How to Work with International Buyers

How to Work with International Buyers

There is little doubt that international buyers have made inroads into the United States in terms of the real estate market. However, selling to those from other countries does present different challenges as compared to domestic buyers.

All people are products of the culture in which they grew up which means that in order to appeal to them, you will have to make a few changes in the way you market and present yourself so that they choose to work with you. Here are a few tips in how to work with international buyers.

Know Where the International Buyers Come From

According to the National Association of Realtors in the US, most foreign home buyers come from Mexico and Canada which should not be too surprising. However, many others come from China, UK, Brazil, and India which means that you may be dealing with another culture in terms of how they purchase homes. In addition, Australia, Western Europe and Russia are emerging as places where many foreign home buyers come from, so you will need to understand their needs and wants.

For example, many from the UK purchase property in Southwest Florida which certainly is much different from their homeland. People on the eastern half of Canada tend to purchase homes in Florida and people on the western half of Canada tend to purchase homes in Arizona.  You never want to assume anything but it is always good to have a basic understanding of the demographics typical purchasing habits.

Know What International Buyers Want

When it comes to how to work with international buyers, it is very important to know why they are interested in purchasing property in the United States.  Is it for:

–       Vacation

–       Business

–       Investment

–       Obtaining a Visa

–       To Live in the US

There may be other reasons as well, but most people who come from other countries to purchase a home will usually fall into one of the above categories. Understand that a buyer who is purchasing a home to help obtain a visa might need to reach a certain price point so do not waste your time showing them properties that do not qualify. An investor is generally interested in urban locations over rural ones, so keep that in mind as well.

Have the Right Team and Resources

If the buyer you are working with does not speak very good English or English at all, you may want to hire a translator.  There is great translation software that you can purchase as well so a translator may not be needed if communication is primarily done electronically.

You will want to have a good attorney that understands international money transfer laws.  There are strict regulations for international money transfers as sensitive information and huge amounts of money are involved for purchasing real estate. Transfers are closely monitored to prevent illegal transfer of funds and money laundering. If someone wanted to purchase a home in the United States from another country, certain steps need to be taken.  Having experts on your team that specialize in international money transfer laws is vital for your deal so it does not bite the dust after you put in the hard work of finding the perfect property for your client.

In Conclusion

Whether you are working with domestic buyers or international buyers, customer service and a commitment to excellence must be standard.  Be sure to listen and ask questions so that you can help make someone’s dream of owning real estate in America a reality!