The international real estate opportunity right now is huge. The National Association of REALTORS® (NAR) 2014 Profile of International Home Buying report showed that from March 2013 – March 2014, international home buyers purchased an estimated $92.2 billion in U.S. residential real estate.  This is up 35% from the previous year’s total of $68 billion. International buyers comprise around 7% of the total U.S. Existing Homes Sales (EHS) and in some areas, international buyers comprise up to 30% of the total market.

Below are are four tips to help you when developing a marketing plan to build your international business

1. Gain the educational foundation.  The National Association of REALTORS® Certified International Property Specialist (CIPS) designation provides real estate professionals with the knowledge, research, network and tools to help globalize your business. Learn about the special discounts available for ListHub Global customers.
2. Know your local market.  Explore local demographics and identify items such as foreign-owned companies, companies hiring foreign employees, colleges or universities with foreign students, or cultural districts in the area. Use NAR’s statewide statistics to provide clients with specific information about the market such as languages spoken, median age and family size, education, household income, and much more.
3. Identify your area of interest or expertise. International buyers are looking for an experienced agent. Demonstrate your cultural affinity, foreign language abilities, and experience working with other international buyers. It’s important to have a deep understanding and knowledge of the U.S. market, financing rules, and tax laws. If you’re just getting started, find your focus based on local home buying trends as well as your natural interests and affinities.
4. Define your goals. Formulate SMART goals – ones that are specific, measurable, attainable, realistic, and timely. These types of goals will be better realized and achieved. Establish KPIs and track metrics – refine your plan and goals based on the results.

Below are a few important marketing tools to help you reach international buyers:

Strong online presence
Having a robust online presence is even more important with international buyers who are relying on the Internet to do most of their research about real estate abroad. In addition to an appealing and user-friendly website, give visitors access to translation tools and share local information with video content if possible. Listings should feature high-quality photos and videos and very detailed descriptions with lots of information about the local area. You should also have a strong presence on the country’s social networks in order to become a familiar and trusted face in the industry. Participating in local forums can help you get to know the local market while also getting your name and face out into the market.

Networking and referrals
You must have a strong team of outside professionals to help you navigate International issues. Cultivate good relationships with other agents and industry professionals so that you have a good portfolio of references. Referrals from past clients can be extremely beneficial, as well your participation at conferences or with local International groups.

Syndication
Expect differences in advertising models and economics of portals outside the US, such as paid inclusion for advertising your listings online. Make sure you are asking the right questions about your advertising agreements and request access to metrics so you can measure the results of your online advertising. For U.S. real estate professionals, ListHub Global allows you to syndicate your listings directly from your MLS to a trusted network of international websites including the number one website in China, Fang.com.

The infographic below depicts the growth of international home buyers in the United States and breaks down where international buyers are coming from.

The international opportunity is still on the rise – make sure you’re prepared! To learn about ListHub Global, an opportunity to market listings to the international marketplace with the same data protections and managed listing distribution platform available through ListHub, visit our website.