The US housing market is today very much a buyers market,
however ask yourself one question where are all the buyers?
The answer could well be found abroad with international
buyers and in particular overseas property investors.
Whilst the US suffers overseas investors are reaping the
rewards of great currency exchange rates. Many overseas
property owners have huge amounts of equity in their homes
and know that buying real estate at low prices is the key
to long term success.
Selling property to overseas property buyers is not as
straightforward as selling to local property buyers.
Overseas buyers are in a state of disorientation and may
feel vulnerable to malpractice. This results in overseas
buyers being seemingly over cautious and on some occasions
suspicious of the property agent. The real estate agent's
job is to reassure and inform and never over sell. Applying
pressure to secure a deposit from an overseas buyer will
undoubedtly result in a withdrawal later on.
Real estate agents need to release the pressure
Overseas buyers warm to real estate agents that do not
create additional pressure. Buyers are under a lot of
stress they are in unfamiliar environment. Many are
apprehensive of being ripped off. They want to know that
you are legitimate and for you to prove it. The golden rule
is to inform inform and inform again. Information will help
sell your properties to overseas buyers. Never over sell or
create a climate of pressure.
Some things and agent should know
A real estate agent or developer who is knowledgeable about
their locality and about the property in question is half
way to gaining the confidence of the nervous overseas
buyer. Information that you may help you and the buyer work
together includes information on : visa applications,
importation costs, taxation, mortgage process, building
insurance, local taxes, the buying process,crime rates,
international money transfers,nearest airports, local news,
historical information, the list goes on.
Develop your powers of empathy
Real estate agents selling property to buyers from abroad
need to have the power of empathy. Ask yourself what I
would feel like buying a property in a foreign land. How
would I recognise a good agent and a good deal? What
information would I want my agent to know?
Selling off plan or pre construction property
Real estate agents selling a new property to an overseas
buyer should be prepared to answer these typical questions.
1. What guarantees do I have that the developer for this
new property will not go under?
2. Will my deposit be placed in an Escrow account?
3. Tell me about the building company, what work have they
done in the past
4. Has the builder secured planning permission and local
permissions for the project?
5. Are there any legal safeguards for foreign investors in
the case of non-completion or poor construction work by the
developer?
6. If I decided to sell before completion of the project,
would that be possible and would I be penalized in anyway?
7. How easy is it to buy and sell property in this country?
8. What if I decide to sell the property?
9. Are there any other fees while the project is being
built and what about after completion?
10. What do you anticipate the rental income to be once the
facility opens based on current rates at similar properties?
11. What is the payment schedule?
12. What happens if the building is delayed?
13. What is the rental yield I can expect?
14. What are the tax and inheritance implications?
15. What is the buying process in this country?
Your Golden Ticket
An agent who can put a buyer in touch with another overseas
buyer that has used their services is a golden ticket. So
once you have secured a deal with an overseas buyer see if
you can use them to help you get that next deal.
Selling property to overseas buyers a road to success
Selling property to overseas buyers can be very challenging
but rewarding experience. The agent that holds the buyers
hand throughout the process will undoubtedly be the agent
that successfully sells to the overseas buyer.
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Overseas property writer Nicholas Marr also runs a
International Real Estate Blog at
http://www.homesgofast.com/blog
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