Field Guide to International Real Estate from NAR

Whether in good or bad markets, REALTORS® can always benefit from information that broadens their knowledge of the market and industry. If you are thinking about going global or have already ventured into this arena, NAR's recently updated International Field Guide provides tips for locating and working with international clients, etiquette, cross-cultural business guides and international networking opportunities. You also find a wide assortment of international real estate information sources, including a variety of worldly resources from the REALTOR® organization.

Breaking Down Language Barriers Between U.S. and France

NAR reports that, beginning in mid-September, as many as 300,000 U.S. REALTOR® listings in Florida, California, Las Vegas and Washington, D.C. will be translated into French for display at the website of the Federation Nationale de l'Immobilier (FNAIM), NAR's association partner in France.

Similarly, REALTORS® affiliated with participating local REALTOR® Association MLSs will be able to display their choice of more than 500,000 FNAIM members' listings from throughout France, translated into English, at their website. This global property "exchange" is the result of the expansion of a service that has been pilot tested over the past two years by two REALTOR® Associations in Florida (Miami and the Beaches and Sarasota) and the Paris chapter of FNAIM. Based on the success of the pilot program offered by Immobel, a provider of international real estate technology and cross language marketing services, FNAIM is expanding the Immobel Global Listing Exchange service to include all of its members listings in France and NAR is exploring options to expand the service in the U.S.

The Immobel platform allows brokers to individually determine which properties they wish to make available for display and also which to display from their foreign counterparts. The ICREA Transnational Referral Service is the basis for cooperation between agents to assist clients and earn client referral fees.

CULTURALLY CORRECT: Open-Ended Questions Help Communication with Clients

When dealing with clients and customers whose primary language is one other than English, REALTORS® are likely to get simple 'yes' and 'no' answers to questions, as this is a tendency of anyone not fluent in the language. We may think we understand the question and answer as simply as possible. This sets the stage for possible misunderstandings and, worse, failure to close a deal. To help ensure more thorough communication, phrase questions as open-ended, e.g., "Can you tell me what you like or don't like about this property?" If the client or customer isn't able to respond fully, you know you need to probe further, and/or get assistance from a translator. Source of tip:

NAR/Executive Planet

U.S. Housing Market Still Attractive to Foreign Buyers

NAR has just released its 2009 International Home Buying Activity report. While the report shows a further decline in home sales to foreign buyers from the 2008 and 2007 studies, the percentage of decline has narrowed. According to the study, 23% of REALTORS® served international clients in 2008/2009, compared to 26% reported in the 2008 study and 32% reported in 2007. The decline mirrors the overall decline in the existing home sales market, which decreased 39% between September 2005 and January 2009. There is confidence that once the global economic market conditions improve, the rate of home purchases by foreign investors and buyers will increase as well. The reports offers detailed information on sources of in-bound buyers and buyers' location and property type preferences. New with the 2009 study is data on commercial purchases and also information on barriers to successful transactions by foreign buyers of U.S. property. Download the full report.