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 Marketing
This is our recap of the April 24 event, The ABC’s of an International Transaction, focusing on International Marketing.
Check out our recap focusing on International Lead Generation.
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Panelists included:
- Carrie Little, MRED Representative, CarMarc Realty Group, LLC
- Margot Weinstein, Metropolitan Real Estate Group
- Moderator: Rob Rosmis, Centered RCG
Learn how your targeted country does business and more.
The first lesson Weinstein learned in the real estate industry? “International people – no matter where they live – they want you to respect their culture and how they do business.” It’s important to involve a team from every market, including other agents, a lawyer, a banker and an accountant, to help ensure a smooth transaction. She said the Illinois REALTORS® Consulate General Liaison program has international diplomats who have relationships with consulates or trade commission representatives from different countries.
You need to know the data
Little said those interested in international marketing should become hyper-local. “When you start understanding the data and using that data on social media, on your blogs, in your email marketing and in person, you’ll start to see your global business grow.” She said studies show people naturalized in the U.S. have, on average, a 30 percent higher income over other groups of Americans. She said this group is also more likely to buy property. “And that made me realize why we should know about the international buyer.”
She pointed to
InfoSparks from MRED, as a particularly helpful resource. “I can take the data from the MLS and what’s in my local community to tell my international client what’s available.”
Present yourself as a market expert
“If you’re heavy into social media campaigns or email newsletters, start using that information for the general or specific market,” Little said. “For Instagram, take a screenshot, put your face on it, your office name. Start using those tools and the data that shows you as an expert in the market in which you represent.”
Showcase your knowledge online and continuously update your network on the latest data for your niche market. Get in the habit of sending market data news links to your network of clients.
Effectively promote international listings
Little recommends using
MRED’s Share My Product widget to share property listings through various online platforms. Another good tool is
REALTORS® Property Resource.
Weinstein advises working with teams of professional photographers and videographers to create high-end visual content to promote listings. She also suggests using tools and apps that work best internationally. “In China, there are different apps to get through the firewall,” she said. “I use an app called
WhatsApp.”
She uses other messaging apps to talk to clients, but notes
Skype is one of her top tools because it helps create a stronger bond between her and her clients. “But, always make sure to ask your client how they prefer to communicate.”
Rosmis promotes developments by directly messaging nearby visitors or locals through social media. “I religiously go on
Instagram and search hashtags,” Rosmis said.
Little suggests going through their profile feeds first and commenting on a post.
Weinstein said joining relevant groups on
LinkedIn often helps attracting high-end clients.
Resaas,
Proxio,
Showcase.com and
Mondinion are some of the property listing platforms they recommended.
Watch the full panel discussion!
