Coalition Corner: Business training tools for HR staff, real estate licensees and other service professionals in the relocation and real estate industries Challenges and Solutions When Working with International Homebuyers The Coalition thanks Anne Tully, Director, International Services, Arizona Insights Relocation Center/Coldwell Banker Success Realty, Scottsdale, AZ for this edition © 2005, Employee Relocation Council/Worldwide ERC® Coalition COALITION Corner
Program objectives • This program supplements a monthly editorial feature in Worldwide ERC®’s Mobility magazine • This segment will: – Provide examples to demonstrate some of the types of challenges posed by working with international clients in the real estate process – Offer tips and solutions for addressing some of those challenges COALITION Corner
Introduction • The experience of buying and selling property varies enormously from country to country, and even from culture to culture • Real estate professionals have an opportunity to act as “trusted insiders” to help guide clients from overseas who plan to rent or buy property through the process • Insight into some of the challenges and awareness of some of the differences can go a long way toward making the transaction a success for both parties COALITION Corner
Examples of some of the challenges: the agent perspective Situation: • The client currently resides in another country/time zone, and his or her native language is not English. All communications are conducted by phone. Challenge: • The need for clarity isn’t being met, and it’s difficult for agent and client to reach other at mutually convenient times. Neither party is sure the other is understanding the details. Solution: • Confirm important details by e-mail and/or fax to back up relevant points, eliminate time zone barriers and provide written clarification COALITION Corner
Examples of some of the challenges: the agent perspective Situation: • A couple and their large extended family all seem equally involved in the home-buying decision Challenge: • It’s difficult to manage the size of the group and nearly impossible to pinpoint the decision maker. It seems no one is willing to make a commitment, which translates into little solid feedback and timeconsuming searches and viewings for the agent. Solution: • Ask the right questions to help determine who the family regards as the primary decision maker. Explain the typical process/time frames and establish a schedule in advance for visiting and viewing properties. COALITION Corner
Examples of some of the challenges: the agent perspective Situation: • The client family members understand very little English – except for a teenage son, who translates full sections of contracts in two or three words Challenge: • The terms and conditions of the contract and managed move benefits package must be fully understood prior to signing Solution: • Locate a qualified interpreter and/or translator. Provide copies of all documents related to the home-buying process to the family early in the process, allowing time for proper review and the answering of any questions about terms or procedures that may not be fully understood. COALITION Corner
Examples of some of the challenges: the agent perspective Situation: • The clients love a home and have pre-qualified for the purchase price. They want to make an extremely low offer that is well below the market value, comparables and expectations for the home. Challenge: • The sellers will likely refuse the offer without countering, the buyers could loose out on the home. Solution: • Find out why the clients are making such a low offer. It may be that negotiation is a way of life in their home country/culture, and an offer at or above the asking price is perceived as overpaying. Expectations in negotiating vary greatly from one country/culture – and even one region – to the next. Clearly outline the way the process works at the outset, which can help set realistic expectations. COALITION Corner
In conclusion… • The key to resolving nearly any challenge is in clear and open communication • Employ the help of other professionals and/or resources to assist – such as research tools about countries, cultures and real estate practices, translators/interpreters, and professional industry networks COALITION Corner
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