How your competitors can help you with real estate marketing to foreign buyers (part 1)

How does your property compete against other properties of the same type in your country, through the eyes of foreign buyers? And what to do to win this competition in real estate marketing and sell your property fast and for a good price to the foreign buyers?

We assume that you already know an approximate asking price for your property for sale, according to the recent local real estate market. If not, here is a short explanation how to do it.

Look at the latest completed sales of local properties similar to yours. In the U.S. you can use the real estate market data from http://www.realtor.com, the commercial arm of the National Association of Realtors. Search for “sold properties” with your postal code for the start. Also look for recent “properties for sale” in the same area.

Of course, it is easier to price your home or condo if there are enough similar properties around, but you might be a bit lost if your property is rather unique. Then try searching over a larger area to have at least some approximate evaluation. In other countries, there are some similar real estate market websites with the pricing data, at least you can easily see properties for sale in your area online.

If you are a realtor, you have all the necessary information for the right pricing in the local market at your fingertips of course. As a developer, it is in your business plan perhaps.

Now, so far it was all about the local market. How about pricing in the foreign real estate markets?

According to my professional experience almost everybody who makes an attempt to offer their property for sale to the foreign buyers, puts a higher price tag on their property in the foreign markets than they could sell this property for in the local market. Quite possible that the sellers count on the foreigners to be naïve and not actually knowledgeable about markets, property pricing and realities.

With today’s internet equipped buyers such attitude will not work most of the time, especially if there are other similar properties on the market to compare prices; with some exceptions maybe (like in a very hot seller’s real estate market with the lack of properties for sale or for a property with some unique features valuable for particular groups of foreign buyers).

The most important thing for the right pricing is to know your competition in the exact foreign market you target – you have to do the same research for comparable properties for sale offered in the foreign market as you did in the local one.

At this stage you already need help of a person who knows the language of the country where you are going to market your property for sale. The best researcher for this task can be someone who knows not only the foreign language and culture, but real estate as well.

Internet in the foreign language will bring you the vast knowledge of what other properties from your country and area are offered over there, at what prices, how well the properties are represented, what is so attractive for the foreign buyers (or not so much) about your competing sellers – all this you will use for your pricing and marketing in general, as you have to be ahead of your competition.

If at this moment you do not have a person to help you with the initial research in the foreign language internet, but at least you want to know anyway what the foreign buyers can see over there in their language, you may try and do the following research on your own. In the next post we will see how to do it.

Copyright © 2016 by Olga Kellen
All Rights Reserved
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