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Sign into your accountWant to Grow Your Real Estate Business? Go International!
September 10 2010
Capturing business from American homebuyers has been tricky in the current housing market. But take heart. While real estate is local, foreign buyers are still buying in the US! REALTORS® focused on international homebuyers are seeing increases in that portion of their business.
According to a 2009 study by NAR, “The 23% of REALTORS® with international clients seem have seen an increase in overall business. “Fully a quarter of [REALTORS® with international clientele] indicated that their international business had increased.”
NAR also reported that, “A relatively small share of REALTORS® appears to account for the bulk of international sales in 2008/2009.” Statistics to this effect include:
- 10 percent of the over 1.1 million REALTOR® membership had 6 or more international clients
- Five percent of REALTORS® reported that more than 50 percent of their transactions were with international clients; of those, two percent indicated that 76 percent or more of their transactions were with a foreign client.
- The median number of foreign clients purchasing property was approximately 1 for those REALTORS® indicating that they had a foreign client.
- Many REALTORS® on the buy-side of a transaction have told us that they are familiar with the language, customs, culture, and needs of the specific nationality of buyers served, frequently having either been born in that country or having parents from the country.
Given these statistics, it may be profitable for real estate professionals to look into engaging the international community of homebuyers.
The study answered the following questions: