Per the Certified International Property Specialist (CIPS) course ‚ÄúLocal Markets‚ÄĚ, glocally means:
- Awareness of the opportunity in your marketplace
- Knowledge of the market dynamics
- Outreach to potential clients, customers and other real estate professionals
Despite the present market conditions, the process of globalization continues to persevere as reported in The National Association of Realtors¬ģ report ‚Äú2010 NAR Profile of International Home Buying Activity‚ÄĚ released earlier this year.
At the 2010 REALTORS¬ģ Conference & Expo in New Orleans they recently awarded the largest number of CIPS designations with 460 NAR members receiving the Certified International Property Specialist designation.
The numbers are big; $66 billion of U.S. residential property was sold to International buyers since March 2009. The median purchase price of these properties was $219,400, 26% higher than the overall median sale price of existing homes. 55% of International buyers used cash to cover the full purchase price.
From the many internationally orientated training courses, conferences, and meetings that I have attended, I have come to terms in that we, as real estate professionals, actively participate in identifying and creating our local markets. While sometimes our markets are obvious, there are other times that we need to develop an awareness of what is happening in our market and pursue it vigorously.
The National Association of Realtors¬ģ has an abundance of information located at www.Realtor.org/Global. In fact, recently news is that NAR‚Äôs Realtor.com is going global, thus extending its lead as the world‚Äôs largest online source of residential property listings. This global portal offers a plethora of information on getting involved with International real estate.
The process of educating ourselves internationally may come through formal programs such as the following:
- Certified International Property Specialist (CIPS)
- Your Board of Realtors¬ģ Local International Council
- Transnational Referral Certified (TRC)
- FIABCI University (FIABCI)
The primary message I would like to communicate is to get involved. Build your knowledge and build your network of like-minded agents and internationally orientated professionals. With persistence and continued effort you will find your International niche. And, don‚Äôt be dissuaded, historically low U.S. real estate prices, low mortgage rates and the depreciating USD should continue to attract foreign buyers of real estate to the U.S. market.