Follow these tips for smooth transactions with buyers from outside of the United States. Working with foreign buyers may require some extra effort, but the hard work will pay off as you successfully expand your market.
Before Meeting With the BuyerAfter initial contact, or when interested in working with a buyer from a foreign country, research the buyer’s country of origin with respect to:
- Political situation
- Tax relations with United States
- Cultural differences
- Business relations with United States
- Learn a few words from the buyer’s language, such as “hello,” or “goodbye.”
Educate the Buyer
- Inform the buyer about your credentials.
- Explain agency relationship.
- If the buyer has no previous investment experience in the United States, explain the basics of United States real estate investments.
- Provide basic geographical, social, political, and economic data about your area.
- Give the buyer background information about the type of real estate investment opportunities he or she will find in the United States and specifically in your area.
- Explain the United States government regulations and tax systems. Refer buyer to knowledgeable attorney, when necessary.
- Convey that you are comfortable working in the international real estate business.
Obtain Information From the Buyer
- Identify the buyer’s wants and needs and make sure they are understood.
- Ask the buyer about his or her previous experience with United States investing.
- Find out how long the buyer intends to hold the desired property.
- Pre-qualify the buyer.
- Obtain information about how long the buyer will stay in the United States and relevant details about communicating abroad.
- Find out whether or not the buyer has funds in a United States bank.