How to Develop Trust with Foreign Buyers (Part 1)

What is the most essential ingredient in being able to close the real estate deal with a foreign buyer eventually?

Let’s put ourselves in the shoes of a foreign buyer for a minute. He or she is many hundreds or even a thousand miles away from a property in your country where he or she is going to find a bargain of their dream real estate.

What is the first thing to do for them? Of course, to research their potential real estate best buys on the internet. By the way, the foreigners will search the internet from their own country the usual way they do searches every day on any other issues which means that their computers will open a search engine in their own language if other than English.

Even if they are in one of the English-speaking countries and search in English, their search engines are localized (adapted to this particular country) and they will see a different search result than you probably think they would (in terms of your property position in searches).

More on these local internet tricks and how to be visible to your potential foreign buyers later; now let’s just assume that they have found your property and are interested enough in the property to consider it further.

A realtor lists the property on the foreign internet. As a real estate professional you know of course from your education and experience that trusting relationships with your potential buyers are paramount to have success in real estate sales, and also you know how to build the trust with the local buyers, so we will not talk much about general things at this time.

Let’s see what the foreign buyers say when asked why they dismiss realtors even before talking to them about a particular property of interest (as a result there will be no inquiry, no lead and no sale). There is a representative survey that a Russian real estate magazine conducted asking their readers just this question: “Name a few reasons that might stop you as a real estate buyer from choosing a particular international realtor.”

We come to the conclusion that the most important features of an international realtor in the eyes of a potential foreign buyer of international real estate are professionalism and the realtor’s ability to communicate in the buyer’s language. The foreign buyers also value lots of detailed property information. The foreign buyers prefer a realtor who has an office in the area they are interested in over a realtor with only an office in their own country. Additional services seem to be not that important.

Often the author receives messages like that: “Please send me a Russian buyer first and then I will start doing a lot of marketing in Russia.” Well, it is sort of putting the cart before the horse, do not you think so? Like “Let me make a sale and then I will try to establish trust with the buyers.” Sorry, things never work this way.

First you develop trust in yourself and your product and service, then you make sales and then you have more sales through referrals of your happy clients!

In the next post we’ll talk about how developers and private real estate owners can make the foreign buyers trust them from far away.

Copyright © 2016 by Olga Kellen
All Rights Reserved

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