Negotiating an International Real Estate Deal
When negotiating with a real estate deal, the most important factors are the clients. However, international deals may require more consideration such as legal, economic and geographical aspects. If a real estate agency has been contracted to deal with international clients or in another country, it is important to fully research the area, understand what is expected and know how the client lives to truly embrace the challenge of global real estate sales.
While the issue may eventually lead to how much money the individual has to offer, it is best to ensure the agent knows what the person is looking for in housing.
Preferences and culture may be a large difficulty in selling to international customers. This means the agent must learn about the client. What he or she is looking for in size, location, amenities and similar concerns. Another issue is the culture of the country. Many customers looking to purchase housing in another location have no emotional outward demeanor of what it felt while looking at the real estate property. However, body language and tone of voice are important. When all information has been revealed, the client may step away to talk to a family member or spouse. The native tongue may be used, and the manner in which they speak could reveal who feels what about the property. This may be used to push the sale or to back off.
Negotiations with International DealsThere are certain buying signs that the real estate agent should be observant of when dealing with an international client and global real estate property markets. To ensure a better negotiation process, body language becomes the primary consideration when language and culture are different. Even though the individual seeking the property may speak the same language, it is his or her body language that exposes what he or she is thinking. To negotiate properly, the agent must ask about what the individual wants instead of money. Globally, conversations about money are inappropriate and taboo. Pictures of the property and amenities may make a better first impression.
Asking the client about what is appealing, what locations are best and similar matters are better suited to the time available with the agent and buyer. Observing body language when they express what they feel is more important than listening to the words. International clients may say one thing but actually want something else. It is crucial to have specialists available to detail solutions to problems and on hand to assist with complications. If there is a lack of resources with the agent in the United States, it may be possible to work with an individual in the country where the real estate property resides. This gives peace of mind to international clients knowing that someone is available in their specific area.
The Language BarrierMany international clients may have a rudimentary knowledge of English, but most are not able to speak the language fluently. This makes matters more complicated for agents in the United States that only speak one language. However, it may be possible to collaborate with others overseas to assist in these matters if the real estate agency does not have any specialists to assist with the deal in the language of the client’s country. However, to ensure contracts and other documents are fully understood along with legal implications, an international lawyer may be needed with the proceedings. If the agency does not have a lawyer, a paralegal or interpreter may be used in conjunction with a lawyer that resides in the country of the client. However, this could raise costs significantly. This leads to difficulties in the language barrier and more expense in international real estate deals.
Other issues may include legal matters and issues with transferring money to the United States for real estate deals that are international. Additionally, these individuals may not be aware that amounts for purchase are generally in American dollars instead of their own currency. The language issues may cause misunderstandings and problems between the buyer, seller and real estate agency. Once the arrangements have commenced, it is vital that someone in legal and real estate matters is available to explain all the details to the purchaser in his or her country’s language.
International LawTo complete real estate deals with international clients, it is important to have an international lawyer on hand to assist with the matter. It is imperative that the laws of the country where the property exist are obeyed and understood.
Provided by HG.org
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.