Selling to International Buyers
International Business is strong in
Taking all of the above into consideration with the addition of a less restrictive flow of capital to many parts of the world (through trading treaties) and the immense effect of the modernization of communication and computerization, it is becoming more and more imperative for real estate professionals to have knowledge of international business transactions, world cultures, world markets and economies.
An international buyer has very different needs from either a local or national buyer.
First there may be a language problem. The Northeast Florida Association of Realtors (NEFAR) offers foreign language speaking Realtors, which, according to NEFAR’s Multicultural Council’s Chairperson,
An International buyer needs explanation of the buying process in the U.S.A .Very few nations have Multiple Listing Services such as we have in
Our local negotiating practices need to be explained as they also are very different from business transacting in other cultures. Decision making is much slower in many cultures than in the more fast-paced American business climate. The hierarchical make-up of some family units dictates that the entire family and extended family be included in the decision and negotiation of a major purchase. Bargaining from a low point up to a “respectable” offer is the norm in some cultures so care must be taken in a fast market to explain that extended “bargaining” may cause losing the perfect property. A show of assertion from a sales person can be very distasteful among certain nationalities and if the buyer perceives they have “lost face” a sale could also be lost.
Greetings and the protocol attached to certain religions and cultures must be a vital consideration for a Real estate Professional. Knowledge of which member of the buyer’s party should be addressed first, whether handshakes, bowing or no physical contact at all is normal, should be studied before-hand. Forms of address vary greatly according to the nationality of the buyer, such as the shortening of a name to only the last part of a long name, which may be considered discourteous.
Some international buyers have a strong belief in calling on their religion or to the supernatural for their beliefs of what is a good location, positioning, entrance, color scheme, time for moving, for their new home. In fact some of these philosophies are becoming more and more studied in North American design and have been incorporated in homes for good luck, serenity, feelings of peace and comfort. A qualified International Realtor will be aware of certain customs, will understand them and appreciate the practices.
Transfer of funds from one country to another, currency exchange rates, moving personal effects internationally, differences in measurements and currencies, customs restrictions, electrical appliance voltages, schooling, work visa restrictions, are some of the many queries, problems and considerations that are asked of the real estate professional when assisting international buyers. A Certified International Property Specialist will have much of this knowledge as will an International relocation division within a real estate company or an international moving company.
The welcomed enrichment of