Shanea Patterson

5 Unique Needs of Global and International Real Estate Clients Shanea Patterson Company: Confidential Topic: (X) Unique Needs of Global Real Estate Clients Word Count 386 (300+ word level) Content Global and international real estate clients have different needs than domestic clients, and in order to get their business, you'll need to know exactly what they're looking for in a property and a real estate agent. Here are five unique needs of global and international real estate clients. Individual Taxpayer Identification Number. Global and international clients need an individual taxpayer identification number (ITIN) from the IRS in order to purchase property in the United States. The number is used for tax reporting purposes to help them comply with U.S. tax laws. Inform your client ahead of time that the process typically takes three months or longer, so they should apply prior to starting their property search. Different Business Approach. Doing business with a client outside of the United States requires a different level of business acumen than you'd normally use. For instance, you'll need to do research on the culture you're dealing with and study their business tactics. You'll need to adjust certain traits, such as formality, directness, assertiveness, and enthusiasm, among others, according to your client's needs. Specific Locations. Global and international real estate clients have buying patterns, just like domestic real estate clients do. Knowing which locations are ideal for foreign clients will allow you to help them find the property they're looking for. According to the National Association of Realtors, the top states where foreigners purchase property include California, Florida, Texas, Arizona, and New Jersey. Someone Who Speaks Their Language. Typically, when trying to reel in foreign real estate clients, brokerage firms will hire translators or agents who speak the same language as their ideal client, someone who knows where their coming from and can communicate any issues or concerns. Consider keeping bilingual agents on staff to help with global and international clients. Plenty of Detail. Foreign investors may not be able to be in the States when they close on a property, which means they likely won't have sufficient time to do more than one walk-through of the property. Some even buy property sight unseen, which means you need to provide as much detail as possible about the property through photos, videos, or a combination of both in order for them to make an informed decision prior to purchasing. For more tips on global and international real estate clients, contact us today.