Global marketing is essential for modern businesses. The expansion and integration of the global marketplace has affected how businesses function and reach out to clients, including real estate.
A business trying to grow into new markets around the world must be mindful of how they approach countries with different values and cultures. For instance, if you have an American-based company trying to sell projects in China, you must gauge how to reach that particular audience. Let’s look at some benefits and strategies for a successful global marketing strategy.
Partner with a well recognized brand
When you partner with the ListGlobally international network and its proprietary portals, Properstar, you automatically benefit from our existing brand strength as an international real estate player. It is to your benefit to be highlighted across our network, garnering curiosity for your listings from other countries.
Use a unified approach across borders
Utilize a marketing strategy for your business as if there were no global boundaries. The presentation, style and format of your listings are consistent in our network, with many helpful features and tools, that equip you to analyze engagement from country to country. With over 100 Million consumer visitors monthly, you will reach a global audience of buyers for your listings.
Impress on your seller clients that you are doing absolutely everything you can to garner interest for their property.
Observe and engage your target audience
Any of our annual reports show significant interest in foreign buyer purchases of property in North America, even in a repressed real estate market. It is perhaps more important to have an international presence for your listings in this case, as your potential audience increases exponentially by advertising globally. ListGlobally ensures that you are reaching consumers in their local country on portals that display listings in their language.
As a specialist in the international real estate market, we continue to nurture and cull our listing portals to ensure that our clients benefit from the most popular and recognized portals, at a surprisingly low cost. For more on the attributes of paid advertising space in a global market, check out this article, Paid space is just plain smart.
International marketing is important is because it opens your business to larger audiences and is an opportunity for wider exposure, product awareness, and increased sales.
Immigrants and the housing market
At his inauguration, President Biden instituted new policy designed to increase migrant protections and smooth immigrants’ arrival into the country. The U.S. Census Bureau experienced significant challenges collecting data in 2020 due to the COVID-19 pandemic. As a result, we rely on 2019 data.
There are now approximately 44.9 million immigrants living in the United States
Mexicans are the largest group of U.S. immigrants, comprising 24% of the total immigrant population in 2019
China (including Hong Kong and Macao but not Taiwan) comprise about 6%
Immigrants from India account for about 6%
Together, the top ten countries accounted for 57% of all immigrants in the United States (U.S. Census Bureau 2019 )
What does this mean for selling real estate to foreign buyers?
Well, every one of those new Americans have connections to their home country which takes us back to our opening paragraph about understanding how to reach a particular foreign audience.
Did you know?
> In China, many young people cannot afford to buy a house even with a bank loan and a very significant portion of those homes are purchased by parents for their child. Therefore, many Chinese parents will start to save money the day a child is born with the intention of buying their child a house. Also, it's quite common for elderly parents to eventually move in with their children, so it can be seen as an investment in their future.
> In a number of African countries, like In Egypt, the majority of parents financially assist their children in buying property after graduation.
> Hispanic culture places emphasis on raising a family, so many women choose to stay at home and encourage their children to pursue higher education. Moving to the US to accomplish this is supported by the extended family.
The commonality here is that the parents search for properties and buy them on behalf of their child living in North America – who is perhaps attending post secondary school on American soil. Your international marketing will reach these buyers.
Common reasons that foreign buyers invest in North American real estate
North America is a popular destination for foreign real estate investment. Here are some reasons that you should advertise in foreign markets:
Foreign national investors of US real estate have the same rights to buy and own property in the US as US citizens do. In the last ten years, foreign real estate investors have purchased more than $1 Trillion worth of US real estate. National Association of Realtors (NAR)
US lenders who specialize in foreign national mortgages, offer long-term fixed-rate mortgages at competitive rates for non-resident foreign investors (with no US credit) and for US newcomers with visas.
Home prices in many US metro areas are inexpensive when compared to the central regions of the other global cities. For example, in Chicago, the median listing home price per square meter costs $2,497 USD, compared to $26,262 in London (UK), $28,570 in Hong Kong (China), or $10,932 in Mumbai (India). Global Property Guide, NAR
The housing market in the US is relatively stable, making it a safe investment for foreign investors. With its high demand for rental properties, foreign buyers can easily find tenants for their investment property.
The United States provides the perfect opportunity for real estate investors to generate cash flow through rental income, capital appreciation, and profits produced by commercial activities that rely on investment properties.
What about the Canadian Foreign Buyer Ban?
Effective on Jan 1, 2023, for two years, Canada’s ban on foreign homebuyers now bars commercial enterprises and individuals outside of Canada from buying residential properties in the country. There are some exemptions.
Homes in municipalities with a core population of less than 10,000 are not subject to the ban, nor are recreational properties such as cottages and lake houses. Additionally, the law does not explicitly ban the purchase of larger buildings with multiple units.
Although the legislation targets non-Canadians, those in Canada with temporary work permits are still allowed to buy residential properties, as are refugee claimants and international students who meet certain criteria. The ban does not apply to those who are Canadian citizens or permanent residents, nor does it apply to non-Canadians who are looking to rent a residential property in Canada. Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act or refugee are also exempt from the ban.
There are plenty of international consumers looking for real estate properties online that are permitted to purchase in Canada, and we can help feature your listings to them.
Preparing for the future
If you have not yet entered the international real estate market, you may have hesitated due to a complicated and sometimes inconclusive method for calculating ROI on your marketing dollars. Our listing fee structure is inexpensive, established and effective – and you can manage your promotions and change your subscription at any time. With resources and support in place for our agents, we encourage you to give it a try! Reach international buyers, impress property sellers and contact us today. We will help you get started and answer any questions you may have.
More about ListGlobally
ListGlobally operates the largest global network of property portals in the world, advertising across +100 property portals in over 60 countries, reaching a monthly consumer audience of over +150 Million potential buyers.
Properstar portals, affiliate of ListGlobally SA, offer you all the marketing tools you need to attract buyers and to close deals. Properstar gives you access to two real estate portal networks that increase the distribution of your listings to an audience of potential buyers that are best suited for your property listings, associated with unique and efficient features that will help you and your clients conclude successful deals together.
Do you have questions or need more information? We invite you to schedule some time with a team member who is glad to answer your questions.