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Silicon Valley REALTORS® launch global marketing initiative

Wednesday, October 10, 2012

Silicon Valley REALTORS® are launching a global initiative to better serve foreign and immigrant clients and succeed in international real estate markets.

"The business of real estate is becoming more global," said Suzanne Yost, president of the local trade association. "Our association would like to provide members with tools and resources that can help them succeed in this market."

According to the 2011 National Association of REALTORS® Profile of International Home Buying, foreign and immigrant buyers purchased 7 percent of all residential properties sold in the U.S. last year, amounting to $82.5 billion. They paid a higher median price and paid cash 55 percent of the time. California was second after Florida in attracting foreign buyers.

The Silicon Valley Association of REALTORS® has formed a Global Business Council that will take the lead in identifying international business opportunities in the region, and build partnerships with globally-minded businesses, mortgage brokers, attorneys and other relevant local entities.

New immigrants and foreign nationals have different lending requirements and many face the challenges of moving funds from their country and verifying their foreign income and assets, say SILVAR affiliates Kenneth Chan and Evelyn Figueira, mortgage consultants with HSBC and Citi, respectively.

"For some foreigners, the issue of all issues is their bank account, where large deposits go in and out," according to Chan. "This may not be a big deal for foreign investors, but it raises a red flag to underwriters."

Janet Case, CEO of Proxio, said the international MLS is a tool that can provide agents and their listings global visibility by connecting U.S.-based agents with other agents internationally.

Some real estate companies are realizing global marketing matters and have begun directly marketing properties and their companies to foreign buyers. According to Michael Repka, managing broker of DeLeon Realty, foreign investors are drawn to Silicon Valley because of its business opportunities, stability, and appreciation potential.

The Silicon Valley Association of REALTORS® is offering REALTORS® the opportunity to complete classroom requirements for NAR's Certified International Property Specialist (CIPS) designation on Nov. 26-30. The courses provide training in international business issues like currency conversion, legal and tax requirements, and specifics on real estate markets in Europe, the Americas, the Middle East/Africa and Asia. The 5-day CIPS Institute will include two core courses and three elective courses required for the designation.

"Our members are certainly recognizing that global is good business," said Jennifer Tasto, who is SILVAR's Global Business Council chair and a CIPS designee. "We are in the heart of Silicon Valley. We need to pay attention to what's going on around us."

The CIPS courses are open to the public. You do not need to be engaged in real estate to enroll in these courses. "Businesses with operations overseas have benefited from these courses, as well," said Tasto.

For more information or to register for the CIPS courses, consumers may call at (408) 200-0100.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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