5 Tips for Working with International Home Buyers
The United States real estate market serves American citizens as well as international home buyers. We Buy Houses Buffalo is a U.S. real estate company with investors who buy condos, homes, land in all price ranges and conditions. Working with these buyers has given the We Buy Houses Buffalo professionals insight into their importance in the country’s real estate market.
It’s also revealed the need to make improvements to the current processes to encourage their business. Real estate professionals can do more business with these clients. Here are five tips for working with international home buyers.
1. Become familiar with your home buyers
International home buyers from China, Brazil, the UK, Canada, China, India, and Mexico make up a large percentage of the market. Most are well-qualified and are willing to pay market prices or better. Many of them pay cash. Some are looking for vacation homes, family homes or for real estate investments.
Australian, Western European and Russian buyers combine with others to make up roughly thirty percent of current buying activity. The challenge faced by real estate professionals is to attract their business to keep the market strong. Knowing your buyers means being aware of culture, potential language barriers, and currency fluctuations.
Learning their preferences for climate and location can be useful in assisting them find a home in the right area. If an interpreter is needed, try to have someone who speaks a common language with your clients on hand.
2. Determine what your buyers want
Not all international buyers want the same things. Every person is an individual with their own preferences. First, find out which problems they are trying to solve and how you can help them find the solutions that are the best fit. Why are they buying property in the US? Is it for vacation, leisure, a second home or as an investment?
What types of properties are they attracted to? Make the process comfortable and familiar to your international buyers to the best of your ability and prepare to show them properties they are the most interested in seeing.
When you find out the reasons they want to buy a home, you can customize their options to make the process go smoother and easier for everyone involved. Listen to your clients and stay within the price range they establish.
3. Listen to their concerns
Your international clients may have concerns about the location, price or condition of a property. Be sure to answer all questions fully and to their satisfaction. They may not always speak up if they are displeased with an aspect of the property being shown. Some are likely to walk away without following through on a purchase.
Make sure that you understand what your clients are saying through verbal and nonverbal language. Culture can play a role in how your international client communicates their concerns. You can do your part best by finding properties in the locations they prefer, homes that suit their design and layout tastes and within the price range that is comfortable for them. Also make sure they clearly understand taxes, and details about financing, so they are pleased with their purchase in the long-term.
4. Clarify the processes
US real estate professionals must understand that buying a home in America involves different processes and terminology than in other countries. There are different requirements that clients may not be aware of. It’s important to cover all aspects of the home buying process in detailed explanations that are clearly understood by the buyer.
When international buyers fully understand the buying process, they are more likely to close the deal and to be more satisfied with the results. It helps to be familiar with the processes in their home country in order to point out the differences. This can help real estate professionals to be savvier in working with international clients and to build a reputation for being helpful.
5. Become specialists
International home buyers are looking for specialists in the real estate field to help them find the ideal property. Serious, qualified buyers who are ready to pay fair prices expect excellent service from the agent assisting them. Becoming a specialist in selling real estate to international clients involves providing interpreters when needed.
It means connecting your clients with helpful resources even before they make the trip to the United States. Going the extra mile helps to build confidence and make it easier for clients from other countries to seek help and follow through with home purchases.
Final thoughts
Real estate professionals can improve the processes for international home buyers. Knowing their clients understanding their wants and purposes builds confidence and streamlines the buying process. A little effort can go a long way in attracting more international buyers in the US real estate market.