Looking Beyond Local Markets

By Don Kottick, FRI, CRES

When it comes to real estate, it is now almost impossible to live in vacuum and protect oneself from global events or influences. Real estate sales professionals who want to ride the wave of the future must now look beyond local and embrace global. This is not to say that local is not important — it is, and it always will be — but now is the time to look globally for opportunities.

Factors including the conservative Canadian banking system, universal healthcare, the solid international reputation, the abundance of water and resources, proximity to the United States, a stable political system, and the current weaker Canadian dollar, have positioned Canada as one of the safer havens for international buyers. The expanded marketplace might have resulted from the creation of international trade associations, shifting geopolitical barriers or even the advances of social media.

REALTORS® have a number of ways to embrace the new global reality, one of which is through participation in localized international real estate trade associations such as AREAA (Asian Real Estate Association of America). Richard Silver was one of the early adopters when real estate started to expand globally. Silver recently became a director of AREAA’s Toronto Chapter “After more than 30 years working in one of the most diverse markets in the world, I decided to learn more to attract international clients and also to help my existing clients in their investments offshore,” Silver says. “I went to their event in New York last year and was referred a $3.5 million condo that just sold.”

The International Real Estate Federation known as FIABCI (based in Paris, France) is one of the longest-standing international organizations. FIABCI-Canada’s secretarygeneral, Jerry England, in a recent conversation said: “Let’s face it, the real estate industry has become increasingly international in its outlook — be it marketing to overseas buyers or acting on behalf of offshore vendors. If you don’t have international credibility it’s probably costing you business.”

In his opinion, FIABCI provides a direct way to ensure you and your business have an international perspective and stay on top of real estate trends around the globe. “Membership in FIABCI positions you as one of the world’s leading property professionals by providing opportunities to network with members from overseas, as well as attending key international events and, by doing so, gain exposure to numerous sources of international referrals,” he notes.

REALTORS® who want to expand their book of business can take the CIPS (Certified International Property Specialist) designation course offered by REIC through its partnership with NAR. This designation course deals with international buyers and sellers and the many nuances of operating in the global market place,” says REIC vice president of corporate development Gareth Jones, FRI, CRES, CRB, ABR, SRES. “When you combine this additional credential with a strong network of savvy professionals, you are well positioned to capture opportunities the global market provides.”

“Foreign buyers and investors are attracted to the strength and stability of the Canadian real estate market, which is supported by a structurally sound banking system and a dynamic and global business environment,” says Dan Conn, the CEO of Christie’s International Real Estate. “Canada’s major economic centers benefit from a diversity of economic activity and cultures, all of which add to the appeal of its real estate offering. These markets also boast world-class views, top skiing destinations, outstanding wine regions and other highly desirable amenities. All of this will make Canadian real estate increasingly attractive to foreign buyers over the coming years.” •

Don Kottick, FRI, CRES, is the Executive Vice President, Corporate Development, Peerage Realty Partners in Toronto, ON. Email: dkottick@peeragerealty.com