Recently, USA Today reported on the influx of foreign real estate buyers in Miami. Since I live in Miami I’m seeing this first hand. But it’s the same story in New York, Los Angeles, Houston, San Francisco, Vancouver, Toronto, and to a lesser degree in other cities in the U.S. and Canada. Foreigners are investing in U.S. and Canadian real estate in droves. There are plenty of reasons for this but the big question is, what are brokerages doing to capture this business?
If you are not actively pursuing the foreign real estate buyer, or at least making it easier for them to do business with you, you are missing huge opportunities. Some things to consider:
- Do you have foreign agents? If you don’t, what can you do to attract them to your company?
- Do you translate your marketing materials (including your website) to multiple languages depending on where buyers are coming from in your market?
- Are you familiar with the specific customs and cultural needs of these buyers?
- Do you have relationships with lawyers and other professionals that can service the specific legal and banking needs of these buyers?
- Are you part of an international franchise or other network that can connect you with buyers in other parts of the world?
The statistics are off the charts and money will continue to flow into the U.S. If you are not improving your position now you are missing out on huge opportunities to tap into a very lucrative market.