As the world becomes more connected, it’s time to explore the opportunities that international markets may have to offer both you and your clients, The Agency’s founder and CEO writes.
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Our brokerage has a growing global presence, with more than 120 offices in 12 countries and counting, which has given me the privilege of witnessing the dynamic interplay of diverse markets and cultures. I understand firsthand how complex and exciting the realm of international real estate is; it presents unique challenges as well as unparalleled opportunities for buyers, sellers and agents alike.
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After years of closing deals around the globe, I can confidently say that success for real estate professionals in this arena demands a deep understanding of local customs, regulations, and market trends. Here are my top tips for effectively navigating the international real estate landscape.
Understand the local market dynamics
This is number one on the list for a reason. Every market has its own rhythm and set of rules. What works in LA or New York City might not resonate in Amsterdam or Barcelona. Take the time to research not just local market trends and pricing structures, but also get clear on buyer preferences and protocol. Again, the way you handle listings and clients in one city may not be appropriate in another.
Anticipate that you will likely experience a learning curve in a new location. Partnering with local experts can provide invaluable insights and help you make informed decisions, which leads me to my next tip.
Build relationships with international partners
In the world of international real estate, relationships are paramount. Establish connections with local agents, developers, and legal advisors who can guide you through the intricacies of each market.
The Agency prides itself on fostering a network of trusted partners, ensuring that our clients have access to the best listings and resources no matter where they want to invest. I’m proud of the experts we have in each market around the globe—they are the kinds of professionals any buyer or seller would want to have on their team.
Stay informed about legal and regulatory differences
As you might imagine, real estate laws vary significantly from one country to another. Depending on the country and city, there are detailed differences in ownership rights, tax implications, and financing options.
While you can familiarize yourself with the legal frameworks governing property transactions in your target market, I recommend working with a legal expert who specializes in international real estate. Their guidance can steer you in the right direction and help ensure you conduct smoother transactions on behalf of your clients.
To find a solid local legal expert, I’d suggest asking agents who work within the market, doing some research online and maybe even reaching out to professional legal associations for reputable contacts.
Leverage technology for seamless transactions
Of course, technology plays a crucial role in bridging gaps across borders. Leverage tech to connect with your international clients and utilize online platforms for virtual tours, digital document signing, and communication.
At our brokerage, we embrace innovative tools that streamline the buying and selling process, making it easier for clients to navigate transactions from afar. For example, on our website, TheAgencyRE.com, we made updates to ensure clients visiting from all over the world could see prices adjusted to their location’s currencies and view localized real estate market statistics.
Having advanced tools at your fingertips helps you create a seamless and efficient experience for your clients, no matter where they are or where they want to go.
Understand currency fluctuations and financial strategies
In international real estate, currency fluctuations can significantly impact transactions. Familiarize yourself with the exchange rates and encourage clients to consult with financial experts who specialize in cross-border transactions to provide tailored guidance. Having a network of trusted advisors can help clients navigate the financial landscape and make informed investment decisions. This proactive approach not only demonstrates your expertise but also builds trust with clients, making them feel secure in their investment choices.
As our world continues to become more connected with the help of technology and travel, it’s important to explore what other markets have to offer your clients. Remember, when we commit to learning and staying curious, we are presented with amazing opportunities that lie just beyond our own borders.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
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