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What to Know About Working With Affluent International Buyers

Aug 13, 2019 by

As a successful real estate professional, international buyers could become an integral part of your business; however, it can be a bit intimidating to figure out how to capture this market. Just as in any real estate market niche, networking and connections are imperative to forming lasting relationships with affluent international prospects.

What are some ways to meet an international buyer?
Networking is essential. Once you’ve targeted your feeder market, finding buyers can be exponentially easier, as one client can lead to 10 other potential clients. Attending real estate events in the desired market can be a good move, as meeting in person generally forges strong relationships. Can’t make the trip? Try using social media or tools such as Proxio Connect to virtually begin relationships with agents based in different countries.

How do I break into a market if I don’t speak the language?
Clients want to feel respected, listened to and comfortable, and there are ways to check those boxes if you get creative. For example, research their culture and what’s expected as a common courtesy before approaching them to work together. “Kiss, Bow, or Shake Hands: The Bestselling Guide to Doing Business in More Than 60 Countries” is an excellent one-stop resource written by Terri Morrison. Learn if it’s appropriate to send a gift, or if it would be considered offensive, as well as many other potential missteps you could make—and how to avoid them.

What are some technology hacks to attract international buyers?
First, making sure your business is mobile-friendly is key when looking to attract an international audience. A simple layout usually works best, especially when prospective clients might not speak the same language. Visual-heavy content is also a good idea, as pictures speak volumes to what you offer as a real estate agent. In general, making sure your social media channels are cohesive and up to date is an easy way to ensure that your brand is taken seriously by potential buyers.

Which international markets are attractive?
China, in particular, has shown immense growth, currently home to 26 of the 30 fastest-growing cities. India is also growing quickly and shows potential to be a powerhouse when it comes to luxury real estate. There are specific markets in the U.S. that attract international buyers at all economic levels, as well. You can get updated data on these luxury markets through our monthly Luxury Market Report, and for information on international markets, Wealth-X and Wealth Engine both produce outstanding and comprehensive reports on global wealth.

Finding and locking in international business comes down to opportunity meeting preparation. Catering to the needs of the international client may require you to do more research, invest in different tools or get on an airplane to visit your target market; however, the results could take your real estate career to the next level.

Diane Hartley is president of The Institute for Luxury Home Marketing, an independent authority in training and designation for real estate agents working in the luxury residential market. She is passionate about luxury marketing and has more than 20 years of experience working with the affluent market. For more information, please visit www.luxuryhomemarketing.com.

The post What to Know About Working With Affluent International Buyers appeared first on RISMedia.

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Survey: Affluent homebuyers will give up space for amenities

Sep 11, 2013 by

Luxury homebuyers think real estate is a better investment than the stock market

The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, in a statement.

Luxury homebuyer survey statement Percentage of respondents agree
Used an agent for real estate services 96%
Willing to give up 1,000 square feet of living space in their next home for a lifestyle amenity they want 94%
Believe their house is the best on the block 93%
Wouldn’t live in a home that isn’t tech-friendly 87%
Homeownership is a more sound investment than the stock market 75%
Consider a “smart” home more important than a “green” home 66%
Rather have upgraded home than more square footage 60%
Own multiple homes 58%
Homeownership is a bigger indicator of success than their job or title* 57%
Prefer owning multiple “lifestyle” homes to support recreational activities like skiing and theater-going 53%

Source: Online survey of 500 luxury homebuyers between May 20 and June 4, 2013, conducted by Wakefield Research *Of those luxury homeowner survey respondents who have jobs

A majority of the affluent homebuyers surveyed said they used an agent for neighborhood lifestyle insight (65 percent) as a source of advance info for new listings (64 percent), as a go-to source for housing trends (55 percent) and for support through the homebuying process (53 percent).

More survey results:

Luxury homebuyer survey statement Percentage of respondents agree
Used an agent for neighborhood lifestyle insight; advance info on new listings; advice on housing trends; personal support through the homebuying process 65%; 64%; 55%; 53%
Willing to give up 1,000 square feet in next home for living in a better neighborhood; a house with “character”; more land; access to dining and entertainment; shorter commute 54%; 51%; 44%; 39%; 38%
Consider luxury home “essentials”: garden oasis; outdoor fireplace or fire pit; separate guest house 53%; 50%; 47%

Source: Online survey of 500 luxury homebuyers between May 20 and June 4, 2013, conducted by Wakefield Research

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