Succeeding in the International Market
If succeeding in the national market already requires a lot of work, working in the international market is even harder. The competition is fierce and it requires you to be different and to expand your area of expertise.
Publishing your properties internationally is a start but it is still necessary to understand some tips for success.
Obstacles for Those who work with a Foreign Market
According to ListGlobally's study, there are some common hurdles that real estate agents face in foreign markets. A language barrier is an obvious obstacle, accounting for 37% of responses in our study, followed by building a relationship with clients (13%) and funding issues (13%).
Looking more specifically at the respondent results: language is still the main obstacle, gathering 43% of responses, as is building a relationship with clients (14%). However, we also find a significant mention of cultural differences & lifestyle (29%) as an obstacle.
If language is an obstacle, and cultural differences are a headache, where should you start in order to ensure the success of your international market activity?
Advice from Real Estate Agents
Our study on how to work with foreign buyers, showed some helpful tips:
1. Understand local market nuances
The advice of Laurie Laykish from Engel & Volkers is relevant. When you work with foreign buyers, you need to remain persistent and you must increase your local market knowledge.
Start by learning about currency Issues, laws, the local political situation, cross cultural relationships and world conditions. Then, prepare yourself for potential questions that your customers might have. Some of the most important topics you need to address are the cost of living, education opportunities, the healthcare system, You will also need to understand the required documents and you need to be the real MacGyver of tax system.
After addressing these questions, you just need to sell them the dream and help clients imagine living in one of your properties.
2. Be patient and respect cultural differences
According to Climb Real Estate agents, in order to succeed globally you need to be patient and respect cultural differences. Empathy, understanding and active listening are skills that dictate the success of an international agent.
We know that selling a property to a Chinese citizen differs from selling to a Brazilian citizen. Take time to read cultural guides. We, at ListGlobally, suggest the Commisceo, as a good resource.
3. Learn more about international investors and procedures
According to Century 21 agent Mr. Osmondi, to be successful in the international market, you must learn about foreign investors and international procedures. Conducting a complete diagnosis of your buyer is quite helpful and may include: what they expect in a village or city, what are the most important features to them and their budget.
While working with foreign buyers, it is also important to build a network all around the globe. Partnering with other real estate agents that are in the country of your potential customers is very important. By establishing partnerships, you will be able to rapidly increase your cultural knowledge. Remember that when a customer is recommended by another agent in the origin country, the probability of selling to that person is higher.
Finally, define your overall marketing strategy. Simplify your life by using platforms where you can publish your listings all over the world reaching the international audience at once.
ListGlobally is your Partner for Success
ListGlobally is a strategic partner who can help you succeed. We publish your listings through our network of up to 100 portals around the globe, and we translate all our agents listings into their customers' native language.
We share real estate agent experiences through our interviews and webinars, and we gather the best tips to give you a hand: like how to prepare a property visit for a foreign buyer, how to sell a property to a Chinese buyer, how to get more mandates, and many others.
If you want to share any idea or feedback, please contact us.
