From Realtor Magazine Online, Daily Real Estate News April 24, 2008
Real estate professionals are looking to attract foreign home buyers by learning to speak their language and paying airfare and hotel bills of those who actually close the deal.
Because of the falling value of the U.S. dollar relative to other currencies, a foreigner who buys a home gets a discount averaging 30 percent, the NATIONAL ASSOCIATION OF REALTORS® estimates.Here are some of the creative ways real estate professionals are getting foreign attention.
- Jacky Teplitzky, the fourth-ranked producer at Prudential Douglas Elliman, which has 3,300 agents in metro New York City, has hired staff lawyers who specialize in foreign buyers. That’s part of the reason that sales to foreigners rose from 10 percent of her business to 25 percent last year.
- Atlanta-based Jenny Pruitt & Associates has added practitioners to the staff who speak Dutch, Korean, Farsi, and Arabic. A search function on its Web site can help a potential buyer locate someone who speaks his language.
- Rick Wohlfarth, owner of Wohlfarth & Association, in New York City, travels regularly to Brazil to help link wealthy buyers with properties. Foreign buyers make up about 20 percent of his sales.
Source: USA Today, Stephanie Armour (04/24/08)
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