The real estate industry is very competitive –this is no secret. Prospecting used to mean cold calling locals and knocking on doors. However, this is no longer the case, with the vast advancement of technology focusing on connecting people throughout the world.
International real estate sales accounted for over $104 billion dollars this past year, yet many real estate agents don’t take advantage of this. This was the highest dollar volume of international sales within the past six years, and accounts for about 8.00% of total sales. China alone counted for over $28 billion dollars in sales last year. Foreign buyers target Florida, California, Arizona and Texas mainly.
Historically, China has been heavily focused in buying property in California, with 35% of their purchases being located there. Looking at the average sales price of condos, we can see why. In Hong Kong, the average sales price of a condo is $776,000, compared to about $350,000 in Southern California and $660,000 in San Francisco. Prices aren’t the only reason, also the decent strength of economy in the US compared to China plays a big role. Real estate is an industry built on reputation and referrals. Your network is your most important asset to being successful. So how do you gain a network in a country thousands of miles away? Technology. There are more and more programs being made available to help connect agents in America with agents in other countries to help assist with referrals. We’ve done it for years, referring clients to other agents that are out of your geographical reach, so why not internationally as well. Start tapping into this strong pool of buyers to increase your real estate success!