Global Business Council

What Does 2022 Promise for International Business?

HOW CAN YOU GET A SHARE OF THAT MARKET?

By: Patricia Tan, PLLC, Realtor®/International Speaker and Instructor; Certified International

Property Specialist, Coldwell Banker Realty in Sarasota

Last year, our real estate market continued its rebound after the COVID lockdown, and we saw recordhigh home prices. At the same time, we also saw record lows in the number of foreign buyers making purchases here. Why? Travel restrictions simply made it difficult or impossible to get here. However, pandemic or not, Florida remained the number one place for foreigners to buy U.S. real estate. The reasons overseas buyers are attracted to Florida have not changed, and we have huge pent-up demand from buyers who want to experience our lifestyle and have not been able to move forward in the past two years. We will certainly see an uptick in buyer activity in the coming months as travel restrictions change.

UPTICK IN FOREIGN SELLERS

Restricted travel has also meant foreign owners could not enjoy their winter or vacation homes in Florida. This has led many to question the value of a vacation home so far from their homeland and, coupled with a desire to remain closer to family, this may cause us to see a number of foreign owners putting their homes on the market in 2022. Some owners who may have planned to sell homes in 2020 and 2021 put those plans on hold until they could be here to handle the sale personally, and they will add to the number of foreign sellers. The ongoing strength of the U.S. dollar is another reason that makes selling attractive at this time.

AMERICANS BUYING ABROAD ON THE RISE

A third aspect of international real estate is one we rarely consider. The number of Americans purchasing homes abroad is rising. Some are attracted to the digital nomad lifestyle, continuing to work while enjoying life in another country or culture. Others are looking for a destination with a lower cost of living in which to enjoy their golden years. Some decide to relocate for political reasons, to be closer to family, or simply to enjoy a different lifestyle. Whatever their motivation, this is a growing market that smart Realtors® can capitalize on.

International business is not all about incoming buyers. Foreign sellers and U.S. residents buying abroad are significant markets too.

HERE ARE TWO THINGS YOU CAN DO TO ACHIEVE A SHARE OF THESE LUCRATIVE MARKETS:

Learn! Take advantage of classes offered by RASM, and earn NAR certifications and designations that support global business. Gather the knowledge you need to win business and work effectively with global customers, whatever their motivation.

Network! Develop relationships with other people active in the global market. Make connections with other real estate professionals working internationally, and with partners who offer other services such as financing for foreign nationals, tax advice, and guidance on immigration. As a first step, I encourage you to join RASM’s Global Business Council, where you will have access to both local and global networking, market updates, classes, seminars, and much more, all for just $25 a year. For more information on how to join, please contact Denise Ricciotti at 941-952-3404. Questions? I will be happy to help. Email me at Pat@PatriciaTan. com. •