Both Lauster and Suvarnamani stress that it’s extremely important for agents looking to work with international buyers to pursue their Certified International Property Specialist (CIPS) designation. This certification provides agents with everything they need to know, from dealing with different cultures, to understanding different negotiating styles, expectations, and how to work with those from differing religious, ethnic and national backgrounds.
“CIPS is the pre-eminent designation to prepare an agent for dealing with foreign persons,” says Lauster.
Focus on Building a Strong Relationship
While it’s best to build a great relationship with all of your clients, it’s even more imperative to build a strong relationship with international buyers.
“Increasingly, domestic buyers have become very independent and feel little loyalty to the REALTOR® who assists them,” says Lauster. “International buyers, however, have an exceptionally strong bond to their agent and display an admirable and long-lasting appreciation for the assistance and knowledge that agent brings to the transaction.”
Building a steely bond with your international clients is helpful not only in gaining their trust, but also in drawing in future referrals.
“The relationship part of the agent/client bond cannot be rushed, but the resulting loyalty will more than make up for the time the agent invests up front,” says Lauster.
Grow Connections
In addition to connecting with your client, Suvarnamani stresses the importance of building relationships with international alliances. She suggests agents and brokers interested in working with international clients check out international conventions, like the REALTORS® Conference & Expo in November, where more than 50 countries are represented. The event also includes international-focused education and country-specific networking hours, so you can find representatives from the areas you are most interested in working with. “Find your niche,” Suvarnamani recommends. For a list of worldwide industry events, visit NAR’s Meetings & Events calendar at http://www.realtor.org/global/global-meetings-and-events.
“There was a good increase in the number of foreign purchasers in the past year and this trend is likely to continue. REALTORS® and brokers need to recognize that they cannot ignore the international dimension,” concludes Yun.
For more information, visit www.realtor.org/global.
