As real estate matures more around the world with the improved transparency and potential of the constantly evolving world wide web, real estate professionals have tremendous possibilities to seize lucrative international, long-distance business that they didn’t until now have access to.
This income opportunity is immense.
With numbers like fifty percent improvement in volume year after year and boasting a total share of the actual real estate earnings of the American market at ten percent, the international buyer is gradually becoming a factor to consider for any agent seeking to enter this sector valued at more than $150 billion in 2017. All numbers above sourced from NAR (National Association of Realtors) and are deemed to be correct.
The fact that agents associated with foreign buyer deals tend to profit bigger earnings merely contributes to the charm of this section of the market. A notable amount of international buyers and sellers are wealthy international elites searching for appealing investments and luxurious vacation homes.
Never think this will be simple to access and break in to, the international real estate investor sector. Ellen Hart of Round Top, Texas claims it took her over 2.5 years to break in to this sector.
Attaining this sector of the industry however will entail overcoming certain challenges including language and currency exchange to name a few. Routinely though lots of international investors aren’t going to buy in to a country without doing their research and having procedures in place to reduce any “lost in translation” problems.
Which country reigns over international real estate buyers in the US? Why China silly. Yes it’s true, China maintains a huge 50% of the total sales volume credited to international buyers and yes, even with all the variations between how business is conducted in both countries and language.
Right about now you are probably wanting to know how to tap this highly rewarding vertical of the real estate marketplace.
CPROP’s end-to-end electronic exchange management system was made to expose real estate brokers to international prospects and enable them to safely and transparently close deals.
The quick answer is that it demands technology that helps communication and links a group of vetted companies to collaborate on ushering a deal from contact to close. We are going to show you a few ways any realtors can manuever in to this market component.
Join up to a clear international program
Breaking in on the international real estate industry is not straight forward for real estate agents that have not ventured here previously. Any agents wanting to become participants in the international real estate community, might start their research by identifying online venues where possible investors and sellers may gather. Once uncovered…be part of the conversation and earn trust in the community.
Don’t forget also that considering your platform also offers automatic translations, this will also be a huge perk.
Think trust and stability
Language barriers needs to be anticipated and dealt with to have any international real estate transaction finish with no difficulties like fraud.
Planning is key to winning international real estate offers and included in preparing you must think trust and security.
“The world recently has been introduced to a great unique method of protecting transactions over the internet.”, says Jim Prescott. Blockchain technology has forever altered the way we move finances digitally. When a contract is completed and carried through, it might be saved to the blockchain, making an immutable distributed leger verified by a network of potentially thousands of computers, therefore effectively avoiding any unknown changes to a contract.
Additionally another great upside to implementing crypto money in transactions is the protection for the investor in knowing their money is risk-free.
Look for trusted, efficient collaboration
Any realtor appreciates, even closing local deals are usually a challenge, however when you venture in to the international real estate buyer/seller marketplace, this is even more true.
Understanding all the moving parts to your awaiting contacts, prospects and deals is essential to your success. Have you any idea the real-time status of anyone in your pipeline at the moment? If not you ought to.
An electronic digital transaction administration software created for international contracts that helps parties through each step of the closing process are generally very valuable here. The benefit to this new future technology is how it could possibly simplify the work-flow, provide security and simplify communications for real estate agents of international real estate.