3 Tips to Succeed in the International Real Estate Market

Obstacles for Those who work with a Foreign Market

According to ListGlobally's study, there are some common hurdles that real estate agents face in foreign markets. A language barrier is an obvious obstacle, accounting for 37% of responses in our study, followed by building a relationship with clients (13%) and funding issues (13%).

Looking more specifically at the respondent results: language is still the main obstacle, gathering 43% of responses, as is building a relationship with clients (14%).   However, we also find a significant mention of cultural differences & lifestyle (29%) as an obstacle.

If language is an obstacle, and cultural differences are a headache, where should you start in order to ensure the success of your international market activity?

Advice from Real Estate Agents

Our study on how to work with foreign buyers, showed some helpful tips: 

1. Understand local market nuances

The advice of Laurie Laykish from Engel & Volkers is relevant.  When you work with foreign buyers, you need to remain persistent and you must increase your local market knowledge.

Start by learning about currency Issues, laws, the local political situation, cross cultural relationships and world conditions. Then, prepare yourself for potential questions that your customers might have. Some of the most important topics you need to address are the cost of living, education opportunities, the healthcare system, You will also need to understand the required documents and you need to be the real MacGyver of tax system.

After addressing these questions, you just need to sell them the dream and help clients imagine living in one of your properties.