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Business 1 Template

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The Global Market is in Your Backyard Can You Compete? Presentation by Roseann Farrow, CIPS – PowerPoint PPT presentation

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Title: Business 1 Template


1
The Global Market is in Your Backyard Can You
Compete?
Presentation by Roseann Farrow, CIPS
2
WELCOME !
  • ACCUEIL

BENVENUTO
BIENVENIDA
Het welkom
mottakelse
?????
EMPFANG
3
Did You Know in 2010
  • 82 billion in US residential property was sold
    to foreign buyers from 70 different countries?
  • 62 of these sales were all cash?
  • foreign buyers paid 97,000 more than the US
    national median price? (315,000 v 218,000)
  • 5 billion was paid in real estate commissions?
  • What are you doing to take advantage of it?
  • (Source The 2011 NAR Profile of International
    Home Buying Activity.)

4
  • With the influx of global companies and new
    technology coming to our regions, we must
  • embrace and celebrate diversity
  • to sustain and compete. 
  • Lets take a look at some critical tips and
  • techniques about intercultural communication,
  • business practices, customs and behaviors.

5
Global Means More than Foreign
for example in my state, New York, consider
this
  • 22 of New York residents are foreign born.
  • Foreign-born New Yorkers account for
  • 22 of the states home ownership.
  • 30 of New York households speak a
  • non-English language.
  • (Source NY Business Data for International RE
    Transactions 2010)

6
NY Immigration/Naturalization Patterns More than
Meets the Eye
  • Roughly 90,000 new immigrants in 2008.
  • 15 from Dominican Republic.
  • 30 (3,100-6,000 each) from Jamaica, China,
    Guyana, Ecuador, India, Haiti

7
Your Challenge
  • Compile this kind of data about YOUR state!
  • NAR Research (www.realtor.org/global)
  • Your state and local websites
  • Other sources?
  • Census.gov so much info!!
  • Example Foreign languages spoken by your
    residents

8
In the USA 20 of Americans speak a language
OTHER THAN ENGLISH at home!
  • Spanish 34.5 million
  • Chinese 2.5 million
  • Five other languages have at least 1 million
    speakers
  • Tagalog 1.5 million
  • French 1.4 million
  • Vietnamese 1.2 million
  • German 1.1 million
  • Korean 1.1 million
  • (Source Census.gov - 2007 American Community
    Survey)

9
In fact.
  • The US population
  • speaking a language
  • other than English at home
  • increased by
  • 140 percent in the past three decades!

10
Incredible, exponential growth!
  • The number of people 5 and older who spoke a
    language other than English at home has more than
    doubled in the last three decades and at a pace
    four times greater than the nation's population
    growth over a time period from 1980 2007. In
    that time frame, the percentage of speakers of
    non-English languages grew by 140 percent while
    the nation's overall population grew by 34
    percent.
  • (Source Census.gov - 2007 American Community
    Survey)

11
Yes, Virginia the world is flat!
  • This is known as Globalization!

12
Factors Promoting Globalization
  • Unrestricted boundaries for capital flow and
    investment
  • Round-the-clock financial markets
  • New alliances and agreements

13
Factors Promoting Globalization
USA - brainpower
  • Economic specialization
  • Floating currency exchange rates
  • Increased demand/population growth

14
real estate!
. and then theres
15
Everybody Loves our Real Estate!
  • The USA provides healthy returns on investments.
  • The USA provides a safe haven for many foreign
    investors.
  • Few barriers to foreign individuals or entities
    investing in the USA.

16
Everybody Loves our Real Estate!
  • US markets welcome foreigners.
  • Foreign capital contributes to our nations
    health by putting a downward pressure on long
    term interest rates.
  • 70 of immigrants own their own home!

17
Why Buy American?
  • Two major criteria drive inbound
  • international home ownership
  • Proximity to home country.
  • Convenience of air transportation.

18
Some data from NAR
2011 Profile of International Home Buying
Activity Purchases of U.S. Real Estate by
International Clients for the 12-Month Period
Ending March 2011 NATIONAL ASSOCIATION OF
REALTORS
19
Property Types
20
Intended Use
21
Whos Buying .. by Region
22
Whos Buying .. By Country
23
Where Are They Buying?
Florida, California, Texas, and Arizona 58 of
sales
24
Do Your Own Research!
  • Who are the foreign buyers and sellers in your
    market?
  • Where are they from?
  • What language do they speak at home?
  • What do they buy?
  • Glocal market clues are all around!

25
Certified International Property Specialist
www.realtor.org/global
26
Building Relationships
  • In international real estate,
  • if there is no relationship,
  • there is no business!

27
Learn about .
  • Language
  • Religion
  • Social structure
  • Values, customs, and attitudes
  • Historical predispositions
  • Stereotypes and prejudices

28
Are you ready for the QUIZ?!?
29
True or False Saudi Arabians dont eat lobsters.
Question 1
30
True Muslims do not eat animals that scavenge
such as lobsters, pigs and goats.
Answer
31
In what order do the 7 courses in a formal French
dinner arrive? A) Soup, Salad, Meat or Fowl,
Sorbet, Fish, Dessert Coffee. B) Soup, Fish,
Sorbet, Meat or Fowl, Salad, Dessert Coffee
Question 2
32
B) Soup, Fish, Sorbet, Meat or Fowl, Salad,
Dessert Coffee
Answer
33
MATCH GAME
Question 3
  • Mexico
  • Oman
  • England
  • Scotland
  • Kidney Pie
  • Haggis
  • Grasshoppers
  • Sheeps Eyes

34
MATCH GAME
Answer
  • Kidney Pie
  • Haggis
  • Grasshoppers
  • Sheeps Eyes
  • England
  • Scotland
  • Mexico
  • Oman

35
Question 4
  • True or False
  • Dinner reservations in Spain
  • are generally for 8 PM.

36
Answer
  • False
  • Dinner reservations in Spain
  • are generally for 10 PM.

37
Question 5
  • True or False
  • Since flowers are universal, the giving of
    flowers is a safe bet for a nice gift in any
    culture.

38
Answer
  • False
  • Be wary about giving flowers anywhere. In some
    Scandinavian countries, white roses are
    associated with mourning while purple blooms are
    in many Latin American nations. In France, white
    lilies and chrysanthemums are signs of death. And
    in Latvia, funeral flowers are red.

39
Question 6
  • True or False
  • The Chinese are impressed
  • by the gift of a clock
  • in business transactions.

40
Answer
  • False
  • In China clocks are a symbol of death.

41
Question 7
  • True or False
  • In Japan, repeatedly tapping ones finger on the
    table
  • signifies agreement and support of the speakers
    statement.

42
Answer
  • True
  • This type of mini-applause reportedly was
    started
  • in one of the courts of a Japanese emperor.

43
Question 8
  • Which is larger-
  • A square foot or a square meter?

44
Answer
  • A Square Meter
  • One square meter 10.7639 square feet

45
Question 9
  • Which is larger-
  • An acre or a hectare?

46
Answer
  • A Hectare
  • 1 hectare 2.471 acres

47
Question 10
  • In the UK, a savings loan is known as a
  • Savings Loan
  • Bank
  • Building Society

48
Answer
  • c) Building Society

49
Question 11
  • True or False
  • In Mexico a notario is comparable to the USAs
    notary public.

50
Answer
  • False
  • A notario in Mexico conducts title searches,
    registers property titles, assures that taxes are
    paid, and must hold a law degree and
  • be appointed by the state governor.
  • (In Germany a notar draws the contract and
    applies for the title registry.)

51
Question 12
  • True or False
  • Many cultures consider a real estate contract a
    beginning of the negotiation of the details of
    the transaction.

52
Answer
  • True
  • Many foreign clients consider the commonly used
    fill-in-the-blank boilerplate contract as cursory
    and unbinding.
  • Furthermore, in the UK gazumping is an accepted
    practice!

53
  • Did You Pass?

54
Adapting to Cultural Differences
  • It is the real estate professionals
    responsibility to research the culture and
    current business practices.

55
Culture Can Affect the Process
56
By Morrison Conway
  • www.getcustoms.com

57
By Roger E. Axtell
58
Certified International Property Specialist
www.realtor.org/global
59
Citizenship
  • I am not an
  • Athenian or a Greek, but a
  • citizen of the world.
  • Socrates
  • (469-399 BC)

60
Personal Commitment
  • I learned / was reminded of
  •  
  • I will

61
QUESTIONS?
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Please fill out the evaluation form. We value
your input! We hope you enjoyed the webinar,
and if you have any questions, please dont
hesitate to call us at 1-800-328-2008.
62
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Thank You!
Goodbye!
Sayonara
Auf wiedersehen
Au revoir
Adiós
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