Event Coverage
Global is Good Business
Over 30 SILVAR members attended "Global is Good Business," a heritage potluck promoting SILVAR's global business initiative on Monday. The event featured an array of traditional California and ethnic dishes, social networking, and an education segment in which real estate professionals with international experience spoke briefly about the importance of doing business globally.
SILVAR Global Business Council Chair Jennifer Tasto and SILVAR President Suzanne Yost explained SILVAR's global initiative and the purpose of forming a Global Business Council. They said the number of foreign and immigrant buyers has steadily grown in recent years, and SILVAR would like to provide members with the tools and resources that can help them succeed in this market.
Janet Case, CEO of Proxio, explained how the international MLS can help REALTORS® extend their market reach and gain a competitive advantage. Proxio is an exclusive network of over 450,000 real estate agents that share listings in more than 115 countries. Foreign listings are translated into 19 languages, 30 currencies and metric measurements. The network allows U.S.- based agents to connect with other agents internationally, providing them and their listings global visibility.
"Silicon Valley home buyers come from many cultures and from many parts of the world," said Case. "Proxio provides multilingual marketing services to agents and brokerages, so they can serve multicultural and foreign buyers better, and global marketing tools that gain international exposure for sellers."
Kenneth Chan, premium mortgage consultant with HSBC, and Citi mortgage consultant Evelyn Figueira said requirements of mortgage lending are different for new immigrants and foreign nationals. These buyers experience financing challenges like meeting mortgage requirements, moving funds from their country, and foreign income and asset verification. The lenders advised REALTORS® to spend the time with their foreign clients, educate and prepare them for the loan process.
"It's not as simple as having the money to buy property. For some foreigners, the 'issue of all issues' is their bank account, where large deposits go in and out," said Chan. "This may not be a big deal for foreign investors, but it raises a red flag to underwriters."
Michael Repka, managing broker and general counsel for DeLeon Realty, described the U.S. market as being generally dismal, except in Silicon Valley, because of its healthy economy. Foreign investors are drawn here due to business opportunities, the stability, and appreciation potential.
Many real estate companies, including Repka's firm, are committing thousands of dollars to market properties and their company to foreign buyers. ""Real estate is becoming increasingly global," said Repka. "So far, it has paid big dividends."
Zach Benjamin, Business Development and Outreach Manager for the National Association of REALTORS® Global Business and Alliances Group, identified some tools and resources from NAR that can help agents, including NAR's Certified International Property Specialist (CIPS) designation. SILVAR is offering the five courses required to fulfill the classroom requirements for the designation on November 26-30 at an early bird registration price of $550 for any AOR member, if they register by Monday, October 15. SCHEDULE AND REGISTRATION FORM
Tasto, who has her CIPS designation, said the courses focus on exchange rates, investment trends, culture and legal issues around the world. She also invited members to join SILVAR's Global Business Council. The council's steering committee includes Tasto, SILVAR NAR Director John Tripp, Sara Spang and Davena Gentry.
"SILVAR members are certainly recognizing that global is good business, as we see the great participation in the potluck. Not only was it an opportunity to network, but also a great educational opportunity. Zach Benjamin's visit here clearly shows NAR recognizes and supports such events. We are looking forward to more events and even greater participation from members," said Tasto.
If you would like to be a member of SILVAR's Global Business Council, please contact Jennifer Tasto at (415) 860-2222, or email jennifer.tasto@gmail.com.
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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.
For further information, please email or call the SILVAR office at (408) 200-0100.