Just a few years ago, brokers did not have the knowledge and tools the net now delivers to them, to get through to international real estate buyers.
As is also true within any market, when opportunity presents itself such as it has in international real estate, it can’t go disregarded.
Surprising to many would be the fact that 10% of the overall sales of real estate in the United States Of America is linked to foreign clients. Furthermore total sales stats in 2017 are revealing a trend worthy of your consideration in that they are growing by nearly 50 percent every year adding up to over $150 billion. These statistics are sourced from the National Association of Realtors and ought to be regarded as a very good barometer of what the future holds for real estate sales to overseas investors.
The fact that professionals involved in foreign buyer transactions have been found to profit improved profits just contributes to the attraction of this segment of the market. A noteworthy chunk of international buyers and sellers are well-off international elites looking for promising opportunities and grand vacation properties.
Then again adding the foreign trader to your repertoire will not be as straight forward as locating these individuals is generally difficult.
“It took us a solid 5-7 years to fully understand and adapt to focusing exclusively on foreign buyers and where we can expect to source them.” says Trevor Elliott, a long-time realtor with Costa Rica Real Estate dot COM
Touching this segment of the marketplace nonetheless will entail conquering some obstacles including language and currency exchange to name a few. Customarily though a lot of foreign investors are not likely to buy in to a country without at least some sort of research and having strategies in place to avoid any “lost in translation” issues.
Which one country rules foreign real estate buyers in the United States? It’s China. You got it, China retains a large half of the total sales volume credited to foreign investors and yes, even with all the differences between how business is done in both language & countries
With such a profitable market in existence, how do you hedge in on it?
CPROP’s end-to-end digital transaction management platform is designed to expose real estate agents to foreign prospects and assist them to securely and transparently close deals.
The company employs blockchain to confirm and report activities associated with deeds and closing paperwork. In addition it plans to establish a powerful, user created trained network by supplying its utility tokens to buyers and sellers who leave ratings and analysis of the agents and other professionals they employ on the program.
“We started working with CPROP SaaS platform last year and can honestly say it’s been incredibly helpful in securing our deals end to end here in the South Pacific of Mexico where we’ve previous experienced difficulties.” claimed Armando, a realtor in San Pancho Mexico
Technological advances is really crucial for virtually any deal from start to finish. The following are three ways real estate professionals can take advantage of this huge opportunity.
Connect With A Transparent International Stage
Nevertheless positioning yourself in to the foreign audience and gaining traction is not some thing which is going to be very easy. Any realtors seeking to be professionals in the international real estate community, ought to start their exploration by discovering online sites where potential buyers and sellers may meet up. Once uncovered…be part of the dialogue and gain trust within the community.
One more thing you are going to want to watch out for is segments of the web with service providers which allows automatic translations.
Think Reliability And Stability
Remember the film Lost in Translation? Actually in the case of international real estate dealings this is definitely the case whilst the two parties involved communicate in different languages.
Preparation is key to successful international real estate offers and incorporated in preparing one must look at trust and security.
Block-chain has proven to be the quintessential secure way to electronically make deals. Blockchain makes it possible for real estate contracts to be so highly protected that blocks any modifications be undiscovered.
Secondly another great upside to using crypto currency in transactions is the protection for the buyer in knowing their cash is secured.
Search For Trustworthy, Effective Cooperation
The first thing is closing deals inside the country however it’s always a wholly different thing when completing international deals and these sales demand alot more care to secure a clean closing.
Grasping the majority of the moving parts to your awaiting contacts, leads and contracts is essential to your fortune. Do you know the realtime standing of anybody in your pipeline right this moment? If you don’t you ought to.
Contemplate this though, as a realtor working in global transactions, wouldn’t it be beneficial to have a SaaS application that handled all the electronic areas from beginning to end for any international real estate contract? Let’s be realistic, any real estate agent doing work with international prospective buyers and vendors is able to benefit from an all-inclusive SaaS application that not only makes ease of communications but additionally ensures security for all sides.
Stay tuned for our followup article which features interviews of some prominent Canadian and American realtors like Mark Walker of Kelowna Condos, who’ve recently made the move to ensuring reliable and safe international real estate deals via SaaS and cryptocurrency.