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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
International Client Facts
2023 Profile of International Transactions in U.S. Residential Real Estate (National Association of REALTORS®, 2023)
- 50 percent of foreign buyers purchased property as a vacation home or rental or both.
- Foreign buyers from five countries continued to account for most of the reported purchases: Canada (10 percent), Mexico (11 percent), China (13 percent), India (7 percent) and Colombia (3 percent).
- The major destinations for foreign buyers are Florida (23 percent), California (12 percent), Texas (12 percent), Arizona (4 percent) and Illinois (4 percent).
Marketing & Selling to International Clients
How Do I Market my Home to International Buyers? (The Best Sarasota Real Estate, Apr. 3, 2024)
Put it in their language. No matter where your home listing goes on the internet, provide a translation option so they can read it in their native language. Moreover, don’t forget to convert measurements, like square footage to square meters.
How to Sell Your Home to an International Buyer (List With Clever, Jan. 30, 2024)
First and foremost, the global market is much larger than your local one. Opening up your home to buyers in other countries gives you a much larger pool of prospects.
Also, foreign buyers are eager to buy in the US and typically spend more money than a domestic buyer. Foreign buyers accounted for 2.3% of all home sales between April 2022 and March 2023, with a median purchase price of $396,400 compared to a median price of $384,200 for all homes sold in the US.[1]
If you want to sell your home for top dollar and potentially get more offers, tapping into the foreign market might be a viable option.
Tips for Working With International Clients (The Residential Specialist, Mar. 24, 2022)
“Just as your clients rely on you to be an expert in real estate, you need to rely on experts in other fields to help support transactions. And this is even more important when working with international clients. “You definitely need to vet the people you’re working with,” says Galavis. “You don’t want your client to be the first international client they’ve worked with.””
Going Global From Home (REALTOR® Magazine, Mar.-Apr. 2021)
Because much real estate business is now virtual, it’s far easier to make connections and build business relationships. You can reach international buyers using the technology tools you’ve become familiar with, such as videoconferencing and virtual showings, and keep them abreast of market shifts. Closings can happen without the need for in-person signatures in many instances. Yun is optimistic that more widespread distribution of coronavirus vaccines will help lift foreign transactions again.
3 Digital Tools That Revolutionize Global Real Estate (Florida REALTOR®, Mar. 26, 2021)
Lance stresses being mindful of different time zones and languages spoken. “If you’re doing virtual open houses on Sunday mornings at 10 a.m. Eastern, know what time it is where your international buyers live. If language is an issue—to some it doesn’t matter because people speak English—consider having your open houses or videos human-transcribed. Rev (rev.com) is a great service. Or have an assistant or someone on your team who can be a liaison and help with the language barrier.”
For the most current articles on marketing and selling to international clients, check out Global Perspectives published monthly by the National Association of REALTORS®.The Market for International Buyers
Best Cities for Foreign Investment in US Real Estate (Home Abroad, May 24, 2024)
The United States is one of the most popular foreign real estate investment destinations globally. The country offers a wide range of investment opportunities across many industries, and the real estate market is no exception. Real estate has long been one of the most popular investment choices in the United States, owing to its stability and potential for high returns and positive cash flow opportunities. The current state of the US real estate market is an excellent opportunity for foreign investors as it is gradually increasing in value with high rental yields, hence better suited to the needs of foreign real estate investors.
Foreign Real Estate Investors are Coming to Buy American Homes (Financial Samurai, Feb. 1, 2024)
Nobody really knows how much pent-up total foreign demand there is for U.S. real estate. However, we can make an educated guess.
If we average the total dollar volume of existing-home purchases by foreigners in 2017 and 2018, we get $132 billion per year. If we then subtract $132 billion by the actual dollar volume for 2019, 2020, and 2021, we get about $205 billion. Foreigner real estate buyer data for 2023 is not out yet, but it was likely at least $25 billion below trend.
Therefore, we can estimate there is about $230 billion in pent-up total foreign demand for existing U.S. homes. But the figure could be much higher since foreigners have also gotten wealthier over the past several years.
Second Homes Will Continue to Draw Luxury Buyers Around the World in 2024 (Robb Report, Jan. 18, 2024)
On the flip side, the U.S. will continue to be a place of interest for deep-pocketed international buyers in 2024. Per the Coldwell Banker Trend Report, there was a 25 percent increase in the number of well-heeled foreign buyers purchasing real estate in the top 5 percent of the market in 2023. More specifically, those shoppers are looking to purchase property in bustling metros such as New York, Los Angeles, San Francisco, Miami, and Washington, D.C.
South Florida Foreign Real Estate Buyer Share is Nine Times Larger than U.S. Figure; New MIAMI REALTORS® International Report Released Today (Miami REALTORS®, Dec. 5, 2023)
Foreign homebuyers purchased $5.1 billion of South Florida residential properties in 2023, down from $6.8 billion in 2022 but equal to 2021 ($5.1 billion). Global buyers bought 6,200 South Florida properties in 2023, down from 9,400 last year. International sales surged in 2022 because of a generational-high pent-up demand from a locked-out global buyer pool. 2022 sales increased because it was the first year after U.S. borders were reopened after the pandemic, which significantly impacted global real estate transactions.
Twelve Favorite Cities Among Foreign Real Estate Buyers (The Yale Wave, Sep. 5, 2023)
New York City, particularly Manhattan, has long been a popular destination for foreign real estate investors, thanks to its status as a global financial hub and cultural center.
The Basics of International Business Etiquette
Cultural Differences in Business: What Your Team Needs to Know (Preply, Jun. 5, 2024)
What’s appropriate in one culture may not be in another. In some cultures, it’s acceptable to wear sandals and jeans to work, whereas certain cultures may require a suit, tie, or heels.
Whether you dress too formally or too casually, showing up in the wrong clothes can make a poor first impression.
Global Business Etiquette: Essential Manners and Cultural Insights for International Success (Multiplier, May 8, 2024)
Show cultural sensitivity and openness to different customs and practices, fostering positive and respectful relationships across cultures.
Overcoming Cultural Barriers in Negotiations and the Importance of Communication in International Business Deals (Program on Negotiation, Harvard Law School, Apr. 15, 2024)
“Respect for cultural differences will get you a lot farther than ignorance, so it’s important to do your research when entering into negotiations with unfamiliar counterparts.”
China: Business Etiquette (Santander Trade, Apr. 2024)
It is common that you are offered food and drinks during a meeting. Business meals are an important part of business relations and people must sit down and eat in order of importance. Do not finish all your food because your Chinese partners will think you are still hungry. If you invite someone to an activity or have a meal, you are expected to pay for it. However, try not to show your money in front of your guests.
Business Etiquette in Multicultural Settings (Day Interpreting, Mar. 23, 2023)
You don’t always need a business interpreter to facilitate your conversations, especially if you’re meeting with people that understand English. However, practicing common courtesy and business etiquette by being clued up on appropriate business greetings in different parts of the world goes a long way. A handshake might be the most standard greeting gesture in America, but it’s not a universal practice.
17 International Business Customs That Could Make or Break a Deal (Business News Daily, Jan. 16, 2024)
“While deadlines are usually considered firm dates in the U.S., the same can’t be said in Spain. In Spain, deadlines are viewed more as a guideline. If someone misses a deadline, it’s not generally frowned upon. Americans shouldn’t be insulted by missed deadlines; instead, they should schedule potential delays into timelines.”
International Business Etiquette from Around the World (Business.com, Apr. 7, 2023)
When you travel to other countries to do business, research is key. What’s considered proper etiquette or good manners varies greatly from country to country.
6 Powerful Global Etiquette Lessons from Around the World (American Etiquette, Sep. 19, 2022)
It’s good global etiquette to research a proper greeting before your travels. In some cultures, it’s a show of respect to use a loose grip. Some countries have specific policies for men versus women. Whether it be a bow, a kiss on the cheek, or a prolonged embrace, be sure to practice and gain approval at home before you visit another country.
Reports & Other Resources
International Listings (realtor.com®)
- Explore overseas property in popular areas
- Popular properties around the world
- New developments due for completion globally
Certified International Property Specialist Designation (CIPS) (National Association of REALTORS®)
No matter which audience you cater to, the CIPS designation will provide you with the knowledge, research, network and tools to globalize and expand your business.
CIPS Network (National Association of REALTORS®)
The CIPS Network is made up of real estate professionals in over 60 countries, who focus on an international clientele. Through NAR's alliances with 81 national and regional Cooperating Associations worldwide, more and more members are joining the network from outside the United States.
Books, eBooks & Other Resources
eBooks
Our eBooks collection contains a wealth of both audio and electronic books for learning a diversity of foreign languages and international business. Below you will find a sampling of materials available.
Learn a foreign language such as Arabic, Chinese, English, French, Italian, Japanese, Russian, or Spanish! Check out our foreign language eBooks here (select “Foreign Language Study” from the Subject drop-down menu).
Business Across Cultures (eBook)
Communicating Globally (eBook)
Global Color: Clues and Taboos (eBook)
How to Negotiate Anything with Anyone Anywhere Around the World (EBSCO eBook)
Internet Resources and Services for International Real Estate Information (eBook)
International Real Estate Handbook (eBook)
Multicultural Manners (eBook)
Understanding the Global Market (eBook)
Cross-Cultural Selling for Dummies (eBook)
Books, Video, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
World Wise: What to Know Before You Go (New York, NY: Fairchild Publications, 2006) HF 5389 D44
Breaking Through Culture Shock: What You Need to Succeed in International Business (Naperville, IL: Nicholas Brealey, 1999) HF 5389 M36
Kiss, Bow, or Shake Hands: How to Do Business in Sixty Countries (Holbrook, MA: B. Adams, 1994) HF 5389 M67
Do's and Taboos around the World (Elmsford, NY: Benjamin, 1985) HF 5386 P22
The Culturally Customized Web Site: Customizing Web Sites for the Global Marketplace (Chicago, IL: Butterworth-Heinemann, 2005) HF 5548.5 N63
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