Archives for April 2018

How Realtors Can Secure International Clients

How Realtors Can Secure International Clients

How Realtors Can Secure International Clients

How Realtors Can Secure International Clients

For Realtors in Florida & New York, working with international clientele is a great way to level up in their careers. Many foreign buyers looking for properties in the U.S. have plenty of cash at their disposal, ready for a quick close; they are just looking for someone to help them navigate the process. But it can feel a little like jumping into a game of double dutch if your experience has been limited to domestic buyers. International buyers want experienced agents who specialize in dealing with foreign nationals and are familiar with the unique requirements and barriers. Here is how realtors can break into the international market and start attracting foreign buyers as their clients- how realtors can secure international clients

Begin Networking Online

The SEO game takes time and while its important to compete for key search phrases, it’s not going to be your immediate way in. Begin by networking with other international realtors in groups, forums, at events and more. Realtors that are Certified International Property Specialists are typically listed out on realtor databases and sites. Establishing a relationship with firms and agencies in other countries is another great way to position yourself for great international referrals.

Make Your Website Legible in Multiple Languages

Don’t let language barriers turn off a would-be closer to a frustrated lead that decided to take their business elsewhere. With today’s accuracy of Google Translate, there’s no excuse for an outdated website that doesn’t translate your pages into at least 3-5 different languages. Many realtor sites offer easy, 1 click drop down menus with flags that allow international viewers to select the language they want to view your website in.

Hire a Diverse In-House Staff

If you or your team understand the cultural background of the potential client better than the next realtor, they’ll most likely choose you over them. That’s how realtors can secure international clients – or at least, one of the ways. If you have done your research about their customs, specific national requirements that pertain to the home buying process, or even if you can speak some of the language, you’ll have an advantage over the next realtor who didn’t do the extra work to fully understand the client. If your knowledge is limited, hiring assistants or filling your team with people from other countries who speak different languages could give you that extra advantage. If you get a Brazilian prospect and you don’t speak Portuguese – and one of your staff members does, this can be the difference between getting the business or having to watch them choose your competitor.

Establish Relationships with Lenders who Specialize in Financing Foreign Buyers

No man or woman is an island and if all you’ve got to offer is your services, you’re already at a disadvantage. Most good realtors have a whole network of professionals they can refer their clients to when they need a specific step in the home buying process. The lender is a highly important contact and establishing a relationship with the right ones is key; it can be the difference between a smooth, easy financing process or a long, drawn out, discouraging search. Establish a relationship with a lender who specializes in financing foreign buyers so they can help your client navigate the sometimes complicated path to securing a mortgage loan for a residential or commercial property in the U.S.

Once Secured, Stay Engaged and Accessible

Putting your information, trust and capital in the hands of people maybe you’ve never met in person before and who happen to be hours of flight time and maybe oceans away can be nerve-racking. Put yourself in the shoes of the buyer – wouldn’t you like to have the peace of mind that your agent is responsive and won’t dodge your calls or drop off the radar at any moment’s notice? Be extra present and accessible with your international clients. Set up Skype calls, keep a line of communication open via WhatsApp and don’t let more than 24 hours go by (at the most) when communicating via email. The more transparent and responsive you are, the more trusting your foreign buyer will be and the more likely they are to close with you and to refer their contacts to you.

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Guide to Buying Residential Property in the U.S. as a Foreign Buyer

Buying Residential Property in the U.S. as a Foreign Buyer

For decades, foreign buyers from everywhere from Russia to Turkey to Argentina have been choosing Florida as their go-to investment destination. In the past 5-10 years, the building boom in Miami has continued to attract them and is only creating more and more opportunities for profitable investments. Brazilians and Argentinians flock to Brickell City Centre, Russians have been loving Sunny Isles and the Chinese are buying up properties in the new Paramount Worldcenter downtown. But for many prospective buyers, there are still a lot of questions and speculations floating around about how the process really goes and exactly how do you secure property in the magic city as a foreign national? Many international buyers find it challenging to navigate the complex process of buying residential property in the U.S. as a foreign buyer while they are still living overseas – even more so if they’re in seeking financing for the property.

Here are a few of the basic that outline the process, to help demystify the requirements and steps to buying residential property in Miami as a foreign buyer:

Find a Real Estate Agent and a Mortgage Lender Experienced in Foreign Loans and a

“A lot of the first time buyers are under all kinds of wrong impressions,” says Mauricio Ordoñez, one of the principals at Q Kapital mortgage lending firm in Miami, Florida, “Some foreign buyers think that if they don’t have a visa, they don’t qualify; or that they can only buy in cash. Because our team specialized in foreign loans, we can set the record straight about all these misconceptions.”

Foreign buyers should begin their process by finding the right professionals to help. Finding a real estate agent that knows the lay of the land when it comes to buying residential property in the U.S. for an international buyer is important since the requirements and the processes tend to be very specific. Referrals are a great way of finding the right agents to work with – the national Association of Realtors lists out agents that work specifically with international buyers on their website. They are listed as “international property specialists” and typically travel often to promote their services. Many times, if the buyer resides in the country of origin during the property buying process, they’ll be communicating with their realtor remotely, which means they’ll need a trusted professional to take on the task.

Finding a mortgage lender that is experienced in foreign loans and specializes in this time of financing is just as essential as securing a real estate agent that is well versed in foreign property buying. Securing a loan for an international buyer isn’t the same as it is for a domestic buyer; lenders like to know who they’re borrowing from and can often be very guarded about which borrowers they lend to.

Securing a Mortgage for Property in Miami as a Foreign Buyer

Buying property with cash is common practice, whether it’s for investment strategy or a way to expedite things; however it’s not the only way an international investor can purchase property in the U.S. Foreign Nationals are also entitled to financing when looking to buy property in Miami or the U.S. Recently, mortgage rates have become increasingly affordable and competitive and terms have become longer, allowing international buyers to maintain liquidity and freedom while securing their asset. While lenders that offer home loans to foreign buyers are few and far between, many new development projects are establishing relationships with lenders who do offer this type of financing so they can ensure their units will be available to international buyers.

Requirements to Securing a Mortgage as a Foreign Buyer

Expect to pay around 30 – 40% of the value of the property as a downpayment.

Be prepared to show documentation of income via bank statements, reference letters from banks and credit institutions, asset documentation, copies of passports, multiple forms of identification and other personal information.

The more transparency in the information provided, the higher the chance of securing the loan and the faster you can get approved.

 

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