What Should You Know about Cultural Differences of Your Foreign Buyers (Part 2)

We continue the list of items to remember about your particular group of the foreign buyers that belong to the nation you have decided to target with your international real estate marketing. (In Part 1 of this post we have already discussed the influence of the foreign language, social norms and business etiquette on your success in selling to the foreign buyers.)

cultural differences foreign buyers

Values. This is a very broad and vital key topic as your success in selling internationally depends on your correct choice of a particular group of the foreign buyers to market to them, and the choice should depend on what exactly the buyers would see in your property and area for themselves according to their values as a nation.

Some examples: The Chinese value education for their children a lot, thus being located near a good school would be a great selling point for your property while marketing to the Chinese buyers; the Russians love to be near water, thus a beach property would be attractive to the Russian buyers, etc.

Laws. No doubt, your country laws governing real estate ownership and sales are different from the foreign buyers’ country laws. (In the U.S. even each state differs from another in terms of legal regulations.) There is no need for you to know the buyers’ country real estate laws at all (unless you are curious), but it will be your duty to explain your country rules to them.

One of the simplest concepts to start with, is how a buyer works with a realtor. In countries like China and Russia there is no MLS (each realtor has access to the same database of properties for sale), and buyers are used to run from one realtor to another to take advantage of their various properties. When they come to the U.S. to buy a property, for example, they tend to act the same way – running from one realtor to another which makes no sense here – and you have to clarify the issue from the very beginning.

Economic System. Again, you do not need to learn about your buyers’ economic system which is probably quite different from yours, but you should be really interested in their ability to transfer money to purchase a property the way your rules require.

Summary: We have discussed the major needs of overcoming the cultural differences between a seller (realtor, developer) and his foreign buyers. But how do you do this? Reading a book about the nation’s culture you target with your real estate marketing, hiring a coach/consultant/translator, or hiring a bilingual real estate associate with an appropriate background (with some education and business experience in the country of your interest).

Happy blog reading,

Olga Kellen,
The Amazon Author
International Marketing Consultant and English-Russian Translator

Copyright © 2017 by Olga Kellen
All Rights Reserved

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