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Published by the CIPS Network of the National Association of REALTORS®
Fourth Quarter 1999
Building an International Business
By David Cameron Fischer, CIPS
The international market is booming. According to the National Association of REALTORS®, by the end of the century, more than half of all real estate sold in the United States will be sold to foreign nationals and immigrants.
Right now, about half my company's business is done with international buyers, sellers and investors. Believing the economic signs were pointing to this as a profitable and rewarding area, I decided to focus on this market segment early in my career. Since I was attending school in London, I concentrated on western Europe in the beginning and, as my knowledge and contacts expanded, I branched out. Today, I speak French, German and Portuguese and, through the people in my firm, have about 12 languages covered. Most of our clients are seeking second or vacation homes, but many are investing in residential real estate, some in commercial, and some are moving their companies to the U. S. Because of our wide-ranging interests, we have associated offices in London, Paris, Lisbon, Sao Paolo, Rio de Janeiro, and Dusseldorf.
If there is a secret to my success, it is that I've done my homework. Before I wanted to work with a country, I learned the culture and the customs. Here are some simple rules I've followed in building my international business.
Know Your Prospects
Know the conversational language of the country with which you want to do business. Understand the people. Take several trips to the country, talk to the locals, get a feel for how they conduct business and conduct yourself accordingly.
Focus Your Business
Choose one area of concentration in the beginning-a country in which you have a genuine interest. Build relationships with potential buyers and sellers.
Network Locally and Globally
Get involved in local community organizations. Contact American ethnic groups, such as the American Polish Society. Make several trips a year to the area you want to represent. Advertise that you will be in the country, giving a number to call. Set up meetings with locals at cafes and restaurants to give prospects a first contact on their turf.
Expand your Services
Offer property management of second or vacation home, legal and accounting services. Handle the orientation and entertainment details of the client's first visit to this country. International buyers tend to be very loyal if you treat them with respect and extend a friendly hand. For every sale to a foreign buyer, 10 referrals will follow.
Develop a list of Professionals
Foreign buyers need to know U. S. tax and legal rules and the business rules and regulations. Develop a list of attorneys, accountants and other international business specialists.
Market Yourself, Not Your Properties
Advertise in local newspapers, not just in foreign-printed U. S. newspapers. Focus on who you are and the services you have to offer. |
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