The net altered many facets of real estate but arguably the most impacted ended up being the capability for realtors selling international real estate, to contact a broader more diverse segment of investor without much difficulties.
As is the case within any market, when opportunity presents itself like it has in international real estate, it cannot go ignored.
Shocking to many would be the fact that ten percent of the overall sales of real estate in the nation is tied to international clientele. On top of that total sales statistics in 2017 are exhibiting a trend deserving of your consideration in that they are escalating by almost 50% year after year totaling over $150 billion. Such numbers are sourced from the National Association of Realtors and should be viewed a good gauge of what the future holds for real estate deals to foreign buyers.
Contributing to the lure of this significant and developing market segment, most of these transactions offer real estate agents a big payday. A different consideration here is the actuality that so many international investors tend to be high net-worth individuals wanting to expand their wealth as a result of making sound investments outside of their nation of origin.
Except getting in to this lucrative sector is complex.
The main difference between dealing with the domestic populous as opposed to internationally, is the language barrier. Nonetheless many international buyers employ people to break down the language barrier when seriously deciding on investment in another country.
Which country reigns over international real estate investors in the US? Why China silly. You got it, China maintains a monstrous 50% of the entire sales volume credited to foreign buyers and yes, despite all the differences between how business is undertaken in both countries and language.
“We face the hurdles of language in our everyday transactions in Costa Rica and have learnt the importance in having process in place to avoid any severe issues when it comes to such in real estate transactions.” states Fernando Lopez, a Costa Rica lawyer.
Allow us to discuss how you can enter this section of the real estate industry.
CPROP’s end-to-end digital exchange administration platform is made to expose real estate professionals to international leads and encourage them to securely and transparently close deals.
Technology is definitely crucial for any purchase from start to finish. Here are a couple methods a realtors can break into this valuable and expanding portion of the industry.
But hedging in to the international market and gaining traction isn’t really something which is going to be straight forward. Brokers seeking to get high-dollar international buyer interest and trust need to look for platforms which have an international audience and provide a seamless link to investors in a easy to use, practical and authentic ecosystem.
Yet another thing you are going to want to keep an eye out for is sections of the net with service providers that supports automatic language translations.
A long-distance trade, especially among the parties in separate countries, are generally a course for miscommunication plus, in the worst cases, fraud.
Which is why realtors searching to build their international dealflow want a platform to accomplish these transactions with trust and security systems inclusive to the platform.
Probably one of the greatest ways to protect transactions lies with blockchain technology. Blockchain enables real estate contracts to be so highly protected/encrypted that helps prevent any changes be unnoticed.
Blockchain technology is also ideal to the buyer by providing a secure trustworthy technique to put funds in escrow.
“Any realtor realizes, even concluding national offers are generally a challenge, however when you venture in to the international real estate buyer/seller market, this might be even more true.” claims Bob Newhart a realtor in South Florida.
Good real estate professionals, when asked, without notice can tell you the standing of their impending contacts, leads and deals. Could you?
Think of this though, as a realtor dealing in international transactions, wouldn’t it be useful to have a SaaS tool that handled all the electronic areas from beginning to end for any international real estate contract? The benefit to this potential future technology is how it could streamline the workflow, ensure security and streamline communications for brokers of international real estate.