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7 Sizzling Sales Tips For Targeting Foreign Real Estate Investors

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Version 6

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title	dcterms:title	7 Sizzling Sales Tips For Targeting Foreign Real Estate Investors
description	dcterms:description	Wealthy Chinese buyers spent more than $110 billion on US real estate in the just the last five years. That's according to a recent study by the Rosen Consulting Group. And that spending isn’t set to slow down anytime soon. The same study predicts that in the next four years the amount spent by Chinese buyers will double to $218 billion.
content	sioc:content	Wealthy Chinese buyers spent more than $110 billion on US real estate in the just the last five years. That's according to a recent study by the Rosen Consulting Group. And that spending isn’t set to slow down anytime soon. The same study predicts that in the next four years the amount spent by Chinese buyers will double to $218 billion. There are many reasons why foreign real estate Investors love US real estate. Some are looking for a second home or rental investment. Others are looking to meet their EB-5 investor visa requirements. Overall US real estate is viewed as a relatively safe and predictable long term investment. So how do you ensure that your home is appealing to fat wallet foreign buyers? Here’s our seven tips to help you get started 1. Identify who is buying Before you even start thinking about how to sell your property you need to know who you are selling to. Foreign buyers are not all alike. Different features of your property will appeal depending on the nationality of the buyer. Different nationalities tend to favour specific parts of the country. Chinese buyers favor West Coast cities. Latin Americans and Canadians are big buyers in Florida. Foreign buying of US real estate also follows trends. Currency movements and volatility in local markets can make US real estate more appealing. Understanding these trends can help you identify who is likely to be buying. 2. High quality video and photos are essential Including high quality photography and a video tour in your listing is essential when selling to foreign buyers. Overseas purchasers are often unable to visit the property in person. A video tour combined with high quality photography will make them more comfortable with what they are buying. Focus on the details that someone would want to see if they were inspecting the property in person. 3. Sell the right benefits Not all foreign real estate investors are alike. As noted above some are looking for a solid investment, others a second home. Research to see which foreign buyers are purchasing in your area (see Tip #1). Then position the benefits of your property to appeal to those buyers. For example, you may discover that Chinese buyers are purchasing apartments in your area so that their children can receive a Western college education. In this case you would want to sell your apartment on the safety of the neighborhood and the proximity to local colleges. 4. Make your listing easy to understand Present the key information about your property in a clear and simple manner. Think about your listing from the perspective of a foreign buyer and pay attention to the details. For example, have you listed the area of the property in feet rather than meters? Are you using colloquialism that only a local speaker would understand? 5. Find the right realtor Use a realtor which has existing relationships and experience selling to your target market. Before choosing a realtor ask them to explain their strategy for reaching foreign real estate investors. See if they have been successful in the past reaching this market. And ask them if they are able to place advertising in the country that you want to target. 6. Understand cultural factors Consider cultural factors that your buyer would find appealing. Many Asians buy real estate as an inter-generational investment. If a property is freehold or has a long lease then this is something worth highlighting. In your market this may seem like the norm but in countries like China this is not the case. Numerology is also worth researching. The numbers 6, 8 and 9 hold special appeal to Chinese buyers. Again, if your property features one of these numbers in the address, draw attention to it. 7. Be willing to negotiate Negotiation is a natural part of the buying and selling real estate. But this is even more true for many foreign buyers. Just because foreign buyers are able to purchase in cash doesn’t mean that they don't want to get a bargain. Foreign investors are often extremely savvy purchasers. They research the market carefully and will be able to identify value. Don’t be surprised if you receive a low ball offer from a foreign buyer. This will likely just be an opening offer. Negotiate and you will usually be able to settle on a number close to your target price. Foreign buyers are invariably diligent when buying international property. If you are equally committed to appealing to these buyers you are much more likely to get a result you are happy with.
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