Transcript Real Estate Coalition Update and Action Plan

Coalition Corner:
Business training tools for HR staff, real estate licensees and other
service professionals in the relocation and real estate industries
Challenges and Solutions When
Working with International Homebuyers
The Coalition thanks Anne Tully, Director, International Services, Arizona Insights
Relocation Center/Coldwell Banker Success Realty, Scottsdale, AZ for this edition
© 2005, Employee Relocation Council/Worldwide ERC® Coalition
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Program objectives
• This program supplements a monthly editorial
feature in Worldwide ERC®’s Mobility magazine
• This segment will:
– Provide examples to demonstrate some of the types of
challenges posed by working with international clients
in the real estate process
– Offer tips and solutions for addressing some of those
challenges
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Introduction
• The experience of buying and selling property varies
enormously from country to country, and even from culture to
culture
• Real estate professionals have an opportunity to act as
“trusted insiders” to help guide clients from overseas who
plan to rent or buy property through the process
• Insight into some of the challenges and awareness of some
of the differences can go a long way toward making the
transaction a success for both parties
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Examples of some of the challenges:
the agent perspective
Situation:
• The client currently resides in another country/time zone, and his
or her native language is not English. All communications are
conducted by phone.
Challenge:
• The need for clarity isn’t being met, and it’s difficult for agent and
client to reach each other at mutually convenient times. Neither
party is sure the other is understanding the details.
Solution:
• Confirm important details by e-mail and/or fax to back up relevant
points, eliminate time zone barriers and provide written
clarification
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Examples of some of the challenges:
the agent perspective
Situation:
• A couple and their large extended family all seem equally
involved in the home-buying decision
Challenge:
• It’s difficult to manage the size of the group and nearly impossible
to pinpoint the decision maker. It seems no one is willing to make
a commitment, which translates into little solid feedback and
time-consuming searches and viewings for the agent.
Solution:
• Ask the right questions to help determine who the family regards
as the primary decision maker. Explain the typical process/time
frames and establish a schedule in advance for visiting and
viewing properties.
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Examples of some of the challenges:
the agent perspective
Situation:
• The client family members understand very little English – except
for a teenage son, who translates full sections of contracts in two
or three words
Challenge:
• The terms and conditions of the contract and managed move
benefits package must be fully understood prior to signing
Solution:
• Locate a qualified interpreter and/or translator. Provide copies of
all documents related to the home-buying process to the family
early in the process, allowing time for proper review and the
answering of any questions about terms or procedures that may
not be fully understood.
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Examples of some of the challenges:
the agent perspective
Situation:
• The clients love a home and have pre-qualified for the purchase
price. They want to make an extremely low offer that is well below
the market value, comparables and expectations for the home.
Challenge:
• The sellers will likely refuse the offer without countering, the buyers
could loose out on the home.
Solution:
• Find out why the clients are making such a low offer. It may be that
negotiation is a way of life in their home country/culture, and an offer
at or above the asking price is perceived as overpaying.
Expectations in negotiating vary greatly from one country/culture –
and even one region – to the next. Clearly outline the way the
process works at the outset, which can help set realistic
expectations.
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In conclusion…
• The key to resolving nearly any challenge is in
clear and open communication
• Employ the help of other professionals and/or
resources to assist – such as research tools
about countries, cultures and real estate
practices, translators/interpreters, and
professional industry networks
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