In 2012, international buyers purchased $82.5 billion in residential real estate in the U.S.—an increase from $53.4 billion in 2010, according to National Association of REALTORS® data. What’s more, NAR data shows that international buyers spend about double the amount a typical American home buyer spends, and are often all-cash buyers.
Foreign buyers have flooded the U.S. housing market, taking advantage of weaker prices, favorable exchange rates, and, in some cases, record-low mortgage rates. International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India, and the United Kingdom accounted for 55 percent of all international transactions, according to the survey. Canada and China remain the fastest-growing home countries. Canada accounted for 24 percent of international sales while China accounted for 11 percent, up from nine percent in 2011. Mexico was third with eight percent of sales and India and the U.K. both accounted for six percent.
Canadians in particular have become predominant buyers of rentals and second homes in the United States real estate market.
If you’re not marketing to the international buyer, you’re missing out on a big part of the current market. So, what are you doing to get your share of this International market? Do you know how much of the international market is using your website? If you’re running Google Analytics or similar tracking on your website, you do.
Are you networking with international agents and brokers? Engage with them, build relationships with them on LinkedIn, ActiveRain, Facebook, Twitter; any of the social networking sites you’re using.
Understand what draws these buyers to your market and be ready to reinforce their thinking. And if you don’t speak the native language of a particular area you’re marketing too, it’s not a bad idea to try to learn the basics, enough to communicate and make them feel welcome. Or have at the ready, in your arsenal of full service tools, translators you can call upon.
Foreign language characters such as Simplified Chinese can be added to any of Corefact’s online direct mail and flyer templates allowing you to reach your audience in their native tongue. Contact us and we’ll show you how.