Global Real Estate: Local Markets Chapter 2: Your Hometown Global Market
In This Chapter • • 2 Gateway cities and beyond Prospecting glocally Lawful target marketing Working with your REALTOR® association
Do I Have to Leave Home? • Global business happens in your hometown • Local opportunities lead practitioners abroad • Competitive market distinction locally 3
Gateway Cities and Beyond Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS® 4
Top States for Foreign Buyers 17% 23% 9% 5 Maps: www. 50 states. com 9%
Top Regions—Florida 6 Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Regions—California 7 Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Regions—Texas 8 Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Regions—Arizona 9 Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Countries Canada China Mexico India U. K. Percentage 23% 12% 8% 5% 5% Median Price $182, 955 $425, 000 $156, 250 $300, 000 $250, 000 Location FL, AZ CA TX, CA CA, TN FL, CA, RI Small town/resort Suburb Cash (86%) Cash (69%) Mortgage (50%) Mortgage (73%) Cash (57%) Financing Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS® 10
Working with Foreign Buyers • • Long-term perspective All cash or high-equity Acceptable, predictable returns Quality properties – Commercial: Building class may depend on investment goals 11 • Desirable locations and familiar markets • Detailed research • Specialized advisors
Prospecting Glocally Awareness of opportunity Knowledge of market dynamics 12 Outreach to prospects, other real estate professionals
Awareness • • 13 Start with macro-level assessment State economic development agency REALTOR® association resources What are other local businesses doing?
Research • Who are the foreign buyers and sellers in your market? • Where are they from? • What language do they speak at home? • What do they buy? • Glocal market clues are all around 14
Find Your Niche • Can’t be the real estate agent for the world • Select your niche – Language – Affinity – Travels – Personal interest 15 • Your interest and participation must be AUTHENTIC
Be the Global “Go-To” Person • Share your expertise • Demonstrate your professionalism • Build your reputation as the source of the source • Business will follow 16
Tap Association Resources • State and local association global forums, councils, and committees • Other global real estate professionals • NAR Global • NAR partners – 81 real estate associations, nearly 60 countries 17
Brainstorm: Market Outreach 18
Key Point Review 19
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