Chicago’s international market is growing. “People come here for tourism, primary or secondary relocations, and education or corporate access,” Rob Rosmis, Centered | RCG, said.
“As REALTORS®, we need to know what’s important, what’s happening now in our city and the opportunities it provides,” Rosmis said, adding that incorporating a global mindset is essential to grow a business. In 2017, foreign investment in residential properties topped 153 billion across the U.S., an increase over 2016, Vicky Silvano, Century 21 SGR, Inc, said. Silvano said China tops country of origin for foreign buyers, followed by Canada, UK, Mexico and India.
Illinois is among the top states for foreign real estate investment, behind Florida, Texas, California, New Jersey and Arizona.
INTERNATIONAL LEAD GENERATION
This is our recap of the April 24 event, The ABC’s of an International Transaction, focusing on International Lead Generation. Check out our recap on International Marketing. Panelists included: [hover id=”15132″]- Mabél Guzmán, @properties
- Sara McMurray, Keller Williams Chicago-Lincoln Park
- Mikus Kins, Centered | RCG
- Vicky Silvano, Century 21 S.G.R., Inc.
Create an online profile that appeals to the international market.
McMurray says most of her leads come from online, and she only occasionally reaches out by sending emails or a property listing that matches their criteria; she’s found that her clients don’t want to be called constantly. “I get 100 percent of my leads from Zillow,” she said. “I really think it’s my profile that expresses interest in international. I think just being open-minded, relatable, educated and talking about the neighborhoods where I work.”Think outside the box
Ask yourself, “Where do I have connections? How can I expand my network?” Then, come up with ideas catering to that database. Besides sending out frequent newsletters with relevant investment ideas in the U.S. or in your targeted global market(s), Kins, the co-founder and president of The Latvian American Chamber of Commerce, suggests creating groups. “I saw there was no existing chamber in the U.S., so I approached the embassy in D.C. and asked if I could form it and put together a board,” he said, adding that the group has grown to between 250-300 members since launching in October 2017. All the panel members agreed that completing the Certified International Property Specialist Designation (CIPS) is a great way to further your reach by giving you access to a wider network.Be intentional in your communications and interactions
Guzmán’s top referral sources are her clients and fellow REALTORS®. She doesn’t do mailings and invests little money on marketing, but she does invest her time in developing personal relationships. “I’m intentional in that, when I travel, I don’t hang out with people from Chicago,” she said. Instead, she checks out the local real estate market and prioritizes networking. “On Mondays, I sit down, I get on the phone and call REALTORS® from across the country and sometimes on the other side of the world, just to have a conversation with them and see how they’re doing. They also tell me things that are going on in their country.”Overcome obstacles.
These tips will help you overcome some of the obstacles you may face in international lead generation:- Hire an interpreter or partner with a local real estate professional for a fee if language is a barrier.
- Be solution-oriented for clients. Take the time to understand the problem, and find the best solutions.
- Respect other cultures. Kins recommends you buy an international etiquette book, like Kiss, Bow or Shake Hands: Learn International Business Etiquette. And, be knowledgeable about global economies, currency conversions and changing markets.
- Treat clients as the main focus in a transaction.
- Know regulations and property rights in your market(s).