When it comes to selling a home, many people make the mistake of not reaching out to foreign buyers, only advertising domestically. There’s actually an active pool of international buyers out there, and they love Central Florida, not only as a vacation destination, but a place to call home.
Some purchase a home in the United States to start their path to citizenship, others to gain a foothold for business purposes, and still others do so to have a dedicated location when on holiday. Since this area is known for its many attractions, foreign buyers are a great audience to get your home in front of; but, it has to be done in the right way.
The Facts on Foreign Buyers
In 2013, foreign buyers definitely left an impression on the real estate market. Canada, of course, is where most buyers come from, but others hail from the United Kingdom, Germany, Italy, France, and a few E.U. countries, as well.
“Are you trying to find a buyer for your home? Try marketing it to the world. International home buyers are eager to invest in the United States and may be willing to pay top dollar for your property. But don’t expect them to simply knock on your door and hand you a briefcase filled with money. One of the main reasons foreign buyers give up on buying a home in the United States is that they are not able to find the property they want, according to a report by the National Association of Realtors that profiles international home buying activity in the United States.” —Bankrate.com
By the numbers, last year, 24 percent of foreign buyers were Canadian, 12 percent Chinese, 8 percent Mexican, 6 percent were from India, another 6 percent hailed from the United Kingdom, 3 percent each from Germany and France, with 2 percent from Russia, and 1 percent from the Land of the Rising Sun, Japan.
Marketing a Property to International Buyers
The big news isn’t really in the percentages, it’s in the transactions, as foreign buyers tend to be affluent, and buy on average homes priced 20 percent to 40 percent more than domestic buyers. Now, here’s how to reach those international buyers:
- Make sure your home has a home on the internet. Of course, this is where practically every house hunt begins. So, get a listing agent, and get your property on the MLS. You’ll also want to list it on sites like RealEstateJournal.com and Escapeartist.com.
- Use print media to your advantage. Think outside the box and place ads in things like alumni publications and trade publications overseas. Pick one that will reach the buyers you’d most like to market to and write up a great description.
- Put it in their language. Speaking of writing a great description, don’t forget to have a translate feature on your online listings. What’s more, be sure to include measurement conversions, like square feet to square meters.
- Talk-up your location. The very mention of the city of Orlando will go a long way, but don’t forget to include nearby retailers, outdoor activities, and other things buyers are interested in knowing.
You don’t have to focus exclusively outside the U.S., so strike a balance to cast the widest net possible.