The real estate industry is vigorous, dynamic, and highly competitive worldwide. This industry provides excellent financial and experience opportunities for both agents and investors. As a result, the number of agents, developers, and real estate companies is growing, stretching the competition even further. Therefore, many real estate companies are determined to go global, extending their business operations overseas to attract international clients. These clients are an important aspect of any real estate business as they drive profuse revenue, and without them, the business cannot sustain the competition. Moreover, the easy accessibility of the international market has made working with international clients a common and attractive practice among real estate companies. This practice provides many advantages to the real estate agent for the same services and also strengthens and broadens their services and skills, leading to impulsive growth in business. However, international clients are very different from local clients in terms of needs and demands. Therefore, the adoption of unique and attractive strategies to attract these prospective customers is the key. Below is a complete guide to captivate the interest of international clients, which may help grow the real estate business.
Tips to Attract International Clients
Build Connections with Foreign Real Estate Agents
International real estate market demands and needs are very different from the local market. Therefore, understanding what foreign clients expect and require from the real estate market of a specific country is crucial. For this purpose establishing connections and building relationships with foreign real estate agents comes in handy. They will act as a guide about foreign processes and investors. Moreover, they might refer international clients to you or even share their clients’ listings. This can be used as a lucrative opportunity to build an international pool of clients and expand your business.
Easy Accessibility of Services to Target Audience
To attract international clients, accessing them with real estate materials and services is essential. Interacting with foreign buyers in their language opens the doors of the company’s business to them and removes the barriers in the communication process. Updating website content with multilingual options signals that your company is capable of providing these clients with the services with convenience and ease. Furthermore, advertising and marketing the real estate company in multiple languages is another way to attract prospective buyers.
Use of Technology to Promote Properties
Technology has revolutionised the real estate market. With the use of modern tech, the real estate company can showcase the property in the form of high-quality photos, videos, or virtual tours. Technology can also help make connections with foreign buyers from the comforts of home. This is essential as international buyers cannot see the company’s products physically; therefore, the availability of clear and high-definition viewing of property from all dimensions can cater to the interest of foreign clients.
List properties on Global Real Estate Publications
To increase the chance of being noticed by international buyers, listing properties and companies’ products in global real estate publications can be beneficial. It will help gain more reach from across the globe and increase investments. For example, list globally is a leading website that helps real estate agents list their properties to more than 60 countries through 100 plus portals. They translate and advertise those listings making this process hassle-free and easier for real estate agents (listglobally, 2022).
Know the Client
A real estate agent or company should gather information about the foreign client to have a better understanding of the client’s needs and requirements. The information may be about the client’s country of origin, business, budget, and so on. Better learning about the client helps in effective communication and building connections. The real estate agent should keep in touch with the client until the offer is signed. This is helpful in luxury real estate as competitive real estate agents chase high-profile clients.
Become the Advisor
International clients require immense data, as buying and investing in foreign real estate is a big deal. Therefore, the real estate agent should provide an expert’s opinion and advice to the prospective client to make the process seamless. Navigating the client through all the complex tasks of the investment builds the agent’s reputation and reliance on the market. Providing authentic and credible information and advice may increase the agent’s demand in the market as well.
Large inventory of Properties
Having a large inventory of properties with attractive specifications on the company’s website is one of the best ways to attract foreign clients. Target each client according to their demographics and requirements through related and effective marketing techniques. Large inventory also gives the clients various options to choose from.
Take Part in International Real Estate Trade Shows
International real estate trade shows can help a real estate company or agent make connections, know the real estate market trends, meet with industry experts, and acquire significant leads for prospective clients. For example, Expo Real is an international trade fair that provides an exclusive business platform to the entire real estate sector in one place with multiple lucrative opportunities (Expo Real, 2022).
Use Social Media
Besides having a real estate website and mobile app, making a presence on social media handles like Facebook, Instagram, LinkedIn, Snapchat, etc., is also crucial. The company should update these pages with the refined and latest information about properties and offers, along with updated pictures and videos. Social media increases the possibility of engaging with international clients, but the content posted should be relevant and according to the latest trends.
Be mindful of Culture-Specific Words
Dealing with international clients requires patience, knowledge, experience, and awareness. Always be aware of the client’s background and culture to prevent any misunderstandings. Never use culture-specific words, which can have double meanings or are offensive in the client’s language. The use of abbreviations should also be avoided. Moreover, the metric system of the client’s country should be followed while quantifying an area or dealing with figures.
How can international Clients Help Real Estate in Pakistan?
Pakistan’s real estate industry is booming in the country and contributes approximately 2% to Pakistan’s total GDP (Agency21, 2021). Moreover, real estate has a net worth of $300 to $400 billion (Land Marketing, 2021). However, this sector has the potential to improve the country’s GDP and lead to more economic growth. For this purpose, foreign investments can play a huge role. In addition to an economic boom, the environmental and social sectors will develop as international investments will lead to the adaption of cleaner technologies, better tax reforms, socially responsible corporate policies, and the growth of ancillary industries associated with the real estate sector of the country. Moreover, Pakistan’s international trade integration will also improve, resulting in a competitive business environment in the real estate sector. Also, a better economy will help in poverty alleviation and the creation of multiple jobs. The more the number of international buyers, the better image of a country would be perceived by international forums. An example of foreign investment in Pakistan that has the potential to change the fate of the real estate industry as well as the economy is CPEC. The $51.5 billion China-Pakistan Economic Corridor is currently under construction, and the advantages will cascade to the real estate market (Land Marketing, 2021). This is a positive indicator that international clients are important for the real estate sector of Pakistan. Therefore, Pakistan must promote effective policies in the country that provide ease in the transaction system and make the real estate journey seamless for international clients.
International clients play a pivotal role in driving any real estate market towards growth, development, and innovation. Without them, the business cannot sustain itself. Therefore real estate companies must go beyond the local markets in search of prospective international clients. These clients would not only advantage the company but also provide profitable opportunities for the whole economy.
This article is written by Haneen Gul. Haneen is a Research Analyst at the Iqbal Institute of Policy Studies (IIPS).
Agency21. (2021, May 20). Retrieved from https://www.agency21.com.pk/blog/transparency-ensures-reliability-in-real-estate-business/
Expo Real. (2022, October 6). Retrieved from https://exporeal.net/en/
Land Marketing. (2021, 29 December). Retrieved from https://www.landmarketing.com.pk/blog/foreign-investment-in-the-real-estate-sector-in-pakistan
listglobally. (2022). Retrieved from https://www.listglobally.com/