Global Real Estate is Booming and It's Owed To...

The world is flat. Ever heard that saying? Well, when it comes to REAL ESTATE, the adage is confirmed. I have worked with clients from other countries, most of which I have never met prior to helping them to find property, and many have never stepped foot off the airplane prior to purchasing.  So, how is it possible that an interested buyer would want to purchase property they have not physically seen and most importanly why would one want to take such a risk? Technology! 

Even during the ups and downs, the real estate market has seen one thing that hasn't changed: Foreign buyers continue to purchase vast amounts of property in the U.S. So much for low production... Perhaps, the U.S. is no longer producers of goods but we are certainly a main attraction in helping to service foreign investors.  Mainly, because they view it as one of the safest and most secure investment markets in the world, and reportedly take pride in being able to have a place in the U.S. to call "home".  

While working with international clients can be lucrative it requires one to be open-minded because it comes with a different set of challenges, to include, cultural norms, communication styles, business practices, time, and currency, but luckily technology has helped to transcend many of these barriers making it easier for the agent and the client.

"There is a rising middle class and economic shift in many countries, making it possible for technology to be more widely used and adapted,” says Eleonore Rojas, principal product manager and vice president, Partnerships and Product Integration at realtor.com®. “Not only does this allow prospective buyers to look abroad for investment properties and second homes, it also enables them to consider moving there full-time and approach these properties as a primary residence.”  

The Web is the world’s one commonality,” says Nobu Hata, director of digital engagement for the National Association of REALTORS® (NAR). “Technology has connected people in ways that were never possible before. There simply are no more geographic constraints. While real estate will always be local, it has a universal access point: online.”

And one online source that has helped many Realtors® is www.realtor.com® international site. 

“Growth on realtor.com® among consumers from foreign countries and mobile use show that technology is shaping how consumers are looking through inventory. Today, realtor.com® serves some two million listings from 32 non-U.S. countries, in 11 languages and 22 currencies. This level of accessibility is changing how they research, but also how they connect with real estate professionals in general,” says Rojas.

So how can you take advantage of technology to better your global business? 

Here are a few tips for successfully utilizing technology in a global real estate market: 

For seasoned agent, these tips should go without saying, but just in case:

1. Be mobile compatible- If a consumer cannot browse your listing by phone, they may not look at them. 
2. Ask up from about preferred communication- don't assume! Be it email, phone, video, chat, text, or all of the above. 
3. Utilize your relationships- whether through networks or broker relations "consider an exchange with your REALTORS® contacts abroad.- maintaining a blog, such as on activerain or wordpress is a great place to bring traffic to your site by attracting  search engines and connect content with overseas buyers
4. Know your clients, the technologies they are comfortable with, and the properties you are showing- Use technology that your buyers understand and speak their tech talk Make sure you know what your clients are comfortable with. Do they love Skype and FaceTime but are unfamiliar with eSignatures? It may be best to forgo the latter if it makes them uncomfortable.  

   Helpful resources: DocuSign is a resource that can save considerable amounts of time in the international home-buying process. If your buyer is unable to travel to the United States to sign necessary documents, DocuSign allows them to securely sign and send documents online from any device. 

   International buyers, more than almost any other buyer type, will expect that you have done your homework on properties you are showing them. It is not uncommon for them to purchase a property sight unseen, or virtually narrow their options to view when they are able to visit the United States. Realtors Property Resource® (RPR) is an agent’s best friend for dealing with your most demanding clients. This online resource provides data from more than 400 databases on more than 150 million properties in the United States, including school attendance zones, FEMA flood maps, demographic information, thematic maps, heat maps and more. 

5. Get visual- Allowing a potential client to view property by video allow you to to go to a level of access that pictures will never reach. “If you can visually tour the property on site, that always helps it sell better,” suggests Hur. “Skype is a standard that a lot of international clients understand. ”Video not only works to showcase the property, but to connect the client to yourself—the REALTOR®—as well. “Video is very different than pictures because you can actually meet the clients and allow them to put a face to a name. If they see who you are, this helps with the connection,” says Hur. 

Trust is even more important with global real estate, where clients won’t be able to meet with you frequently or visit the properties in person. This means that making a connection is critical and references are everything.

“At the end of the day, your global consumers want the same as those in the U.S.: excellent service, trust, expertise and a great relationship,” comments Rojas.Hur echoes her sentiments; “It’s all about communication and building a personal relationship with every client—that’s the way you’re always going to retain and build your international business. 

* Some of this content is pulled from RISMEDIA