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"Coalition Corner" is a monthly educational feature, supplemented by Microsoft PowerPoint slides . It is designed as a business training tool for HR staff, real estate agents, and other service professionals in the relocation, real estate, and/or affinity program industries. The Coalition thanks Anne Tully, Director, International Services, Arizona Insights Relocation Center/Coldwell Banker Success Realty, Scottsdale , AZ , for this edition.
If you imagine buying property in a country other than your native one, it's tempting to expect a similar process. However, there's a good chance that with those expectations, you'd quickly become frustrated as things didn't go according to plan. It would be imperative to work with a trusted insider who could explain the unfamiliar process in clear, understandable terms.
Real estate professionals become “trusted insiders” when working with clients from overseas who plan to buy or rent a home in the U.S. Potential differences to overcome include language, methods of lending, ways of establishing and tracking credit history, and expectations of the home buying/renting process itself.
Following are a few examples of types of challenges international client work may pose, and some suggested solutions, as gleaned from various agents' experiences:
Situation 1:
The client's in another country/time zone, and speaks another language. All communications have been conducted by phone to the frustration of both parties.
Challenge:
Telephone communication isn't satisfying the need for clarity. It's difficult to reach each other at mutually convenient times, and to ascertain whether agent and client are able to understand details spoken by each other.
Solution:
Conduct and confirm communication via e-mail or fax if possible. This will eliminate barriers due to differences in time zones and spoken language and allow for written clarification of times, dates, home specifications and other important details.
Situation 2:
A couple and their large extended family all seem equally involved in the home-buying decision.
Challenge:
It's very difficult to manage the group and nearly impossible to pinpoint the decision maker. It appears as though no one is willing to commit to anything, which translates into little solid feedback to help narrow the search. Moving from one house to the next is extremely time-consuming and it takes all day to see two homes.
Solution:
Ask questions to determine who the family wishes you to speak with. Explain how many homes you typically show in a day and establish a time schedule for visiting properties.
Situation 3:
The client family cannot understand English – except for their teen-age son, who translates full sections of the contract in three words or less.
Challenge:
The terms and conditions of the contract must be fully understood prior to signing.
Solution:
If communication in one language is difficult, locate an interpreter. Don't hesitate to utilize the services of a translator. One simple way to improve understanding is to give copies of all documents to the homebuyers at your first meeting, so that they have time to translate or ask about any sections that they don't understand.
Situation 4:
The clients love a home and have pre-qualified for the purchase price. They want to make an extremely low offer that is well below the value, comparables and expectations for the home.
Challenge:
The sellers may refuse the offer without countering; your buyers could lose out on the home.
Solution:
Find out why the clients are making such a low offer. It may very well be that negotiation is a way of life where they come from and that to make an offer for the asking price would be akin to overpaying. Expectations in negotiating vary greatly from one country/culture to the next. Offering an explanation of the way the process works here to set expectations before embarking on the home search will help pave the way for a smooth sale.
Clearly, the key to resolving nearly any issue is in clear communication – without it, success is left to chance. Be sure to hone communication skills and put the best chance for success back in your own hands.