I see lots of questions on real estate forums and in my own inbox with the following meaning: How can one find foreign buyers for their property?
Actually, these are the same questions as any marketer and seller always asks before starting marketing and selling any product: Where are the buyers for this product? And how to reach them in the most cost-effective way?
To answer these questions you have to identify the buyers first of all, and only then you may be able to decide how to better market (advertise) to them to make them buy your product from you, right?
In terms of selling real estate internationally, the major 3 features of your potential international buyers will be the following:
-Country of origin (thus defying the language and culture of the foreign buyers)
-Budget for purchasing a property like you have for sale in your area (you need to reach just those foreign buyers who are looking for something similar to what you have to offer)
-Goals for the future use of the purchased property (investment, renting out, vacation or family home, etc.)
Obviously, if you decide to attract foreign buyers from various countries simultaneously, you have to create a buyer’s profile for each country of origin separately (for example, your condo on the beach in Florida may be good for the Russian buyers as a vacation property, but for the Chinese buyers it may be only interesting as an investment property, and such differences might radically affect the content of your marketing materials in each foreign language).
Now, how to collect information for creating your potential international buyer’s profile?
About the buyer’s country of origin. Often you just hear around that foreigners from A and/or B and/or C country often purchase real estate in your area, and your task is accomplished. Check with your local realtors’ association reports and also articles in the local press to make sure that the rumors are true.
About the buyer’s budget. It’s the easiest task as you know the selling price range for the properties similar to yours.
About the buyer’s goals. This may be the most difficult point to decide upon and may or may not bring you success in international property sales. Of course, you have to create the foreign buyer’s profile exactly for your property, not in general.
Let’s say if your condo association allows renting, then your buyer’s profile should include those who purchase for their own family use and also for renting out, etc. Another consideration: if your property for sale fits your government’s requirements for providing citizenship for the foreign buyers of real estate, then your buyer’s profile should include those who seek such a benefit.
In the next post we’ll discuss how the buyer’s profile (or profiles, if for the buyers from various countries) can help you tremendously with targeting the right groups of international real estate buyers.
Happy blog reading,
Copyright © 2018 by Olga Kellen
All Rights Reserved