Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Tim Hur, the broker/president of Point Honors and Associates, Realtors, for his tips on working with international buyers.
9. Do not ever let the language factor intimidate you. Co/op with someone who speaks the language or hire a translator that knows real estate lingo.
8. Research the culture. It goes a long way knowing how a decision is made in that country.
7. Know who the decision maker is. The matriarch? The wife? You may end up showing the property several times or even cater the showing to the wrong person if you don’t know who can pull the trigger.
6. “International” should always be a part of your real estate business. It may take longer to materialize, but the end result is worth it. Pick a niche you are comfortable with and go from there.
5. What does the U.S., Myanmar and Liberia have in common? They are three countries that do not use the metric system. The rest of the world does, though, so have a converter handy.
4. Technology goes a long way. Get ready to show the property in real time using Skype or Google Chat. You may have to text and send pictures using Whatsapp, BBM, LINE or KakaoTalk. Cater to your clients and see what programs they’re comfortable with.
3. Understand that your clients will most likely research the property by more than what appears on a simple MLS page. You are expected to be the expert on the property. Some may even quiz you just to be sure. It happens.
2. International clients are the king at referrals.
1. There are plenty of lenders that offer loans for foreign nationals for residential and commercial properties. Bringing that to the table can be the way you can distinguish yourself from other agents.
Tim Hur is the broker/president of Point Honors and Associates, Realtors, the president of the Asian Real Estate Association of America – Greater Atlanta Chapter and the CEO of International Business Accelerator. In addition, he’s the president’s liaison to South Korea for NAR, and the association’s chair of the State and Local Forum on Global Business.