2013 Profile of International Buyers: SummaryNar Res
A summary of the 2013 Profile of International Home Buying Activity in PowerPoint form. This was presented to the Massachusetts Association of REALTORS® by Jed Smith in August 2013.
Learn how to research and utilize Big Data to tell the story of your community and ultimately attract companies, talent, and capital to your front door.
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CASE ANALYSIS
Introduction / Executive Summary:
Onyx and East is a real estate development company founded and headquartered in Indianapolis with an emerging market in Florida, specifically Tampa and St. Petersburg. Onyx and East provide luxury townhouses, with an emphasis on “their close proximity to the best dining, shopping, and cultural landmarks of our communities” (Onyx and East, n.d., n.p). Onyx and East follow a city planning trend called New Urbanism. According to Brown and Bonifay (2001), New Urbanism encompasses densely populated neighborhoods with easy access to shopping, open spaces, and mass transit. In addition to their New Urbanism principles, Onyx and East use a personal style quiz on their website, to help new owners tailor their homes to their preferences. Though Onyx and East present unique opportunities for their members, they look to differentiate themselves and increase their market share in the Tampa, St. Petersburg market. In this proposal, I will outline a way for Onyx and East to diversify their target market, strengthen their Florida market share, while maintaining their mission to, “build cool places in urban areas” (Onyx and East, n.d., n.p.).
Current Issue Facing Onyx and East:
The most pressing issues that threaten Onyx and East is a small customer base and stiff competition from a local competitor, Icon Residential. Condominiums are not the first choice of homebuyers. According to Zillow (2016), only 13% of homebuyers considered Condominiums. From that small interest, 5% of properties bought were condominiums nationwide. This preference for other home types constricts Onyx and East number of potential buyers significantly. Add to this Onyx and East develop luxury condominiums out of the price range for a typical Tampa resident, whose average salary is $47,471 (Waddell). Competing for this relatively small market is another luxury condominium builder, Icon Residential, who, “own over 600 residential and commercial properties located throughout Tampa Bay” (Icon Residential, n.d., n.p.). Icon Residential have six luxury apartment complexes in Florida, with three of them located in the Tampa area (Icon Residential n.d.).
Direction to Address Current Issue:
To diversify Onyx and East’s client base, they must utilize students of the University of South Florida by creating a luxury apartment complex near campus for students to rent. According to Bunch (2019), “colleges with the most off-campus housing per student tend to be concentrated in Florida” (n.p.). USF is a model of this southern trend, and the vast majority live in off campus
housing. A luxury apartment near campus would become a prime off-campus housing location for USF students. Onyx and East would be able to fulfill their mission of building with community and walkability in mind easily at a coll ...
Integrating Traditional and Digital Media in a Digital World with Ron Hill of...amacolumbia
Ron Hill is the Market President for iHeartMedia's six Columbia-based radio stations, including 97.5 WCOS-FM, 104.7 WNOK-FM, 96.7 Steve FM, 100.1 The Beat, 560 WVOC and 1400 Fox Sports Radio. Ron leads a group of highly motivated marketing professionals who specialize in offering marketing solutions through the combination of the company's on-air, on-line and on-site resources. He's highly skilled in how to use digital, social, mobile and broadcast media to create strategic plans to achieve client's business objectives. Ron discussed current business trends in media at the AMA Columbia's June event.
See the presentation here.
Cities are leveraging technology to better connect with its constituents. However, cities are at risk of isolating key segments of its populations without closing the digital divide. We will explore the digital divide’s impact on civic technology and the role of cities in increasing access to high-speed Internet.
Sheila Dugan, Marketing and Communications Manager at EveryoneOn
Watch the video online: https://www.youtube.com/watch?v=9yUi_dKovJ8&list=PL65XgbSILalVoej11T95Tc7D7-F1PdwHq&index=1
Get involved with Code for America: http://www.codeforamerica.org/action
2013 Profile of International Buyers: SummaryNar Res
A summary of the 2013 Profile of International Home Buying Activity in PowerPoint form. This was presented to the Massachusetts Association of REALTORS® by Jed Smith in August 2013.
Learn how to research and utilize Big Data to tell the story of your community and ultimately attract companies, talent, and capital to your front door.
Qwerrrqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
CASE ANALYSIS
Introduction / Executive Summary:
Onyx and East is a real estate development company founded and headquartered in Indianapolis with an emerging market in Florida, specifically Tampa and St. Petersburg. Onyx and East provide luxury townhouses, with an emphasis on “their close proximity to the best dining, shopping, and cultural landmarks of our communities” (Onyx and East, n.d., n.p). Onyx and East follow a city planning trend called New Urbanism. According to Brown and Bonifay (2001), New Urbanism encompasses densely populated neighborhoods with easy access to shopping, open spaces, and mass transit. In addition to their New Urbanism principles, Onyx and East use a personal style quiz on their website, to help new owners tailor their homes to their preferences. Though Onyx and East present unique opportunities for their members, they look to differentiate themselves and increase their market share in the Tampa, St. Petersburg market. In this proposal, I will outline a way for Onyx and East to diversify their target market, strengthen their Florida market share, while maintaining their mission to, “build cool places in urban areas” (Onyx and East, n.d., n.p.).
Current Issue Facing Onyx and East:
The most pressing issues that threaten Onyx and East is a small customer base and stiff competition from a local competitor, Icon Residential. Condominiums are not the first choice of homebuyers. According to Zillow (2016), only 13% of homebuyers considered Condominiums. From that small interest, 5% of properties bought were condominiums nationwide. This preference for other home types constricts Onyx and East number of potential buyers significantly. Add to this Onyx and East develop luxury condominiums out of the price range for a typical Tampa resident, whose average salary is $47,471 (Waddell). Competing for this relatively small market is another luxury condominium builder, Icon Residential, who, “own over 600 residential and commercial properties located throughout Tampa Bay” (Icon Residential, n.d., n.p.). Icon Residential have six luxury apartment complexes in Florida, with three of them located in the Tampa area (Icon Residential n.d.).
Direction to Address Current Issue:
To diversify Onyx and East’s client base, they must utilize students of the University of South Florida by creating a luxury apartment complex near campus for students to rent. According to Bunch (2019), “colleges with the most off-campus housing per student tend to be concentrated in Florida” (n.p.). USF is a model of this southern trend, and the vast majority live in off campus
housing. A luxury apartment near campus would become a prime off-campus housing location for USF students. Onyx and East would be able to fulfill their mission of building with community and walkability in mind easily at a coll ...
Integrating Traditional and Digital Media in a Digital World with Ron Hill of...amacolumbia
Ron Hill is the Market President for iHeartMedia's six Columbia-based radio stations, including 97.5 WCOS-FM, 104.7 WNOK-FM, 96.7 Steve FM, 100.1 The Beat, 560 WVOC and 1400 Fox Sports Radio. Ron leads a group of highly motivated marketing professionals who specialize in offering marketing solutions through the combination of the company's on-air, on-line and on-site resources. He's highly skilled in how to use digital, social, mobile and broadcast media to create strategic plans to achieve client's business objectives. Ron discussed current business trends in media at the AMA Columbia's June event.
See the presentation here.
Cities are leveraging technology to better connect with its constituents. However, cities are at risk of isolating key segments of its populations without closing the digital divide. We will explore the digital divide’s impact on civic technology and the role of cities in increasing access to high-speed Internet.
Sheila Dugan, Marketing and Communications Manager at EveryoneOn
Watch the video online: https://www.youtube.com/watch?v=9yUi_dKovJ8&list=PL65XgbSILalVoej11T95Tc7D7-F1PdwHq&index=1
Get involved with Code for America: http://www.codeforamerica.org/action
Growing Your Online Footprint: An Ethical Approach to Building a Powerful an...Lisa DiMonte
Having a powerful and influential online presence is more important than ever, but before developing the strategy for success, it’s important to assess your current situation. With the use of a before-and-after comparison of an ABA YLD member, attendees will learn how to assess their current online presence and the necessary steps to increase visibility and credibility within the legal space through social media and blog writing. The presentation will also address the ethical considerations when using social media.
Affordable housing countering opposition garrjacobs
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Hispanic Consumer Insights on Real Estate Homebuying OYE! Intelligence
Eric Diaz, CFO of OYE! Business Intelligence presented on the Hispanic consumer in the real estate market when purchasing a home for the Hispanic Association of Real Estate Professionals (HAREP) in Arizona.
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UX STRAT Europe 2017: Judith Yaaquobi: “Cultural Dimensions in International ...UX STRAT
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A Place to Call Home: How RDOs and Other Partners Assist Rural Housing nado-web
RDOs are serving as important players and coordinators in creating better access to housing throughout their regions. From conducting research and tracking trends to assembling financing to assisting with project development, RDOs and their partners can be there from the initial planning discussions through the day a new resident moves in. During this session at the 2020 NADO Annual Training Conference, attendees heard examples from two RDOs about what they are doing to support housing opportunities in their regions, as well as an update from a national partner about what rural and small-town housing initiatives are underway across the
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Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
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Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
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Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
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The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
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Keep Your Home Naturally Cool and Warm Out Change in Seasons
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500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
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Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
4. Texas International Homebuyers Report
Third-largest immigration population in U.S.
6of the top metro areas for immigration:
#6 Houston|Sugar Land|Baytown
#8 Dallas|FortWorth|Arlington
#26 Austin|Round Rock|San Marcos
#27 San Antonio|New Braunfels
#28 El Paso
#40 McAllen|Edinburg|Mission
5. Texas International Homebuyers Report
Naturalized citizens: 12% more likely to
own a home than native Texans
Over 75% of naturalized U.S. citizens in
Texas are homeowners, compared to only
63.5% of native citizens in Texas.
6. What Makes Texas So Attractive?
Criteria driving
destination choice:
Proximity to home country/airport.
Presence of relatives, friends, associates.
Job/education opportunities.
Climate and location.
Affordability.
8. Texas International Home Buyers Report
• Over 65% of Mexican homebuyers in U.S.
purchased in Texas.
• Mexican homebuyers accounted for $4.5 billion, or
approximately 5%, of all international home sales.
• 62% purchased to relocate, while 33% purchased a
home to serve as a vacation home or rental property.
• 46% paid with cash, 54% financed with a mortgage.
9. NAR’s Profile of International Home Buying Activity
Foreign buyers spent $149,000 more (mean
purchase price) on homes in the U.S. than
domestic buyers.
60%of foreign buyers paid in all cash, versus
about a third of domestic (U.S.) buyers.
59% of international clients were from
referrals.
11. What should you be doing?
1. Don’t assume international clients are searching the same way
U.S. clients do.
Commonalities: Internet Connection, Content, Video
2. Establish a niche.
What countries/cultures are your affinity? Think about:
-Heritage
-Language
-Geographic location
-Personal interests
What’s the draw for foreigners to your market?
- Foreign companies
- University/community college
- Luxury properties, condos, coastline, or other lifestyle attributes
12. What should you be doing?
Establish a niche, think about how they search.
China: They don’t have
Google. They use Baidu.
What are their SEO search
requirements/algorithms?
13. What should you be doing?
China: Uses SouFun real
estate search engine.
Canada: Zoocasa
14. Tips from NAR Global
3. Video transcends language.
Quality video of properties to market overseas. Visuals
overcome language and timezone barriers.
4. Be the expert. What do you offer that they can’t Google?
Know your market and neighborhoods in YOUR area.
16. Tips from NAR Global
5. Use tech to connect your offline connections online.
Make it easy for people to get to you.
Skype.
FaceTime.
Use Google Translate to respond electronically in their
language
(even if it’s just a phrase or two!)
CONTACT INFO ON EVERY PAGE OF YOUR SITE!
17. Tips from NAR Global
Challenges:
Language
Ability to travel
Too complicated,
too time-consuming
Obtaining financing
Type of properties sought
21. How cCaann NNAARR hHeellpp??
Research
Education
Bilateral Partnerships
Global Business Councils
realtor.org/global
22. Join the Conversation
Facebook.com/narglobal
Twitter.com/narglobal
LinkedIn Official Group: NAR Global
The Global View Blog
http://theglobalview.blogs.realtor.org/
23. Questions?
Cindy Fauth
Marketing & Communications
Commercial and Global Services
+1.312.329.8627
cfauth@realtors.org
Editor's Notes
Talking points:
Data from Texas International Home Buyers Report
Origin, destination of foreign buyers
How you can market yourself to potential international clients
A few NAR resources that can help you overcome challenges with international transactions
- New research report released by TAR, the 2014 Texas International Homebuyers Report.
- Proves that Texas is a major component of the international real estate landscape in the U.S.
- Texas remains the third-ranked destination for international home sales in the U.S., behind only California and Florida. So overall, international buyers purchased $92.2 billion of U.S. real estate last year – a 35% increase over the prior year. Texas represented 12% of that total.
Which means international buyers purchased over $11 BILLION in real estate in Texas alone. This is huge, and proves that as long as you sell real estate in Texas, this is a market you don’t have the luxury of ignoring. It’s a nominal increase over the year prior (3%), but this number is the highest it’s been in 5 years.
Texas is home to the third largest immigration population in the United States, and 6 of the top metros for immigration in the U.S. were Texas metro areas: Houston, Dallas, Austin, San Antonio, El Paso, and McAllen.
As we know from the $11 billion figure, not only are international buyers moving here to Texas, they are purchasing their homes. Naturalized citizens in Texas are almost 12% more likely to own a home than their native counterparts.
From NAR’s Profile of International Home Buying Activity, we know that proximity to the home country, the presence of relatives, friends and associates, job and education opportunities, and climate and location are important considerations to prospective buyers.
All of these things make Texas an attractive destination, particularly for buyers from Latin America and the Caribbean.
The numbers reflect that – more than half of all international buyers in Texas originate from Latin America or the Caribbean. This can be widely attributed to proximity to their home country, and the presence of relatives, friends and associates. 18% are from Asian region, and that’s where you have highly skilled workers coming from China and Asia to work in Texas’ booming tech and industry sectors, as well as those looking to educate their children in the United States.
MEXICO and Texas Real Estate: It goes without saying that Mexico’s influence on Texas is huge. These numbers show how huge it is, as related to the housing market.
Think about this: Over 65% of all Mexican homebuyers purchasing in the U.S., choose Texas. Not Los Angeles, not San Diego – but Texas.
Their economic influence is $4.5 billion, and nearly half of them pay with cash. This helps the real estate agent when it comes to closing the deal, considering about a quarter of all international transactions do not close because of problems getting financing.
No doubt, working with international clients can be challenging. But it is very much worth it. This is data from the NAR Profile of International HomeBuying activity. They are spending more money, paying in cash, and refer their friends and business associates.
Foreign transactions can be more time-consuming and will require that you educate a client on your home country’s real estate practices – but I can assure you, it is time well spent. They refer business to friends and family in their home country, which means more residual business at a higher price point.
All of your listings that are currently on realtor.com, are also on Realtor.com International.
On this site, home searchers from all over the world can view your listing in their own language, their currency, and units of measurement.
We track the origins of searches from realtor.com international, and here we have the top 10 countries searching U.S. properties. You can see Houston and San Antonio show up from multiple countries. No surprises from Mexico, and we can probably attribute the Germany and Japan searches to military personnel who will be relocating back to the States.
We have a tendency to think the world works the same way U.S. clients do, which isn’t necessarily true. Believe it or not, not every country is on the iPhone like we are, they don’t use the same search engines, and they don’t even search houses the same way we do – (ex: we look for 3 BR 2 BA, in other countries they search for total number of rooms in a house.). The commonalities are really an internet connection, content, and video.
VIDEO TRANSCENDS LANGUAGE – even if the client has no idea what you are saying in the video, the virtual walk-through of the property speaks a thousand words, more than static pictures can.
Know what types of properties are they looking for, where they are searching. Texas draws vast numbers of college students – 3rd in the country, over 63,000 total in this state right now. Businesses are attracted to it because it’s more affordable and tax-friendly than California.
When you’ve established your niche, think about how the people in that niche search, and build your web site and SEO practices accordingly. For example, if your niche is China – don’t waste your time worrying about improving web site SEO for Google. They don’t have Google there, they use Baidu.
Listing and searching properties: They don’t always do this the same way they do in the U.S. –
China uses SouFun to list their properties. Canada uses Zoocasa.
Video – transcends language.
CONTENT – this is what will set you apart. Are you offering them information they can’t Google? Neighborhood “personalities”, offering information on what businesses are coming, demographic info (from RPR), etc.
This is from an agent in Nashville – he has a whole section of his website, in the main navigation, called “NEIGHBORHOODS”. As you scroll down this page, each neighborhood in Nasvhille is listed and you can click on it, get a neighborhood map, learn about the general vibe, and get neighborhood facts. It’s clean, it’s easy to use, and most importantly: easy to find on this web site.
Most commonly cited challenges from agents who are working or want to work with foreign buyers. How can you overcome these?
Here are some solutions from NAR Global:
Global Perspectives – titles such as Financing Considerations, Investment visas, Online marketing (so you don’t have to be a jet-setter, this issue teaches how to make sure you can attract foreign buyers just from your web site.) Bi-monthly newsletter, designees get the print version but past issues are housed on realtor.org/global, bottom right hand corner.
The Global View blog – again, features tips on how to make sure your clients aren’t overpaying to move funds into your country. How to overcome language barriers. Myths about the complications of international real estate and how you can overcome them.
30% of agents said that finding the right property for their client was the reason a transaction with a foreign client didn’t go through. Wouldn’t it be great if you had a referral network, to send these buyers to someone in another area that might have a more attractive property for them? There are over 2,500 CIPS designees who ALL have the education and preparation to work with foreign buyers. And guess what – they’ll pay referral fees! So rather than letting a client walk, refer them.
Our friends from Mexico host a few CIPS institutes a year – I would encourage you to sign up and see how it can help your business.
Not mentioned here are Texas State University, Baylor, Rice, and Texas Tech --- this is a concentration of renowned universities that few other states have. Total number of Foreign Students in Texas: 61,511.
Getting educated in the United States is important to foreign students and their parents. Many send their children to the U.S. for a “better way of life,” and the earlier they get acclimated to the U.S. business and education processes, the better. The University of Texas at Austin is one of the most recognized programs for what they’ve done with international students and preparing them to compete in a global marketplace, and their technology program makes them extremely attractive as well.
Parents aren’t just investing in the education, though. Often times, they either don’t have individual property rights in their own country, or the investment won’t yield the return that a U.S. property will. So they will invest in safe, secure housing near campus for their child. This is a huge market, and it has recently gained a lot of attention in the media was well as from NAR.
Part of knowing how to connect with these inbound student buyers is knowing where they are coming from. As you’ll learn if you read the Global Perspectives magazine, these schools are actively recruiting in countries they know are interested in what they have to offer. You should do the same! It is working for them. You are working with some of the best clients because they have the money and, per the NAR Profile of International Home Buying Activity, they are spending a higher median price on housing than domestic buyers are.
By the way, these education stats are from the Institute of International Education, their Open Doors Report has some incredible information and a fantastic fact sheet on Educational Exchange data for each state. Visit their site at iie.org to see all their information, it can be a valuable resource if you are interested.
My suggestion? Assess opportunities at local colleges & universities: What is the International Population? Housing needs? Most parents will talk to the housing department first to get a feel for on-campus housing and/or opportunities for investment housing. By getting in touch with the housing department and establishing a relationship with them, you can become their “go-to” REALTOR recommendation.
NAR has formed bilateral partnerships with 80 associations/organizations in 60 countries. Each country has a U.S.-based President’s Liaison that helps exchange information and business across borders. Those organizations all have REALTOR® members, who abide by the same code of ethics you do, and are ready for referral exchange.
Global Business Councils exist in state and local associations all over the country, and offer products, services, education and networking events, and more resources to help you do business globally, with a local focus.