According to the National Association of REALTORS® (NAR) 2015 Profile of International Home Buying Activity, China officially passed Canada for the largest amount of international home purchases (in terms of dollar volume and units purchased) in the U.S., spending over $26.8 billion on U.S. property from April 2014 to March 2015.

This represents a 9 percent increase over the previous year and continues the steady growth we have seen since 2011, with China now accounting for approximately 28 percent of total international sales by dollar volume.

Not only are Chinese buyers purchasing more U.S. property, but they are also purchasing at a much higher price point than other international investors. While the average purchase price for other foreign buyers during the 2015 period was $499,600, the average purchase price for Chinese buyers was $831,800! This is an opportunity that U.S. real estate professionals simply can’t afford to miss.

So what can your members do to develop a successful relationship with Chinese home buyers? Panelists at the California Association of REALTORS® (CAR) Expo on October 7 shared some insights:

• Be patient, relationships have to be allowed to develop so don’t expect to make a deal five minutes after you’ve met your Chinese client. These investors have to feel they know people well, and the relationship may take some time before trust is established.
• Education is a huge draw to Chinese when seeking a home. If you operate in a good school district, network in education circles where you will meet cash-ready Chinese buyers.
• If possible, plan a trip! As a sign of respect, Chinese buyers like you to have visited their country before they will do business with you.

Advertise to Chinese Buyers with ListHub Global

Reaching foreign buyers can be challenging. With language barriers and strict internet regulations, real estate professionals often have a hard time getting their listings in front of these potential international clients. With ListHub Global, your members can break past China’s firewalls and advertise their listings on Fang.com, one of the largest and most viewed websites in China, reporting more than 3 million unique users per day. In addition to Fang.com, the ListHub Global network includes over 80 additional international property websites in over 50 countries around the world. Click here to learn more about ListHub Global.