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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