How to Choose Foreign Countries for Your Property Marketing

What are the best foreign countries for a particular property for sale marketing?

Let’s assume that you already know your local real estate market, where your property for sale stands within it, and you have made a decision to expand your buyers’ base to the foreign countries. Now you have to do your research on what foreign countries are the most promising for your marketing efforts and might bring potential foreign buyers.

Word-of-mouth

You are lucky if just from a word of mouth (a reputable one) it is already a common knowledge: What foreign countries’ citizens are the most frequent buyers of properties in your area. Then this part is already accomplished, but let’s talk more about the situation that you have to research the matter on your own.

Google and local and national press

The first frontier for this kind of information is your local press (online and offline). If you are not so much accustomed to the internet and archive searches, go to the local library and ask an experienced librarian at the information desk to help you with the information on the topic.

Associations of realtors

In the U.S. an authoritative source of national and state-by-state real estate information is the National Association of Realtors with the website http://www.realtor.org which is full of various interesting data for members and the general public as well. Start with the Research & Statistics tab and you see the latest profile of international buyers in the U.S. and all kind of real estate news and forecasts too.

In your state usually there are several local Associations of Realtors with their websites that also may contain statistics, foreign buyers’ activities including, available for members and the general public.

For example, in Florida there are dozens of associations at the moment: The Florida Realtors for the whole state of Florida, then the largest associations for various big cities and areas, such as the Miami Association of Realtors, the Northeast Florida Association of Realtors, the Florida Keys Board of Realtors, and many smaller ones in every county or city or area of the state.

Most of the local real estate associations have websites where you can try and search for the information of interest to you, and of course there are the contacts of local realtors with offices close to you.

Local realtors

Another powerful source of the useful information in terms of the international buyers inclined to buy properties similar to yours would be your local realtors.

Talking to the local realtors is also the beginning of the process of refining your future directions of marketing to the foreigners, as during the conversations with the realtors you can find your future representative in foreign sales. Of course, this venue is only suitable for private sellers and developers looking for both ways of their marketing to the foreign buyers – through the local realtors or “By Owner” at this initial stage.

If you are a realtor, you cannot count much on your competitors for sharing their professional secrets, but of course sharing some general information at conferences and seminars is possible. Or, you can easily find a buyer’s realtor with foreign connections for your listings this way. Looking for the bilingual buyer’s real estate agents in your area might be quite promising in this regard for selling your own listings to the foreign investors.

Interviewing realtors as a potential client of theirs, ask them whether there are people working for them who know the languages of the foreign countries you target – it may be a decision-making factor for you later. If you find a realtor who claims tight connections with buyers in a foreign country suitable for your property sale, ask questions about their marketing possibilities (for your property) in the foreign country and previous sales to the buyers from that country.

If you a realtor or developer, at this stage of your preparation to enter an international market of the buyers for your properties it is about time to think of building a team of marketing and selling specialists who know foreign languages as their research in your target country language internet can add a lot to your local research in your own language; more about that later in this blog.

The situation with the foreign buyers coming to your local real estate market is a rather liquid thing and can change depending on many factors: Property prices in your area and the whole trend for your country in this regard; the state of the economy in the buyers’ own countries; how their currency values against yours at the moment and the currencies trends; and even some consideration of fashion and prestige.

Look at Canadian buyers of properties in Florida: Canadians are always attracted to the warmer climate and the ocean beaches of Florida to escape from their harsh winters, but they buy vacation properties more actively when the Canadian dollar is closer to parity with the American and less active when their currency weakens.

A summary: to properly target your marketing money and efforts, you have to define the foreign countries where your potential buyers may come from to acquire your area properties.

Copyright © 2016 by Olga Kellen
All Rights Reserved
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