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Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Global Real Estate: Local Markets Chapter 4: Serving the Global Market

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Page 1: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Global Real Estate:Local Markets

Chapter 4: Serving the Global Market

Page 2: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

In This Chapter

• Adapting your core real estate skills• Presenting your value proposition• Using Internet tools to build relationships

and prospect• Qualifying and serving foreign clients and

customers

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Page 3: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Adapting Your Skills

• Regulatory knowledge• Market and product knowledge• Financing• Networking

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Page 4: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Adapting Your Skills

• Presentation skills• Communication and Listening• Investment knowledge• Patience

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Page 5: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Adapting Your Skills

• Fiduciary duties• Customer service• Client loyalty• Marketing• Technology use

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Page 6: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Adapting Your Skills

• Tax issues• Value proposition• Negotiations and decisions• Property presentations

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Page 7: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Qualifying Foreign Prospects

• Establish and define the relationship• Use questioning skills • May be an ongoing learning process• Use a checklist

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Page 8: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Qualifying Unsolicited Parties

• Make initial assessment of intentions• Maintain sensitivity to establishing a

relationship• Probing questions may seem too intrusive

and assertive• Same misgivings as domestic clients plus

uncertainty of buying property in foreign country

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Page 9: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Real Estate Practices Around the World

• Cooperation• Involvement of attorneys• Role of notary • Licensing standards • Negotiable commissions • Property records• Title insurance• Document authenticity9

Page 10: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Does It Have to Be in Writing?

• Clients may believe that exclusive agreements limit market access

• Demonstrate advantages of representation• How much you will do without a signed

listing or representation agreement?

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Page 11: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Contracts—End or Beginning?

• Basis for relationship and negotiating the details?

• View fill-in-the-blank boilerplate contract as unbinding?

• Sign to avoid losing face?• Candid pre-contract communication• Provide translated versions of contracts

and agreements11

Page 12: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

Matching: Are We Speaking the Same Language?

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Page 13: Global Real Estate: Local Markets Chapter 4: Serving the Global Market

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Key Point Key Point ReviewReview