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Global Real Estate:Local Markets
Chapter 2: Your Hometown Global Market
In This Chapter
• Gateway cities and beyond• Prospecting glocally • Lawful target marketing• Working with your REALTOR® association
2
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
4
Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top States for Foreign Buyers
5
23%
17%
9% 9%
Maps: www.50states.com
Top Regions—Florida
6Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Regions—California
7Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Regions—Texas
8Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Regions—Arizona
9Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
Top Countries
10
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
Small town/resort
CA
Suburb
TX, CA
Suburb
CA, TN
Suburb
FL, CA, RI
Suburb
Financing Cash (86%)
Cash (69%)
Mortgage (50%)
Mortgage (73%)
Cash (57%)
Source: 2013 NAR Profile of International Home Buying Activity, National Association of REALTORS®
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
• Desirable locations and familiar markets• Detailed research• Specialized advisors11
Prospecting Glocally
12
Awareness
• Start with macro-level assessment • State economic development agency• REALTOR® association resources • What are other local businesses doing?
13
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
• Your interest and participation must be AUTHENTIC
15
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
19
Key Point Key Point ReviewReview