything to do with the new international designation? I just received something on that last week. For some reason, I didn't think it was CIPS, yet I could be wrong.

T.Y.

Lynda-yes, it is connected, the designation will ensure that you get paid when dealing with international customers. I think its going to be quite exciting and there is a lot of opportunity involved. Does your local board offer this? You can find all the info you need at realtor.org. Thanks for commenting.

Thanks Midori? Unfortunately Utah isn't on your top 5 list and doesn't have much international demand. Perhaps Park City does, but that is like a foreign country in itself.

Keith...I have never been to Utah, but I have seen beautiful pics. It seems quite serene. Not familiar with Park City.... I love Florida, its definitely the climate. It's 77 degrees sunny and the lakeview is awesome! Hope you are staying warm. Thank you for the comments.

I figured washington would be up there with our large japanese population

Would love to find out any more about appealing to the international community! Are there groups we can join for discussions, etc...??? thanks for any information!!!

Ethan-I am suprised as well but you should see the Asian Community in Orlando, it's "ChinaTown," this area is mostly Vietnamese. Huge Community. I love going there. In Daytona it is so different. I do think other state's growth will grow simply because of the top 5. Thanks for the comments.

Chris-I will be getting a monthly newsletter I would be more than happy to share and as this group progresses I will probably post frequently about what I learn in the International Market. Also, Check with your local board, our board of realtors has been amazing this year! We are finally getting up to par. Thanks for the comments and I will definitely send you additional info as I go.

apprecate anything I get Midori!!! You are awesome!

Chris-It's my pleasure. Thank you and you aren't so bad yourself. You rock!!!

I enjoyed this post and found it very informative. Hilton Head is an international community and it would be wise for me to get up to speed on these buyers.

Oh Diane I see golden opportunity for you! Like I told Chris I will try and get the presentation and share as much information that I can. I don't know how supportive your local board. Our board is going to offer the courses for the designation, you can take them online or out of the country. Thanks very much for stopping by.

MAR

2007

Thank you for the great information! We are involved in international real estate too. If anybody has specific questions on international transactions, please let us know..

Axel and Bea-That's awesome, glad to hear it. Has it been successful for you? How long have you been doing it? Thanks for stopping by.

Midori, thanks for sharing that info! While I'm not in any of the markets you mentioned, it's still very interesting to read up on this type transaction.

Great Post and information, I find international real estate to be so interesting and I will be reading more of your post in the future. Do you know what Country out side of the United states owns the most U.S. property?

MAR

2007

Ryan-Your welcome! You may not be in one of the markets mentioned but I think that it will eventually affect all markets, some stronger than others. I appreciate you stopping by.

Shane-Thank you and I appreciate your kind words. I think as time goes I will have much more info to share. Are you part of the network here? Thanks for taking the time to read and comment.

This is really good information, it is good to know as much you can about the various culture of the people you service.

Jennifer-I think that I am going to make this a series so look for future post. Thank you and I am happy you found this useful. Its been real intriguing to me.

We've recently posted three online video interviews that may of interest to people interested in international in general and CIPS in particular:

Video Interview with David Segrest, CIPS Instructor

Video Interview with Pat Combs, President of NAR (she talks about a number of international interest areas)

Video Interview with Jeff Hornberger, NAR International Operations

A.Grey-Thank you this is awesome! I am sure everyone will appreciate this. I know I do.

Hi Midori,

Thanks for the earlier comment, I'm just a little late in responding, (biz you know). I'll look into it a little more with my aor. I think the only reason I received something on this was as a result of a few of my other designations. You know they think if you have a few, you want them all. Sort of like what we used to call "seminar junkies" that sort of thing.

Thanks for sharing!

Lynda-I wouldn't discount CA, even though it did not make the top 5, wouldnt suprise me if it wasn't in the top 10. You are right, I get a lot info myself on Designations, training. Wouldn't be a bad niche would it?

MAR

2007

Very interesting post Midori, I am a broker/owner of Timberline Realty in Minnetonka, Minnesota and I have friends in the business in Florida and Jackson Wyoming. Both areas are booming with international sales. I would like to see some of the international business come into the Lake Minnetonka area.

Hi Tom-I think it is inevitable that everyone state will gain from the international business. As one state reaches it peak in growth, many times those people move. I am from South Florida have lived there since I was 8, finally I said enough and went to Volusia County. Many South Florida people will continue to move North because of the large influx of people coming in whether it be international or state to state relocations. My brother did the same thing, he is in Port St. Lucie, he is preparing his house for sale to relocate to North Carolina. Eventually everyone will gain. Who knows maybe you can introduce the International Customer to some of the great investment oppportunities in Minnesota. Thanks for stopping by!

MAR

2007

I thought that those are very interesting facts. I work in the Diney World area, Davenport and Kissimmee, and I have to say that foreign national investors from UK and South America could become, with a litle bit of effort, 50% of the business I do. It is a great market to work with as they are very loyal and most do not have financial issues (most paying cash). Thanks for the posting I think that it validates all my efforts to enter this market and gives very helpful information.

Carmen-Your market place is definitely growing in this area. Good for you, one step ahead, that's the way to be. As I continue to participate I will be able to access additional info. Thanks for stopping by!

APR

2007

Hello Again Midori, My family and I just got back from a week of fun visiting friends on Long Boat Key,Florida. That real estate market may have slowed a touch however the long term trend is still intact and as you know, quality real will always be in demand. In my opinion, the buyers will be back in full force soon!

4" - 6" of SNOW is in the forcast tomorrow for us here in Minnetonka, Minnesota... I am really looking forward to being done with winter and another exciting spring Minnetonka Real Estate market. Who knows, maybe your right and we will see some clients from your sunshine state and/or possibly the rest of the world.

Tom-Thanks for stopping by. Yes I think because of the influx of people, other parts of the country will exeperience growth as well. Look for future posts. I will be taking a 3 hour class next Monday to learn more. Ahhhhh, the Keys, one of my favorite places! Hope you had a wonderful time! Happy Spring.

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